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We attempt to assist our readers by simplifying some of the complex income tax issues in Canada. Occasionally, we answer the general tax questions as well that can help a broader readership of our blog section.
INSIGHTS
Become your own boss! The Guide to Get Started With Your Business
Live life on your own terms! In the age of start-ups and the rise of entrepreneurship, do not be a job seeker, but eke out a job maker! Do not let your employer bulldoze you
Short-term residents of Canada and Income Tax
Canada is an attractive country consistently ranking as a premium destination for immigrants. Many individuals move to Canada either for employment purpose, or to settle here permanently. As much as we love our welcoming and
Personal Income Tax Rates for Canada – 2020
Personal Income tax rates for Canada for 2020. The rates below are only for the province of Ontario. If you are residing in a different province, please contact our individual tax preparation service. Maroof HS
Salary Vs. Dividend – How to withdraw from your Corporation?
Owner operators of Canadian corporations often face this question whether they should withdraw Dividend or take Salary.
Tax on Split Income (TOSI) Rules
For the tax years starting January 2018, TOSI Rules are applicable. Expanded TOSI rules apply to adult individuals receiving amounts from the “related business”. Prior to 2018, income sprinkling was used as a tax planning
TAX QUESTIONS
IT Contractors – Employee Vs Incorporation
Question: I Am An IT Professional. I Just Received An Offer From My Employer. My Employer Wants Me To Incorporate And They Have Agreed To Offer A Better Hourly Rate. I Am Confused Should I Set Up A Corporation Or Become An Employee?
Tax on Inheritance in Canada
Question: My mother passed away in India last month. I am receiving my share of the family house. The home is located in India. I am a resident of Canada. Do I need to pay taxes in Canada when this property is transferred to me?
Incidental Rental income of CCPC
Question: My corporation, a CCPC, has a catering business and holds a building as an asset. I rent a portion of the building but use the rest in my operations. Is my corporation now Specified Investment Business?
U.S. Citizens and Residents with U.S. Amazon Stores
Question: Do Canadian Corps using U.S. Amazon FBA services need to pay branch profit taxes and file 5472.