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RRSP vs TFSA is a topic of endless debate ever since the TFSA was introduced in Canada. Here is a tabular comparison from a layman's perspective. Key Comparison Points FeatureRRSP (Registered Retirement Savings Plan)TFSA (Tax-Free Savings...
As Canadians, we're fortunate to have access to Registered Retirement Savings Plans (RRSPs) as a powerful tool for building our nest eggs. However, with great tax-advantaged savings come great responsibilities. One of the most crucial...
Table of Contents Introduction What is Interest Deductibility? General CRA Rules for Interest Deductibility Can You Deduct Interest on a Personal Loan Used for Business? Challenges with Mixed-Use Loans How to Trace and Prove Business Use...
As the holiday season approaches, Canadian consumers have two reasons to celebrate: the GST Holiday and the $250 Working Canadians Rebate. Starting December 14, 2024, the federal government is introducing a temporary GST/HST exemption on...
When it comes to buying or selling a business in Canada, there’s more to think about than just getting a good price. You also need to know how GST/HST (Goods and Services Tax/Harmonized Sales Tax) applies to the sale. If you’re not...
As a business owner, managing your taxes effectively is crucial to staying compliant and maximizing efficiency. The Canada Revenue Agency (CRA) offers "CRA My Business Account," an online portal that provides easy access to your business...
If you want to take control of your taxes, benefits, and correspondence with the Canada Revenue Agency (CRA), registering for CRA My Account is your first step. It allows you easy access to all your tax information in one place. This...
The GST/HST New Residential Rental Property (NRRP) rebate is a tax-saving tool for real estate investors in Canada who purchase or construct new residential rental properties. It’s a way to recoup a significant portion of the GST or HST...
Table of Contents Introduction New Tax Rules and Compliance Requirements for Short-Term Rentals GST/HST Obligations for Short-Term Rentals Municipal Regulations and Compliance Financial Impact and Examples Strategies for Compliance...
As a business owner, your hard work and dedication have built something valuable — not just for you but for your family and possibly your employees too. But have you thought about what happens to your business if you’re no longer around?...
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The upcoming holiday season may turn out to be a bit extra jolly for Canadian small businesses this year! The recent announcement from the Government of Canada brings significant support through the Canada Carbon Rebate for Small...
If you’re facing mounting debt to the Canada Revenue Agency (CRA), you might be wondering: Does bankruptcy clear CRA debt? It's a pressing question for many Canadians who are struggling to keep up with their taxes, especially in these...
The ultimate guide to choosing between federal and provincial incorporation. Incorporating your business is a big step, but one of the first decisions you’ll need to make is whether to incorporate federally or provincially. If you're...
Wondering if you are required to register for QST? And if yes, how to register for QST? This comprehensive guide walks you through the process of registering for Quebec Sales Tax (QST), covering requirements for businesses in Quebec,...
As a small business owner in Canada, you're always on the lookout for ways to support your employees while managing costs. Enter Health Spending Accounts (HSAs) – a powerful tool that can help you do both. In this guide, we'll break down...
Introduction Are you thinking about buying an electric vehicle in Canada? Good news! The government offers incentives to make it more affordable. This post will explain the main programs available: the iZEV Rebate Program and the Enhanced...
Introduction In the world of e-commerce, knowing how your business is doing is key to success. With so many numbers to look at, it can be hard to know which e-commerce metrics really matter. Focusing on the right e-commerce metrics can...
As a non-resident business operating in Canada, understanding the Goods and Services Tax/Harmonized Sales Tax (GST/HST) registration process and associated security deposit requirements is crucial. Below we discuss an overview of the...
Many Canadian homeowners consider renting out their basements to generate extra income, but concerns often arise about how this might affect your Principal Residence Exemption (PRE) when it comes time to sell. What is Principal Residence...
As a Canadian business owner, you've likely heard in the Salary vs Dividends debate that paying yourself dividends instead of a salary can lead to significant tax savings. However, the reality is far more nuanced. While dividends can...
For Canadian small business owners, particularly those operating a Canadian-Controlled Private Corporation (CCPC) that qualifies for the Small Business Deduction, deciding between compensating themselves through dividends vs salary is a...
Requirement for charging MB PST (officially referred to by Manitoba as Retail Sales Tax (RST)) can apply to businesses, whether they are based in MB or not. Here's a concise guide with the basics. Should your business be registered for...
Requirement for charging BC PST can apply to businesses, whether they are based in BC or not. Here's a concise guide with the basics. Charging BC PST For Businesses Located in BC You are required to register, collect and remit BC PST if...
Understanding GST/HST rates in Canada can be tricky, but it's crucial for business operations. Here's a concise guide with the basics. GST/HST Rates on Products and Services The GST/HST rate you charge depends on the "place of supply"...
Facing a vehicle expense audit by the Canada Revenue Agency (CRA) can feel daunting. But with the right preparation, you can navigate this process smoothly. If you've received a letter from CRA concerning a review of your corporation's...
In 2023, Canada introduced sweeping changes to the trust reporting requirements, significantly impacting how bare trusts file their T3 returns for the tax year ending after December 30, 2023. This guide aims to demystify these changes,...
Business Meal Under the Canadian Income Tax Act and CRA's interpretations, a business meal is considered deductible if it meets the following criteria: Purpose: The meal is purchased for a clear business reason, such as meeting with...
UPDATE - For Small Businesses If you landed here looking for Canada Carbon Rebate For Small Businesses announced in October 2024, please head over to this blog post dedicated to this topic. The discussion below is for the Canada Carbon...
Navigating the world of trusts in Canada can be complex, but understanding their basics, types, and benefits is crucial for effective financial and estate planning. This guide demystifies trusts, focusing on key aspects and common...
Introduction to Holding Company In the realm of financial strategy and business structuring, the holding company strategy in Canada stands as a beacon of opportunity, particularly in the arena of tax planning. With the right approach, a...
