Insights

Bored by your 9 to 5 work life? Is there an inner voice urging you to escape the mundane professional life, the grunts of your boss? Is your mind innovative enough to brainstorm ideas and transform them into successful businesses? Are you willing to be bold enough to choose the path less travelled when the two paths of...

No doubt, the Financial section is one of the most critical areas of the business plan writing process! You should not be surprised if you gave your business plan to someone and that person immediately flipped through all the pages to jump to the financial section. No matter how awesome or great your business concept...

A Canadian Perspective to business plan writing… Recall your middle school teachers insisting you on making a routine for the completion of your syllabus. Why would you do it? How would you frame your routine? And what points would you consider before planning your schedule? The goal was to regulate your time and...

Information Returns for Employers If you are an employer in Canada, you may have the requirement to file different information returns at the end of year. Missing filing of information returns can cost businesses dearly. These information returns include both summaries and slips. Each slip is an information return....

Electronic filing for T1 – Individual Income Tax return Canada will be unavailable on below dates as per the Canada Revenue Agency: January 17, 2020 11:00PM to February 24, 2020 08:30 AM  During this period, personal taxes cannot be EFILED or ReFILED, and Express Notice of Assessment will be not available. For...

The looming threat of climate change has started a movement of going green. Many businesses are adopting environment-friendly ways to save cost, avail tax credits, and help save the planet. Today, we are going to list 7 simple & easy ways you can adopt to make any business go green. 1. Go Paperless Technology has...

In Canada, there are a number of income tax changes taking effect from January 01, 2020. You should stay informed of these tax changes to better plan your personal taxes and business taxes in Canada. If you are looking for tax changes available in the 2020 tax season for your 2019 taxes, please navigate to Canada tax...

When it comes to your personal taxes (or corporate taxes) in Canada, it is very important that you get to the right tax professional! Read: Should you do your taxes yourself or hire a professional tax help in Canada This is very common to confuse tax preparation service with a tax advisor. Whether you should hire a tax...

Spring is near but the tax season is already there! You don’t want to waste away such a beautiful time of the year stressing over your taxes, right? Why not start preparing for it already? A lot depends on how you approach it- do you do your personal taxes yourself or take help? When Should You Do It Yourself? If you...

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 with work pressure. Be your own boss, be the rule maker! Having your own business provides you with ample scope and freedom, but what comes along...

Canada taxes its residents on the worldwide income. When an individual becomes a resident of Canada by immigration or leaves Canada as an emigrant, there are specific income tax rules. It’s possible for an employer to request an individual to come to Canada for employment purposes and as a result that individual...

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. 2020 Personal Income Tax Rates - Federal Canada 2020 Income (C$)Tax Rate - Federal less than 48,53515.00%...

Corporate Tax Rates for CCPC 2019 – 2020 The federal and provincial tax rates in Canada for a Canadian Controlled Private Corporation, also commonly known as CCPC, are as below. A corporation is generally a CCPC, if: it is a private corporation it is not controlled by one or more non-resident persons, either...

Small business owners are often faced with the crucial question of how they should get paid by their corporations. Two common ways small business owners get paid from their corporations is either through a Salary or a dividend – or sometimes a mix of both. Paying yourself Salary from your Corporation When you pay...

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 tool in Canada, where low-income family members were issued dividends from a corporation....

Contributing to a Registered Retirement Savings Plan (RRSP) is a great way to grow your savings in a tax-deferred environment. Whatever income earned inside the RRSP is not taxed. You don’t have to worry if you could not contribute to RRSP during the calendar year ending on December 31. You still have two months after...

What is a Management Fee? Often, businesses in Canada use multiple entities to run their operations or there are allocations of Management fees because of the centralization of management within a corporate group. The management fee mentioned in this blog is not the one used in Investment management. Charging...

Running a business can be quite expensive, especially when you hire full-time or part-time employees for tasks that can be conveniently outsourced. One of those tasks is accounting, which can eat up a lot of your money if you hire accountants or bookkeepers. Not only does outsourcing save you a lot of money on...

If you are an owner-manager of a Canadian Controlled Private Corporation (CCPC) you can use certain tax planning strategies to optimize both personal taxes and corporation taxes in Canada. You should always exercise caution while using the below options since there are other factors involved which may impact your tax...