When it’s time to sell or transfer ownership of your business, one of the most important steps is to get a clear valuation. A proper valuation not only helps set a fair purchase or selling price, but it also informs your broader business strategy and tax planning. Understanding the value of your business is crucial to securing the best possible outcome in a sale or transfer.
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Starting a business in Canada involves understanding various regulations, one of which is collecting sales tax. Whether you’re selling products or services, knowing when and how to collect sales taxes is crucial for compliance. Here's what you need to know about sales tax as a startup in Canada.
The Tax-Free Savings Account (TFSA) is a powerful financial tool available to Canadians, offering tax advantages to help you save for the future. Introduced in 2009, the TFSA allows individuals who are 18 years of age or older, and have a valid Social Insurance Number (SIN), to set aside money without worrying about taxes on the income earned in the account.
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.
