2023 Canadian Tax Year-Important Dates Stay informed about important Canadian Tax Dates in 2023 with this calendar. January 1, 2023 The tax year begins on this date. March 2, 2023 The deadline for making RRSP contributions for the 2022 tax year has passed. January 22, 2023 The e-file service is currently unavailable due to maintenance. […]
Small start-up businesses are prevalent in Canada, with approximately 68.8% of the labor force employed in small business start-ups, according to the official Canadian government’s statistics from the labor force survey. Moreover, a review moose article by author Szabolcs Szecsei mentioned that approximately 95,000 small businesses are established in Canada each year. To support these […]
Are you looking to start a business in Canada with a unique idea? Consider applying for a Master Business License, also known as Ontario Business Registration, to launch your company efficiently. This license is necessary for any business advertising on various platforms and allows owners to use a specific business name while enjoying additional benefits. […]
In most cases, gifts or awards that employees receive from their employer – whether it’s in the form of cash, Gift Tax, near-cash or non-cash – are considered taxable benefits from employment. However, there are instances where the Canada Revenue Agency (CRA) has an administrative policy that exempts non-cash gifts and awards from taxation. For […]
If you’re a shareholder of an incorporated business, you might want to explore the option of issuing shareholder loans as a means of tax planning. A shareholder loan is an agreement to borrow money from your corporation for a particular purpose. Essentially, it’s a form of compensation that’s akin to receiving a salary or dividends, […]
As a business owner, you have put in a lot of effort to establish and grow your business into a profitable venture. Perhaps, in the initial years, you reinvested all the profits back into your business to promote its growth. Now that your business has stabilized, you may be considering taking some profits out of […]
Unsure How to File Your Tax Returns in Canada as a Resident? Here’s What You Need to Know. If you’re feeling lost and overwhelmed about the approaching tax deadline, don’t fret. This blog will guide you through modern and innovative ways to file your Canadian tax returns. You’ll also receive a comprehensive overview on determining […]
Were you aware that certain expenses related to relocating to a new job in Canada are eligible for tax deduction? Moving to a new place can be stressful and costly, but if you’re starting a new job, you may be able to deduct some of your expenses. Let’s explore what expenses are eligible for deduction. […]
Real estate owners often contemplate whether they should own investment real estate personally or through a corporation, considering the tax implications and various factors that come into play when transferring real estate to a corporation. Are you aware of what those factors and tax consequences are? Should You Hold Real Estate Personally or in a […]
As international students studying in Canada, it may be necessary for you to file a Canadian income tax return. To understand how you will be taxed in Canada, it’s important to determine your residency status. Determining Residency Status for International Students in Canada When it comes to income tax, international students studying in Canada are […]