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The lifetime capital gain exemption limit permits owners of ‘qualified’ Canadian corporations to sell their shares and qualify for an exemption of up to $971,190 on the capital gain. To be eligible for this exemption, certain conditions need to be fulfilled. In cases where these conditions are not met, there exist ‘purification’ techniques that could potentially render you eligible to claim the exemption.

When a corporation realizes a capital gain, 50% of that gain is included in the corporation’s taxable income and is subject to tax. The remaining 50% can be distributed to the corporation’s shareholders tax-free through a special account known as the Capital Dividend Account (CDA). Here we explain how it works.

Explore top bookkeeping software for Canadian SMEs. Compare QuickBooks, Xero, Sage, FreshBooks, and Wave. Learn how a CPA complements these tools.

The 2022 Budget introduced a new Tax-Free First Home Savings Account (FHSA). Effective April 1, 2023, the FHSA program provides prospective first-time home buyers the

Starting a business is an exciting journey that requires dedication, hard work, and smart decision-making. Unfortunately, many small business owners make common mistakes that can

Physicians and medical professionals who are self-employed often face high personal tax rates, which can go up to 53.3% in Ontario. To mitigate these taxes,

Private Health Services Plan or Health Spending Account – Tax-Free Benefit for Employees The benefits paid by an employer to an employee are taxable as

Do you know as a couple, you can receive $108,790 tax-free? Will you be surprised?? But this is true! Canada is not all about paying high taxes. By smartly doing tax and retirement planning, you can save a lot of taxes legally.

Don’t let this opportunity pass you by!