Many businesses owns in Canada prefer to incorporate their business instead of operating as a sole proprietor because of the many tax benefits attached with business incorporations, the four most significant tax benefits of business incorporations are the following:...
Are you a shareholder of a corporation? You need to remember that even though corporate funds are not personal funds and if you treat your business like it’s a personal bank you may get yourself into trouble with the taxation department. According to the Income Tax...
If you’re deciding to move out of Canada and to become a non-resident, there are a few tax implications you have to understand. As a non-resident, your taxes will be quite different than they were previously. First of all, let’s define a non-resident properly. A...
Tax planning is one of the absolute best ways you can ensure you pay minimal taxes at the end of the year. Everyone can benefit from tax planning, but those individuals who hold many assets or who run a business can benefit the most. The difference between...
There have been many cases when individuals file their tax return and after filing it they realize they made one or more errors regarding the numbers they submitted. If you have made a mistake you do not have to panic or worry. The CRA is very open to...
Tax evasion and tax cheating are considered serious crimes in Canada. If you get caught with false information on your tax return which has been clearly fabricated intentionally then you will be forced to pay hefty fines and depending on how severe the fabrication was...
