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One of the most common questions among corporation owners is whether to purchase vehicles under the company’s name or personally. Many assume that simply owning the car in the corporation’s name allows for deducting all expenses; beware of the stringent rules governing vehicle expense deduction and their implications on personal tax returns.
A family trust is a powerful tool for tax and estate planning. By setting up a trust, you can reduce taxes, protect your assets, and
As a purchaser of new residential rental property in Ontario, you may be eligible to claim a rebate on a portion of the HST paid, up to a maximum of $24,000. This rebate applies if the property’s first occupant is a tenant who uses it for residential purposes. Certain properties may qualify for rebates on both the Federal and Ontario portions of the HST.
The Underused Housing Tax (UHT) is a new Canadian tax on the ownership of vacant or underused housing. While the UHT primarily targets non-residents of Canada, in many cases, Canadian citizens or permanent residents may also be subject to these new rules.
A taxpayer is responsible for their tax return’s accuracy. Unfortunately, anyone can be a “tax preparer” in Canada, so choose your accountant wisely. Look for a reputable accountant and ask questions if you notice any discrepancies. Remember, a refund isn’t always positive. If you have concerns, don’t hesitate to ask or consider changing accountants.
Taxpayers bear ultimate responsibility for the accuracy of their tax returns, regardless of who prepares them, as affirmed by the CRA and court decisions. Blindly relying on tax filing services without due diligence can lead to legal consequences.
CRA audits can be stressful and time-consuming. While some CRA audits are random, most are triggered by red flags. The good news is that you can reduce the chance of an audit by following best practices. Here, we discuss strategies for minimizing the risk of tax audits.
Navigating HST/GST-related questions can be a challenge, even for seasoned business owners. The lack of clarity can result in significant consequences, including bills from the CRA for uncollected taxes, coupled with interest and penalties. It is crucial to have a comprehensive understanding of your obligations regarding HST/GST.
The death of a taxpayer can result in additional tax liabilities, potentially creating financial challenges for surviving families. In this article, we explore the tax implications of a taxpayer’s death and the associated filing requirements.
Employers need to hire good talent and, pay them correctly and timely. Here are various responsibilities and choices employers have when it comes to payroll. Remember you are not just dealing with your employees; you are dealing with multiple stakeholders like CRA, WSIB, Employee Health Tax, Ministry of Labor, employees, and their lawyers, to name a few.
