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.
Owner operators of Canadian corporations often face this question whether they should withdraw Dividend or take Salary.
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
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
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
What is a US LLC? A Limited Liability Company (LLC) is a type of business entity that is created by a state statute in the US. This type of structure does not exist in Canada.
Major changes applicable for 2019 are as below. The below list is not conclusive of all the tax changes as applicable from 2019, however, these are the major changes the interesting majority of taxpayers in
A lot of time self-employed persons or small businesses ask questions about the deduction of travel expenses. Sometimes, for small businesses in particular, there is misguided information available for these entrepreneurs or small business owners
Employee Vs independent contractor and, pros and cons of each
