Insights
Practical tax and money answers for Canadian owners and professionals, written by the accountants who file the returns.
Are You Expecting Inheritance from Overseas?
If so, do you want to minimize your Canadian taxes on the future income to be generated from such overseas inheritance? If your answers to both questions are “yes”, you will have to initiate your planning process before the death of the person from whom the overseas...
Small Business in a Recession: Preparation for the Worst
Recessions can be daunting for small businesses with reduced sales, disappearing customers, and increased nervousness. However, proper preparation can help you endure and emerge stronger. What is a Recession? Recession is defined as two consecutive quarters of...
2023 Filing and payment deadline
You will be able to file your income tax and benefit return for 2022 starting on February 20, 2023. The deadline for most Canadians to file their income tax and benefit return for 2022 is April 30, 2023. Filing your return before the deadline will allow you to avoid...
Top Tax Deductions and Credits in Canada: Key Takeaways and Explanations
When it comes to taxes, there's no one-size-fits-all solution. The Canadian Revenue Agency (CRA) outlines over 400 deductions and credits to help you get the most out of your taxes and maximize your refund. Here are the top 18 most popular items: Tax Deductions vs....
Sole proprietor vs. incorporate
Considering whether to incorporate your sole proprietorship in Canada? Learn about the advantages, such as personal liability protection and tax savings, alongside key considerations to help you decide
CRA Administrative Policy for Gift Cards
Learn about the CRA’s updated guidelines regarding gift cards as non-cash benefits for employees in Canada. Discover the conditions necessary for tax exemption and compliance, ensuring your gifts meet the criteria outlined by CRA.