Managing business debt can be a challenging task for Canadian business owners. Whether it's due to unexpected financial hurdles or poor financial management, accumulating debt can hinder the growth and stability of your company.
On June 23, the Select Luxury Items Tax Act received Royal Assent and came into effect on September 1 of this year.
When you sell your home, the income earned from the sale and any potential capital gains are received tax free thanks to the principal residence exemption. This can mean a substantial amount of income in your pocket.
When you write off something on your business’s tax return, it means you are deducting an amount that has been approved by the CRA to reduce your taxable income.
If you’ve ever had to finance a car, get a mortgage, apply for a credit card or take out any other form of personal loan, chances are you’ve learned the importance of a good credit score.
As the world becomes increasingly interconnected, individuals in Ontario are engaging in more global activities. As a result, it’s critical that taxpayers in the province have a comprehensive understanding of their obligations and reporting requirements related to foreign source income.
In an increasingly digitized world, where we conduct a significant portion of our lives online, estate planning must encompass more than just physical assets. It now means planning for your digital assets as well.
When you get into the ebb and flow of the day to day - buying supplies, selling goods and services, fulfilling customer orders, getting more business – there are a lot of things that fall by the wayside. And staying up to date with company records is one of them for many business owners.
If you own a corporation in Canada, one record you are required to keep is an up to date company minute book. Which is something that some business owners aren’t aware of.