The issue of affordable housing has been a significant concern for Canadians for many years. In an attempt to address this problem, the federal government has introduced a new tax known as the Underused Housing Tax (UHT).
In 2022, many employees continued to work from home for pandemic-related reasons. Are your staff members ready to claim home office expenses on your tax return?
Buying or selling a company car can be a daunting task, with many legal and financial considerations to take into account. In fact, it’s a complicated process for many business owners - especially when it comes to HST on vehicles, which can result in missed opportunities or non-compliance.
Each year, Canadian taxpayers must complete and file a tax return. As is the case most years, the 2022 return features several changes. This includes changes to income tax brackets and tax credit amounts as a result of inflation.
The end of April is almost here, which means the tax filing deadline is fast approaching.
As a business owner of a corporation, you can receive income in one of two ways - salary or dividends. This decision can be a complex one but taking the time to make it will maximize your after tax position.
When pulling money from a corporation for personal use, many business owners will pay themselves a salary or dividend. There is, however, another tactic that many have used over the years to pay themselves money from the corporation, with mixed results, and that is using a loan.
Canadian corporate taxation can be complicated. Many business owners of incorporated businesses are unaware that their tax rate is 38%. That’s because there are multiple deductions that come into play before corporate business income is taxed.