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

As we get closer to the end of the year, now is the perfect time to take advantage of year-end tax planning to minimize your personal tax bill due in April of next year. While some strategies can be applied to businesses as well, these tax strategies are tailored to individuals filing their T1 – personal tax returns. Here are seven smart strategies that you can implement in the next month to reduce your tax burden. Read More

For high-net-worth individuals, navigating tax laws is essential for preserving and growing wealth. Effective tax strategies reduce liabilities and optimize financial gains. Partnering with a tax accountant in Mississauga ensures compliance with Canadian tax laws while capitalizing on deductions. Read More

Becoming a non-resident of Canada can offer a range of personal and financial benefits. Each year, an increasing number of Canadians opt for non-residency, particularly in light of the recent 2024 Federal Budget, which introduced tax increases for high-net-worth individuals. This has prompted even more Canadians to explore the possibility of relocating abroad. Read More

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 picture of your business’s financial health and identify areas for growth. Partnering with an experienced small business accountant in Mississauga, like Madan CPA, can help simplify this process, reduce financial stress, and allow you to focus on growing your business. Read More