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.
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.
