Sole proprietor vs. incorporate

Sole proprietor vs. incorporate

Should a sole proprietor incorporate? As a sole proprietor, there is no separation between you and your business. You are your business, and you report your business income on your personal tax return. As a corporation, you create a legal entity separate from you. A...
CRA Administrative Policy for Gift Cards

CRA Administrative Policy for Gift Cards

As the end of the year approaches, many employers consider showing appreciation to their employees with gift cards. However, ensuring these gifts remain tax-exempt requires understanding the Canada Revenue Agency’s (CRA) updated guidelines. Effective January 1,...