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Post-Tax Season FAQ

Tuesday May 18, 2021

With the 2020 tax season now a wrap for the majority of Canadians, we wanted to share the answers to some of the most frequently asked questions we receive post-tax season: Do I have to pay my personal tax in instalments? June 15th [...]

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Are You Holding Surplus Cash In Your Canadian Private Corporation?

Tuesday March 23, 2021

As an owner-manager, how do you determine if you are holding surplus cash in your Canadian private corporation? And what should you do with it if you are? How much after-tax cash should your company keep in reserve? This is a question posed [...]

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Have You Made An Over-Contribution To Your RRSP?

Monday March 15, 2021

When it comes time to file your taxes, you may realize that you have accidentally made an over-contribution to your RRSP. Unfortunately, it’s an easy mistake to make. If you do discover that you have over-contributed to your RRSP, there are immediate steps [...]

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Sales Structure For Your Private Corporation: Asset Sale vs Share Sale

Wednesday February 24, 2021

Last month, we shared an Insight on some of the most common exit strategies for business owners. If you’ve made the decision to sell your Canadian private corporation, it’s important to carefully consider the tax implications of the sale, as this will influence the [...]

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2020 T1 Checklist

Tuesday February 23, 2021

The 2020 tax filing season will be one of the most unusual and complicated on record. S+C Partners is here to help you smoothly navigate the tax season and get every tax credit and deduction you’re entitled to. Our 2020 T1 checklist is [...]

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Employment Expenses for Working at Home Due to COVID-19 – details on new rules and simplified forms

Wednesday January 20, 2021

The Canada Revenue Agency (CRA) recently released details on its temporary home office expense rules for eligible employees who worked from home in 2020 due to COVID-19. These measures include a flat-rate method for employees with modest expenses and a simplified form for [...]

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Year-end tax considerations for owner-managed businesses

Saturday December 19, 2020

We all like to save tax. But if you are a private business owner, a carefully considered and executed tax strategy is a must-have to protect the financial best interests of your business, your employees, and your family. Here are a few key [...]

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Real estate professionals in Ontario should think twice before incorporating

Thursday October 8, 2020

The majority of real estate professionals in Ontario are currently self-employed as sole proprietors working for real estate brokerages. A sole proprietorship is a one-owner business that—unlike a corporation, LLC, or partnership—is not a separate legal entity, and so earnings are subject to [...]

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Covid-19 Tax Implications

Friday September 18, 2020

The full economic impact of the Covid-19 pandemic remains to be measured, but it is safe to assume that personal and corporate financial repercussions will be felt by many for years, even decades to come. Moving forward, careful tax planning may play a [...]

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