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5 Key Factors in Choosing a Business Structure

Choosing the right business structure in Canada

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

Written by MadanCA Team on December 10, 2024 @ 11:51 pm
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Tax Saving Strategies for Small Business Owners and Households

Small business owners with families can utilize a number of different tax savings strategies to maximize their financial well-being. This consists of incorporating their business, claiming business related costs, allowing the lower income spouse to pay for household expenses, and using the employee home purchase loan to purchase a house.

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Canadians buying U.S. real estate through partnerships

So you’re a Canadian investor buying real estate in the US, and are confused about whether to buy with a partnership, US C-corporation, or limited liability corporation. While there are many ways that a US property can be purchased by a Canadian investor, the best legal & tax structure is the “US Partnership”. A diagram … Continue reading Canadians buying U.S. real estate through partnerships

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Taxes on Flipping Canadian Real Estate – Capital Gains vs. Business Income

These days, it seems as though buying a property and then reselling it at a higher price is all the rage. On the surface, it seems like a terrific idea – buy a property, perhaps spend a little time and money fixing it up, and then sell it for a tidy profit. In today’s still-fragile … Continue reading Taxes on Flipping Canadian Real Estate – Capital Gains vs. Business Income

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Taxes On Your House

You don’t pay taxes on your house when you sell it, unless you do certain things to it like rent it out, or if you own multiple homes. This article will describe the rules around the taxes on your house, and the key definitions and criteria. It will also describe how taxes may arise, in … Continue reading Taxes On Your House

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Tax Tips for Retirement in Canada

Planning for retirement is crucial in order to ensure you can have the retirement lifestyle you envision. One important aspect to keep in mind during this planning is the associated tax benefits and implications. The following are some techniques of reaping tax benefits when saving for retirement in Canada.  1)  Contribute to RRSP The first … Continue reading Tax Tips for Retirement in Canada

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Guide to tax-free cash from shareholder loans.

Shareholder Loans As a shareholder, there are a number of ways to withdraw funds from your corporation, i.e.: you can declare dividends, receive salary, or take bonuses. However, each of these remuneration strategies has personal income tax implications. An alternative method of withdrawing corporate funds is to have the corporation issue a loan to the … Continue reading Guide to tax-free cash from shareholder loans.

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How to Setup your Family Trust in Canada

Many Canadian business owners are advised to form a Family Trust in Canada considering its many advantages, in particular saving taxes. However, very few business owners are aware of the steps required to actually form a family trust. This article will cover: (A) How a family trust operates and (B) The steps needed to establish … Continue reading How to Setup your Family Trust in Canada

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Canada Revenue Agency Reviews

The Canada Revenue Agency reviews and checks your personal tax returns routinely, as part of the processing process. The CRA calls it the pre-assessment or processing review. This article will describe the reasons why the reviews are done, what the routine review inquiries are, and what you can do to satisfy the requirements and appease … Continue reading Canada Revenue Agency Reviews

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Tax on foreign inheritance Canada

Français Do Canadians pay tax on an inheritance from abroad, overseas, our outside of Canada? This article will answer this question in detail, and provide a summary of inheritance tax in Canada. Estate of Deceased Person outside Canada When a person dies an estate, which is a type of trust, is automatically formed. The estate … Continue reading Tax on foreign inheritance Canada

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Real Estate Trends to Rule 2014

Millennials are not driving the market as much as homeowners Although the Millennial generation has formed a hot topic in the media, the movers and shakers of real estate are keen to find out where the generation is heading to. The generation has indulged in various economic activities, in the real estate market, in certain … Continue reading Real Estate Trends to Rule 2014

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