Table of Contents Misclassifying workers is one of the easiest ways for Canadian businesses to run into trouble with the Canada Revenue Agency (CRA). Many companies assume that calling someone a “contractor” in a contract is enough — but under […]
Table of Contents A new year has begin and as always, many people are required to pay their taxes on incomes earned in the last year. Now, here are the key deadlines Canadians will encounter this year: Personal Tax Deadlines […]
Table of Contents The T4A slip is a key piece of the Canadian tax system. It reports income you earned outside a regular job—like money from self-employment, pensions, or contract work. If you’re a freelancer or independent contractor, this form […]
Table of Contents Filing your taxes is more than just a legal formality in Canada. It ensures compliance with the Canada Revenue Agency (CRA) and keeps you eligible for valuable tax credits and benefits. But what happens if you fail […]
Table of Contents Many of our clients, who are business owners, usually ask us this question: How should I pay myself? Now, if you have a corporation, there are several ways which you can deploy to pay yourself: Salary: A […]
In today’s dynamic economy, personal service businesses (PSBs) are gaining prominence. These businesses are typically defined as companies that offer services performed by individuals, From trucking businesses to consultants, PSBs are diverse. However, they are faced by serious negative tax […]
The article discusses the Tax on Split Income (TOSI) rules in Canada and their impact on paying dividends to spouses and adult family members from incorporated businesses. Keep in mind that Dividends can be paid to the holder of a […]
Table of Contents Introduction In the intricate web of corporate operations, the role of a director is pivotal, not only in steering the company towards its goals but also in ensuring compliance with various legal and financial obligations. Among these […]
Confirmation has been received, but the update brought disappointment. Initially, the Canada Emergency Business Account (“CEBA”) provided interest-free loans to 900,000 small businesses and non-profit organizations. These entities had the opportunity for partial loan forgiveness if they repaid the loan […]
