In 2022, many employees continued to work from home for pandemic-related reasons. Are your staff members ready to claim home office expenses on your tax return?
Buying or selling a company car can be a daunting task, with many legal and financial considerations to take into account. In fact, it’s a complicated process for many business owners - especially when it comes to HST on vehicles, which can result in missed opportunities or non-compliance.
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.
