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Filing Taxes Insights

June 22, 2023
Gift tax in canada

What Are The CRA’s Policies on Family Gifts?

Gifts of large amounts of money and property will attract CRA’s attention. Follow these tips to limit the tax burden for the giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has no gift tax, in some cases a gift can trigger tax rules that could increase your income taxes and prevent a win-win situation for both you and the recipient. What are CRA’s policies on transferring property to family members? Although Canada has no gift tax, in some cases, a gift can trigger […]
June 17, 2023

What is a TD1 tax form?

The TD1 Personal Tax Credits Return is used to calculate the amount of income tax that will be deducted or withheld from your employment or pension income. It is called a personal tax credit return, and personal tax credits (non-refundable tax credits) are taken into consideration when determining your tax withholding calculations. Simply put, a TD1, Personal Tax Credits Return, is a form that is necessary for calculating how much tax should be withheld from payments. If you are an employer who must run payroll in Canada or a pension payer, you most likely will be asked to fill this form out to figure out how much tax should […]
June 12, 2023

Essential Financial Reports for Business Owners

When you first launch a company, many different aspects must be considered. Creating financial reports is one of those things. Being an entrepreneur is far more complicated than working for someone else, and it demands a certain level of experience and knowledge. Every entrepreneur must keep accounting records, and annual financial statements must be prepared using those records.  The Canada Revenue Agency (CRA) can investigate a business at any moment by reviewing its accounting records and financial statements. A firm’s financial statements are the documents that convey the company’s business activities and financial performance. They explain where the money for […]
June 9, 2023

Tips for Managing Business Finance during Economic Uncertainty in Canada

There’s no doubt that 2022 was a turning point for the world economy. The economy didn’t grow as much as it could have because central banks tightened their monetary policies and raised interest rates to bring down inflation. In 2023, the unpredictability of the economy will likely affect many different aspects of our life. The insecurity of jobs, unstable markets, rapidly increasing prices for products and services, and difficulties in supply chains continue to be regular topics in the news, all of which are constant indicators that a potential recession may be on the way. Even though the economy has […]
June 8, 2023
transfer of business in Canada

New tax rules in Canada for Transfer of Family Businesses 2024

Two tax rules are being introduced in Budget 2023 to consider when owners transfer their businesses to their families and employees. Learn how these measures might impact business succession in 2024 and beyond. For many years, Canada’s tax treatment of business sales and succession has been a hot topic. Business owners wanting to pass on their businesses to future generations faced tax problems that did not arise on commercial sales to non-family members. Further, unlike many other countries, Canada had no tax framework in place to help owners wishing to pass the business to their employees. Budget 2023 affects both […]
June 7, 2023

15 Tax Strategies for Real Estate Investors in Canada

When making investments, it’s essential to focus on the numbers. Suppose you want to get the most value from your money through investments since Canada’s income taxes are very high. In that case, you’ll need to look at the big picture, which includes the potential tax implications, before making any decisions. Real estate is an excellent investment asset type. It’s not only because you can get the best loan interest rates. Not only because you have the most significant leverage available. But partly since investing in real estate comes with tempting tax advantages. So, in this blog, we will walk […]
June 6, 2023

The Role of Financial Statements in Business Decision Making

Financial Statements play a vital role for businesses to keep track of their operations. It provides a snapshot of the business and analyses its financial health. These statements are very useful for investors, shareholders, stakeholders and executives for decision making as it gives a complete overview of the business. As said by the famous ‘Father of Accounting’, Luca Pacioli: “Financial statements are like a puzzle, and accountants are the ones who put the pieces together. They provide transparency and help investors understand the true value of a company.” In simple terms, financial statements are necessary for the business world to […]
May 31, 2023
Business incorporation

Managing Transition from a Sole Proprietorship to a Corporation

When starting your own new business, it often makes sense to choose a simpler structure, which is a sole proprietorship. This allows you to test the viability of your business idea and see if the lifestyle and associated stress that comes with running a business match your personality and align with your long-term goals. Alternatively, you may want to keep things simple and not add any unnecessary complexity. Registering and maintaining a sole proprietorship is relatively simple; many business owners don’t worry much about finances until after tax (when the mad rush comes). However, once you have a company, the […]
May 31, 2023

RRIF and How Does It Work?

Almost everybody is concerned about their existence after retirement, those thoughts can fire up all types of feelings, in particular as it raises one large query: “How am I going to manipulate my finances now?” Canada has worked on answering this question with the aid of growing a tool: the Registered Retirement Income Fund (RRIF). The following article will help you understand what an RRIF is, how it works, and why it’s an important plan for your years after retirement. Understanding Retirement Savings: The Basics When we talk about retirement savings, we’re talking about plans that can help you save […]