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5 Key Factors in Choosing a Business Structure
Starting a business is an exciting venture that gives you freedom over your schedule, the opportunity to profit from your efforts, and allows you to offer valuable services or products to your community. At the same time, your business demands certain responsibilities, such as paying taxes to the Canada Revenue Agency or taking on liability risks. In this article, we’ll weigh the pros and cons of each business structure option in Canada: sole proprietorship, corporation, partnership, and co-operative based on 5 key factors. Read More
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How Corporations are Taxed on Dividends Received
In this blog, I will explain how corporations are taxed on dividends received.
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Loading...How Is Investment Income Taxed?
Keep reading to learn about how investment income is taxed to you personally, and the tax deductions that you can claim to reduce the taxable amount of investment income.
(No Ratings Yet)Loading...Reporting for Foreign Property Owned Outside of Canada
Are you confused about reporting foreign property owned outside of Canada? Reading this blog will give you all the information you need when filing taxes!
(No Ratings Yet)Loading...2014 Year End Tax Tips for Business Owners
As part of our ongoing efforts to better engage and provide value to our clients, we regularly conduct informational tax webinars. Our webinar on February 20, 2015 focused on year end tax tips for business owners. Some of the topics covered in this webinar included:
Loading...Form W-8BEN/W-8BEN-E and W-9
Why and when to file Form W-8BEN Purpose The W-8BEN form is a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individual). This form is required to be completed and submitted when receiving payments as a non-U.S. person from U.S. sources. Generally, 30% tax is withheld from certain … Continue reading Form W-8BEN/W-8BEN-E and W-9
Loading...Tax implications for Canadian employees working abroad
Tax Implications for Employees To understand the taxpayer’s responsibilities we must first determine their residency for tax purposes. In other words, will the employee remain a tax resident of Canada or will they become a resident of the US? To answer this question, we must consult the tax treaty between Canada and the US. Normally, … Continue reading Tax implications for Canadian employees working abroad
Loading...Canadians Owning a Vacation Property in the US
This article focuses on the tax implications when a Canadian gets rid of a vacation property in the US. Ridding of a property can be taken in two forms: 1) Selling the vacation property or 2) when the taxpayer passes away while having ownership of the property. Selling the vacation property: Once the vacation property … Continue reading Canadians Owning a Vacation Property in the US
Loading...Foreign Income Verification Form (Form T1135)
To make sure your foreign income verification process goes smoothly, the foreign property that must be recorded on the T1135 includes: Funds in foreign bank accunts Shares in foreign companies, even if held in a Canadian brokerage Interests in non-resident trusts bonds or debentures issued by foreign government or foreign countries Life insurance policies … Continue reading Foreign Income Verification Form (Form T1135)
Loading...Organize Your Finances through Wave Accounting
As a small business owner, you always have countless to-dos on your plate. Unfortunately, sometimes critical tasks like accounting end up getting neglected — leading to a mad dash come tax time. Fortunately, with new apps in the marketplace, like the free accounting and invoicing app Wave, you don’t need to devote hours to staying … Continue reading Organize Your Finances through Wave Accounting
Loading...What Work Related Costs Can I Claim as an Employee?
Being an employee has certain tax benefits. In fact, you can claim certain costs of going to work against your taxes. This will reduce your tax bill.
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