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What is HST Quick Method The quick method is a simplified accounting method allowed by the Canada Revenue Agency (CRA) to facilitate small businesses calculating
Canadians who sell a home or rental residential property owned for less than 12 months will be considered “flipping” and 100% of profits from the sale will be taxed as business income instead of capital gain, which is taxed only 50%.
RRSP is a great tax and retirement planning tool. However, one needs to clearly understand the rules surrounding RRSP to take full advantage of it.
While short-term rentals (Airbnb) provide lucrative income opportunities, there are various tax implications that one needs to understand!
The biggest advantage of incorporating a small business (generally known as CCPC) is that it qualifies for a lower tax rate. However, if you control more than one corporation, beware that reduced tax rates will apply to the first $500,000 income from all corporations collectively under your control (associated corporation) as per the CRA’s rules.
Therefore, it is critical to understand tax implications if you become a shareholder in multiple corporations, especially with your family members.
It is critical to understand the tax and legal implications arising from the death of a TFSA account holder and how this might affect your loved one.
Dentists and dental surgeons can take advantage of incorporating the practice. However, a professional corporation needs to comply with various regulatory requirements and standards. Here is how it works!
Doctors and physicians can take advantage of incorporating the practice. However, a professional corporation needs to comply with various regulatory requirements and standards. Here is how it works!
As you are running your business it is pertinent to file tax as per the norms and at the same time to pay taxes on
Unfiled taxes, unreported income?? The CRA’s voluntary disclosure program (VDP) is your chance. This provides relief from possible interest, penalties and other consequences. However, If the CRA reaches you before you go to the CRA, then you no longer qualify for the VDP.
