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Cross-Border Activities: Safeguard Your Business with Protective Tax Filings
In the ever-expanding world of international trade, businesses are increasingly engaging in cross-border activities. Whether it's selling products overseas, providing services to foreign clients, or investing in international ventures, these transactions can be...
Five Important Ways An Accountant Will Benefit Your Business And Let You Sleep Better At Night
Running a business is a thrilling rollercoaster. You're constantly making decisions, strategizing for growth, and keeping a watchful eye on the competition. But amidst the excitement lurks a silent monster – financial uncertainty. Numbers, taxes, and record-keeping...
Navigating the Maze: Tax Deductions for Medical and Dental Expenses in Canada (2024)
Canadians are fortunate to benefit from a robust universal healthcare system. However, certain medical and dental expenses not covered by provincial plans can qualify for tax deductions, potentially reducing your tax burden. This article delves into the intricacies of...
Canada Budget 2024: Tax Highlights
The 2024 Canadian federal budget, delivered in April, focused on economic recovery and long-term growth. While overall tax rates remained unchanged, several key measures aimed to incentivize investment, support entrepreneurs, and address affordability concerns. Let's...
Tax Deadline 2024: When Is the Last Day to File Taxes?
As the calendar flips towards spring, tax season looms large for Canadians. Knowing the deadlines for filing your return can help you avoid unnecessary stress and potential penalties. This article delves into the key dates associated with filing your 2023 tax return...
Farm Losses Can Be Restricted: May Apply Even When Significant Time and Cash is Invested
A November 8, 2023 Tax Court of Canada case considered whether a taxpayer’s losses from farming activities deductible against non-farming income were restricted to the $17,500 ($2,500 plus half of the next $30,000) permitted by the restricted farm loss rules for the...
Canada Dental Care Plan (CDCP): New Income-Tested Benefit
On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian residents. The plan will be rolled out from late 2023 to 2025. To be eligible, the individual and their spouse or...
Personal Services Business: CRA Education Initiative
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...
New Trust Reporting: Unexpected Exposure
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...
ISC Filing and Transparency requirements: What CBCA Corporations need to know for 2024
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...