Canada’s Digital Services Tax (DST) is a significant development for businesses with a digital presence. Here’s what you need to know: What is the Digital Services Tax (DST)? A DST is a tax on revenue generated by large companies from specific digital services, such as user engagement, data collection, and content creation. Key Details of […]
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Working hard should be rewarded, and the Canada Workers Benefit (CWB) recognizes that. It’s a refundable tax credit designed to give a helping hand to low-income earners and families. Whether you’re just starting out or supporting loved ones, the CWB can make a real difference in your bottom line. What is the CWB? The CWB
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Canadians who filed their 2023 taxes are likely wondering when they’ll receive their Canada Carbon Rebate (CCR), previously known as the Climate Action Incentive (CAI) payment. This helpful guide sorts through the details and clarifies the timeline for receiving your rebate. Important Update: The Rebate Has a New Name! As of 2024, the Canadian government
Foreign landlords with rental properties in Canada need to navigate the complexities of the Canada Revenue Agency (CRA) tax regulations. This comprehensive guide delves into the specifics of foreign landlord taxes under CRA rules, ensuring you understand your obligations and how to comply effectively. Introduction Investing in Canadian real estate as a foreign landlord can
Understanding Foreign Landlord Taxes CRA: A Comprehensive Guide Read More »
The excitement of buying a property in Canada can be dampened by tax complexities. One crucial factor is the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST), depending on your province. This blog clarifies GST/HST rules for residential and rental property purchases in Canada, helping you make informed decisions GST/HST on Purchasing
Understanding GST/HST When Buying Residential & Rental Properties in Canada Read More »
Introduction Canadian businesses, especially startups, need to understand share structure from the get-go. Choosing the right setup avoids future complications and sets the stage for smooth growth. This guide explores common shares, dividend distribution, and the flexibility offered by Class A & B shares. Common Shares: Equality in Ownership, Equality in Dividends Companies with common
Share Structure for Canadian Businesses: Getting it Right from the Start Read More »
Owning a Canadian corporation comes with numerous advantages, but navigating shareholder benefits and taxes can be tricky. This blog post dives into the world of shareholder benefits, clarifying key concepts like owner vs. employee benefits, adequate consideration, shareholder loans, and tax implications.’= Shareholder Benefits: Owner vs. Employee? Shareholder benefits are any perks or payments a
Navigating Shareholder Benefits in Canada: Taxes and Best Practices Read More »
Navigating the complexities of Canadian taxes can be daunting, but the CRA’s My Account for Individuals makes the process straightforward and accessible. This secure online platform empowers you to manage your taxes efficiently from anywhere, providing a range of features designed to streamline your tax management experience. Your All-in-One Tax Hub Track and File Monitor
CRA My Account for Individuals: Your Guide to Effortless Tax Management Read More »
The Canadian Small Business Deduction (SBD) is a welcome tax break for many Canadian-Controlled Private Corporations (CCPCs). It allows eligible corporations to reduce their taxable income, leading to lower overall corporate taxes. But understanding the mechanics of the SBD, particularly the “SBD rate,” can be a bit confusing. This blog aims to demystify the SBD
Small Business Deduction Rate: How It Impacts Your T2 Return Read More »
The world of Canadian taxes can be complex, especially for small businesses. One of the most common questions we get is: “Do I need to register for GST/HST?” This blog post will break down the registration rules for small businesses in Canada, so you can determine if it applies to you. What is GST/HST? GST/HST
Do You Need to Register for GST/HST in Canada? A Guide for Small Businesses Read More »
