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As defined in Canada’s Income Tax Act, a tax shelter is an arrangement whereby an individual or entity invests funds or gifts a donation under the representation that they will receive tax deductions, credits, or other tax benefits whose total amount of value at least equal that of their expenditure.
Canada has a strong economic relationship with the United States, thanks in part to sharing borders, values, and interests. These close connections help to explain why, according to the Office of the United States Trade Representative, trade between these two countries totaled over $900 billion in 2022. Canada’s competitive tax
Owning a business allows you to set your own hours, hire employees who meet your standards and align with your values, and enjoy many other perks that come with being your own boss. However, business ownership also comes with significant responsibilities. One such responsibility is paying business taxes. Managing business
In Canada, there is a long history of publicly funded or subsidized homemaker services being exempt from the goods and services tax (GST) or harmonized sales tax (HST). There have however been changes to the regulations governing the tax exemptions on these in-home services. While the general rules have not
Tax professionals such as accountants, tax preparation specialists, and Canadian tax attorneys must adhere to a strict set of professional ethics. These individuals are subject to the ethical standards of their profession not only when calculating taxes, but when providing guidance to individuals or businesses on tax planning in Canada.
Since 2008, British Columbia has applied a carbon tax. In 2019, the Government of Canada implemented this tax nationwide. While Canada allows provinces to either adopt the federal pricing system or create their own, this flexibility may cause confusion for those responsible for ensuring tax compliance in Canadian corporations. What
All businesses based in British Columbia that sell taxable goods, software, or services need to complete British Columbia PST registration. In addition, some businesses based outside the province need to register to collect PST if they sell to British Columbia. An experienced Canadian tax lawyer can advise you on the
A merger of two or more companies, or the acquisition of one company by another, can have serious tax implications for all entities involved, as well as any subsidiaries. The Canada Revenue Agency (CRA) takes a close look at all mergers and acquisitions under its jurisdiction, and the tax requirements
Canada’s free trade agreements are an important and integral part of keeping the country’s economy strong. Free trade supports businesses and the supply chain. Designed to foster the unencumbered flow of commerce, Canada’s trade agreements serve to keep the markets open and allow for multilateral trading. These agreements are negotiated
The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) can pose various challenges for those filing taxes in Canada, especially when it comes to out of pocket expenses. The Canadian Revenue Agency and Provincial tax authorities have many rules when it comes to calculating these expenses, and it
Tax compliance is essential to the integrity of Canada’s numerous tax structures. Consequently, the Canada Revenue Agency (CRA) takes enforcement extremely seriously, and ensuring tax compliance is an important part of operations for any Canadian business. Today, technology is taking a larger role in the assessment, remittance, and review of
Canada has relatively high taxes compared to some other countries. While taxes are difficult and, in most cases, illegal to avoid, there are many strategies Canadians use to keep most of their hard-earned income. However, there is a fine line between implementing legitimate business or personal tax strategies to reduce
Streamlining small business tax filing can save business owners time and headaches during tax season. Some businesses are eligible for Quick Method Accounting for their HST/ GST tax filings. The HST quick method tax filing method uses quick method remittance rates to tabulate the tax credits for most purchases. If
To encourage investment in Canada and help smaller companies thrive, Canada offers a number of tax incentive options specifically tailored to assist small and medium-sized companies. Many of the incentives are industry or location-specific, so they may not be an option for every company. However, given that Canadian tax incentives
Canadian businesses that import goods from abroad need to be aware of Canadian duty rates and fuel taxes. These fees can represent a major expense for a business, and it is important to understand how the system works and how much to budget for these taxes. However, navigating Canada’s duty
Businesses often find it difficult to calculate their taxes in advance. This difficulty can lead to an outstanding balance on Canadian taxes when the organization’s tax return is filed. Many businesses with a balance owing may need to make instalment payments, which can sometimes result in being charged interest. When
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