In general, a personal services business (PSB) exists where the individual performing the work would be considered to be an employee of the payer if it were not for the existence of the individual’s corporation. These workers are often referred to as incorporated...
Changes requiring more trusts (and estates) to file tax returns and more information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several times in the legislative process. The final rules (that are now law) first apply for 2023, with a...
In June 2019, amendments to the Canada Business Corporations Act (the CBCA) came into effect, requiring most non-publicly traded CBCA corporations to prepare and maintain a register (the ISC Register) of individuals with significant control over the corporation...
Various automobile deductions and taxable benefit rates are limited to amounts prescribed by the Department of Finance annually. On December 18, 2023, the 2024 limits were announced as follows: The limit on the deduction for non-taxable allowances paid by an employer...
Various changes and issues have arisen in respect of T-slips to be filed and processed for the 2023 year. Dental benefits Beginning with the 2023 year, issuers of the T4 Statement of Remuneration Paid and T4A, Statement of Pension, Retirement, Annuity, and Other...
