Corporate & Business Tax

deciding factors of incorporating

Deciding factors of incorporating your business or investment

 

There are several tax and non-tax reasons to incorporate your business or investment portfolio; some of them are discussed below in brief:

Tax reasons of incorporating:

  • Income splitting: Income from business or property can be distributed among low
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benefit of using quick method

Benefit of using quick method of accounting for GST/HST

Quick method of accounting for GST/HST is an alternate option available to small businesses to calculate their net GST/HST, especially for those who do not have much to claim/adjust as ITC (input tax credit) against GST/HST collected on revenues. Such …

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Tax Audit

CRA Tax Audit: Triggers and Tips for Small Businesses

Although CRA does not expressly mention how they select taxpayers for tax audit purpose, it is based upon our experience that following may trigger, among many others, a tax audit. If you want to keep your small business stay out …

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Tax Write-offs_Self Employed Individuals (1)

Tax write-offs available for self-employed individuals in Canada

Self-employed individuals here are taxpayers who operate unincorporated businesses, this may be sole proprietorship or partnership. Self-employment income usually derives from a commercial business or a professional service or a commission on sales. In all cases, they spend money to …

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Personal service business

Personal Service Business Rules and Tax Consequences

Canada Revenue Agency (CRA) defines that personal service business (PSB) is a business which provides services to another entity that an officer or employee of that entity would usually perform. Instead, the individual is performing the job through a corporation, …

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