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.
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The Canadian tax system can be confusing, especially when most taxpayers only deal with it once a year when they complete and file their annual tax returns. Individual Income Tax Returns include eight pages along with multiple income inclusions, deductions, and credits. And that’s just the beginning.
As tax season approaches, Canadians who received the Canada Emergency Response Benefit (CERB) last year may be wondering how to report these payments on their income tax return.
If you own a small business in Canada then you must file taxes each year. This includes business owners with brick-and-mortar locations, as well as people who sell products online only. It also includes freelancers, consultants, ride-share drivers and contract writers, as well as individuals who sell products at markets and fairs.
In 2019, new legislation was implemented that required private corporations governed by the Canada Business Corporations Act to create and maintain a register with up-to-date information on individuals with significant control (ISC) over the corporation.
In Budget 2022, the Federal government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This account will allow first time home buyers to save money for the purchase of their new home. The Bill received a Royal Ascend in December of 2022. The enacted rules permit individuals to use the FHSA and the Home Buyers’ Plan together in respect of the same qualifying home purchase.
Given Canada’s current housing crisis, it shouldn’t come as a surprise that people are looking for creative ways to reduce the cost of owning a home. For some, this includes having multiple generations under the same roof.
The federal government recently released new details about the First Home Savings Account (FHSA). The account is a registered savings plan that was designed to help Canadians save for their first home.
