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Filing Your T1? Don’t Miss These 2024 Tax Return Updates

tax return 2024 for Canadians

As tax season approaches, it’s essential to stay informed about the changes and updates that may impact your 2024 tax return. From federal tax brackets and RRSP contribution limits to automobile deductions and updates to capital gains inclusion rates, this article breaks down the key changes and their implications for individuals and in some cases, sole proprietors. Read More

Written by MadanCA Team on January 26, 2025 @ 11:35 pm
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Should I setup a Family Trust in Canada?

Canadian business owners, setup a Family Trust in Canada to save taxes. This article will cover how a Family Trust in Canada can result in substantial tax savings for Canadian business owners who are incorporated. What is a family trust? A family trust can be described as the relationship that exists between 3 parties: The … Continue reading Should I setup a Family Trust in Canada?

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Sales tax in the United States

Canadians conducting business in the United States must be aware of potential sales tax responsibilities. In addition to Federal and State income taxes, businesses in the US may be required to collect and remit sales taxes to State or Municipal governments. What do I need to know about Sales Tax in the United States? Sales … Continue reading Sales tax in the United States

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Real Estate Sales & Taxation

If you own a rental property or a real estate investment in Canada, and have sold or are thinking of selling, then it is very important that you read this article because it provides helpful tax tips that can save you $$$ thousands.

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Non Resident of Canada Receiving Rental Income

If you are a non-resident of Canada receiving rental income from a rental property in Canada, then this article is for you! Below you will learn relevant information such as filing and withholding requirements, as well as general information for non-residents of Canada receiving rental income. Basics When you receive rental income from a rental … Continue reading Non Resident of Canada Receiving Rental Income

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Leasing vs. Buying a Car for Your Business

If you are a business owner or an employee who needs a car for work, you should know whether it’s more tax efficient to buy or lease a car in Canada There are several steps involved in answering the question, “Is it better to lease or buy a car for a business in Canada?”

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How the Self Employed Can Reduce Taxes

How can the self employed in Canada save taxes? The answer to this question can be daunting and difficult to understand. However, I’ve created a simple list of the Top 5 Tax Savings Strategies for self employed persons, which are listed below. I’m sure you’ll be very pleased with these tips, once you see how … Continue reading How the Self Employed Can Reduce Taxes

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Can naturopaths and hygienists incorporate in Ontario?

Dental hygienists and naturopaths can incorporate in Ontario because of new laws passed. Incorporation can lead to many benefits, such as tax savings and reduced liability. Incorporation of Hygienists and Naturopaths after 2006 Hygienists – changes to laws for incorporation In 2006 the Ontario government created Bill 171, the Health Systems Improvements Act. This bill … Continue reading Can naturopaths and hygienists incorporate in Ontario?

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Planning on Selling a Business?

Français Selling your business can be a long thought-out process. Having a plan of attack and understanding the different approaches can help save valuable time and money. How do I sell my Business? You can sell your business using sale of asset or sale through stock. Depending on which method to use, certain taxes can … Continue reading Planning on Selling a Business?

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Questions to ask small business accountant in Mississauga.

Has your small business accountant Mississauga actively helped in the reduction of your taxes? Have you been able to save your small business any money? If not, then according to the advice of Allan (expert and small business accountant Mississauga) you should have a candid conversation with your business accountant and ask the following mandatory … Continue reading Questions to ask small business accountant in Mississauga.

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Self-preparation tips for effective corporate tax returns.

Would you like to prepare a corporate tax return for your company on your own?  If yes, then this article is for you. Corporate Tax Return Preparation Tips See the following steps to assist you with preparing a corporate tax return: 1.    Complete the T2 The T2 can be downloaded from the Canada Revenue Agency’s … Continue reading Self-preparation tips for effective corporate tax returns.

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