corporate income tax Tag

Lifetime Capital Gain Exemption (LCGE), interestingly, as the name indicates, is not an exemption but a deduction!In this post:What is lifetime capital gain exemption (LCGE)?Who is eligible for LCGE and how much is deduction? LCGE Anti-avoidance rulesLCGE Planning StrategiesPurification...

There is integration in the Canadian tax system which does not put a corporate taxpayer at an advantage as compared to an individual taxpayer. This integration is not perfect but still, it works. Whenever an individual shareholder receives dividends from...

Most professionals can now incorporate their practices as professional corporations as per the provincial legislation. Professional Corporations are now becoming a very common structure since the majority of provinces have relevant professional regulations. Professional Corporations are popular amongst Accountants, Lawyers, and Medical Professionals. Disclaimer: This post is an income tax...

Lifetime Capital Gains Exemption in CanadaThe Lifetime Capital Gain Exemption (LTCG) is a very lucrative deduction available to Canadian taxpayers. In 2021, you can deduct up to $892,218 from capital gains when you dispose of Qualified Small Business...

This article focuses on the limited emigration issues specific to shareholders of CCPCs related to their shares. Due to the complex nature of residency issues and tax implications, readers must exercise extreme caution while relying on limited resources on the internet. Every taxpayer has its unique circumstances and should consult a professional tax accountant specializing in tax residency...

Many businesses in Canada have taken advantage of Canada Emergency Business Account (CEBA). The initial program offered $40,000 with 1/4 i.e. $10,000 is forgivable if certain conditions are met. Later on, the program expanded and offered an additional $60,000 with an additional $10,000 forgivable. The forgivable portion of the CEBA loans must be included in the income during the year funds...

There are many ways small business owners can optimize their corporate income taxes for 2020. This post is for the small to medium-sized businesses operating in the corporate form. Further, we do not recommend relying solely on this post for corporate tax planning purposes. It is always better to consult your corporate tax accountant to get wholesome tax advice.  Government Support to...

For a while, Silicon Valley in the United States has been a Research and Development hub in the world. Well, that may change soon. According to the 2019 global technology innovation report, the US and China grab the topmost place in the list of emerging research and development hubs. 58% of respondents to the survey conducted by the KPMG thought that silicon will not be the innovation centre...