Running a small business in Canada involves juggling many responsibilities, and amid the daily demands of buying supplies, selling goods, fulfilling customer orders, and growing your business, certain tasks can easily slip through the cracks. One such task, often overlooked by business owners, is maintaining an up-to-date corporate minute book.
The fall can be an ideal time to sell your home in Canada. During this season, you often encounter serious buyers who are motivated to finalize their purchase before winter sets in, and you’ll benefit from a less crowded market compared to the busy spring season. Whether you’re selling now or later, you can take advantage of the principal residence exemption, which can significantly impact your financial outcome.
Starting a small business in Canada is an exciting venture, offering various pathways depending on how you want to structure your business. The three primary business structures you can choose from are sole proprietorship, partnership, and corporation. Each structure has its own set of advantages and challenges, and your choice will significantly impact your operations, taxes, and legal responsibilities.
Since the 2024 federal budget announcement and the increase in the capital gains inclusion rate became effective June 25, 2024, the increased tax rate has garnered significant public attention.
If this impacted you, you must know what capital gains are and how the new federal budget impacts individuals and business owners moving forward.
Renovating a home to make it safer and more accessible for seniors or individuals with disabilities can be a transformative endeavour. Fortunately, in Canada, there's financial assistance available through the Federal Home Accessibility Tax Credit (HATC). This tax credit aims to alleviate some of the financial burden associated with making these necessary improvements. Let's delve into what the HATC entails and how it can benefit eligible individuals.
The Canada Revenue Agency (CRA) disclosed the anticipated adjustments in the Canada Pension Plan (CPP) for the year 2024, marking a significant change in maximum pensionable earnings and contribution thresholds.
Are you someone who has joint accounts, or jointly holds real estate with your children for estate planning purposes? If so, you might be subject to new legislation regarding enhanced reporting requirements for trusts, with a trust tax return due by March 30, 2024.
Fraud, a persistent concern in the business world, can wreak havoc on finances, reputation, and trust. But with vigilant auditing practices, businesses can detect, deter, and prevent fraudulent activities.
