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Incorporating as a Personal Real Estate Corporation (PREC) is the first step of tax planning for a realtor, not the end. A realtor must have at least a basic understanding of what expenses are allowed under tax law!
Medical doctor services are generally exempt from HST/GST under the Excise Tax Act. However, physicians provide certain services that fall beyond the scope of “medical services”, and these services are subject to HST/GST.
In this article, we will briefly discuss the taxable supplies and the exempt supplies for physicians.
Personal income tax (T1) return: You need to file a personal (T1) return, also knows as Income Tax & Benefit return, if you: 1. Have
Filling deadlines: Personal Returns (T1) For individuals (T1 Return): April 30th If taxpayer or spouse (or common-law partner) carried on a business (self-employed): June 15th
Every-time real estate property use is changed (residential/commercial), there is tax implication and potential tax liabilities. Here is how it works.
In the year of bankruptcy, you might need to file different returns, including pre-bankruptcy, in- bankruptcy, and post-bankruptcy returns. Any refunds issued on your returns are sent to your trustee by the CRA.
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.
