Running a small business comes with unique challenges. From managing cash flow to staying compliant with tax obligations, the journey requires careful planning and strategy. For many small business owners, implementing the right accounting practices can mean the difference between smooth operations and financial chaos. By adopting these best practices, you can gain a clear … Continue reading Best Practices for Financial Success: Pro Tips from a Trusted Small Business Accountant Mississauga
Top 10 Tax Write-Offs Every Toronto Business Should Know:Maximize Your Deductions with a Corporate Tax Accountant As a business owner in Toronto, understanding which expenses qualify as tax write-offs is essential for minimizing your tax liability and keeping more capital within your business.
Are you a real estate investment group? This article is about why you should incorporate for real estate. I’m going to tell you the top five reasons why you should incorporate for real estate.
The escalating housing market in Canada is compelling investors to explore real estate opportunities beyond their borders, such as in the US, Europe, and Asia. These investors often acquire foreign properties through intermediary entities known as foreign corporations. This preference stems from the liability protection and simplified compliance with local laws and regulations such corporations … Continue reading Purchasing Foreign Real Estate and FAPI Taxes
Assignment sales have become a common way for individuals to make a profit on their real estate assets. However, these transactions come with tax implications that many people may not be aware of. In this blog, we’ll explore the tax implications of assignment sales in Canada through a practical example.
Starting June 25, 2024, the Government of Canada has increased the capital gains inclusion rate as part of the 2024 Budget. This is a major change to the tax law, the effect of which is that there is a higher capital gains tax on the sale of property, assets, and shares. While the government claims … Continue reading Navigating Capital Gains Tax Changes in 2024
If you’re a business owner in Canada responsible for paying dividends or other forms of investment income, understanding how to prepare a T5 tax slip is essential. The T5 is a critical document that must be filed with the Canada Revenue Agency (CRA) to report these payments.
For business owners and employees who use their personal vehicles for business purposes, a car allowance is a valuable benefit outlined by the Canada Revenue Agency (CRA) that should be taken advantage of. This allowance serves as the business’s method of reimbursing individuals for the business use of their personal vehicles. Understanding how to properly … Continue reading Understanding Car Allowances
Receiving a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) can be unsettling, but it’s important not to panic and to take the right steps to rectify the situation. In this blog, we’ll go over the steps to take if the CRA has indicated a discrepancy between your return and their assessment. What … Continue reading Steps to Take After a CRA Notice of Assessment
In today’s increasingly globalized market, many Canadian companies and sole proprietors are expanding their reach and tapping into the U.S. economy. Serving American customers offers significant potential for growth, but it also brings a unique set of challenges, particularly when it comes to navigating the complexities of cross-border business. One of the most critical aspects … Continue reading Does Your Canadian Company Need an EIN?
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