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.
The cost of higher education has become a financial juggling act for many. You've got tuition, books, living expenses - the list goes on.
Entrepreneurs face a multitude of challenges every day. One critical decision that often arises is how to handle bookkeeping efficiently and effectively.
It’s the dream of nearly every business owner to pass down their legacy through generations, envisioning a future where the business they built with sweat, tears, and determination thrives long after they are gone.
But while 88% of current family business owners believe their business will remain in the family, the harsh reality paints a different picture.
