Early this year (2023), the Federal Government provided an update to policies for employers who provide taxable benefits to their employees. These benefits include gifts, awards, long-service awards, social events, hospitality functions, and parking.
In Canada, a significant portion of the workforce operates on a commissioned basis, where their earnings are based on sales or other performance-related metrics.
Tax planning is a crucial aspect of running a successful small business. By employing strategic tax planning techniques, small business owners can optimize their tax liabilities, reduce financial burdens, and ultimately improve their bottom line.
Running a business can be a rewarding endeavor, but it also comes with its fair share of challenges. Among these challenges, managing debt is a common hurdle faced by Canadian businesses.
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.
