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Accounting Firms offer numerous services to business owners as well as individuals. These services help the business owners to grow their business, and individuals also
In Canada who pays the tax and on what income is based on the RESIDENCY status and not on the citizenship status
Dear contractor, beware of the dire consequences of being classified as a PSB by the CRA! You may be subject to the highest corporate tax rate while being denied most expenses allowed to other corporations besides interest and penalties.
Under current tax laws of Canada, only a portion of the capital gain is included in taxable income, while business income is included 100%. Therefore, business benefit from classifying income as capital gain, while the taxman (CRA) would like to classify it as business income.
Before filing your personal tax return, it is important to assess your tax situation and understand what options (deduction, credits and tax planning tools) will reduce your tax bill or increase a refund.
