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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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Are you eligible for a tax-free dividend?

Sunday December 22, 2019

If you are an owner of a private corporation, then certain transactions could provide you with an opportunity to make tax-free withdrawals from your company. These tax-free withdrawals occur in the form of a capital dividend from your Capital Dividend Account. What is [...]

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Selling into Quebec? New QST rules may apply to you.

Monday September 30, 2019

Selling into Quebec? If you are a non-resident of Quebec and sell to individual consumers in "la belle province", the new Quebec Sales Tax (QST) registration rules may apply to you. The 2018 Quebec Budget included the announcement of a new QST registration [...]

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Do Recent Changes To CCA Rules Affect Your Business?

Monday August 26, 2019

Capital Cost Allowance (CCA) is the tax equivalent of depreciation—it is the portion of the total cost of eligible capital assets that can be deducted for Canadian tax purposes. The first year CCA is claimed, businesses are generally limited to a deduction equal [...]

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Is my Canadian Corporation required to file a U.S. tax return?

Monday July 22, 2019

Every now and then a client with U.S. customers or U.S. sales agents will ask us if they are required to file a U.S. tax return. As a foreign corporation, the IRS requires you to file Form 1120-F if, during the tax year, [...]

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The Current Status of Apprenticeship Credits for Ontario Employers

Wednesday June 12, 2019

The Current Status of Apprenticeship Credits for Ontario Employers In November of 2017, the Apprenticeship Training Tax Credit—a refundable provincial tax credit based on salaries and wages paid to apprentices—was eliminated for any apprenticeship contract registered after November 14, 2017. At the time, [...]

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Is your company eligible for increased SR&ED tax credits?

Thursday May 16, 2019

The Scientific Research and Experimental Development (SR&ED) program was created to encourage Canadian innovation by providing tax incentives to conduct business research and development in Canada.All eligible businesses can earn a non-refundable investment tax credit (ITC) at the basic rate of 15% on qualified SR&ED expenditures. [...]

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Are You at Risk for Alternative Minimum Tax?

Friday March 8, 2019

No one enjoys a nasty surprise when preparing their tax return. Unfortunately, Alternative Minimum Tax (AMT) has the potential to be exactly that. AMT was enacted in 1982 to ensure a minimum amount of tax was paid on income subject to preferential tax [...]

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