Canadian Pension Plans: Tax Considerations For Employers
For many workers, retirement is an exciting prospect. They look forward to leaving the workforce and begin to enjoy simply living their lives. Supported by a variety of income sources, including Old Age Security (OAS) and the Canada Pension Plan (CPP), retired Canadians may choose to enjoy quiet days in their home or to go […]
Fringe Benefit Tax Rules For Canadian Employers
The sheer complexity of Canadian tax laws can make compliance a challenge. Canadian employers, therefore, must carefully navigate fringe benefit tax rules to ensure full compliance with those tax laws. With help, you can chart a course through even the most complex tax issues and diligently leverage tax laws to your advantage while improving your […]
The Ultimate Guide To Maximizing Canadian Business Tax Write-offs And Boosting Your Charitable Donations
Running a successful business in Canada is about strategic operations and savvy financial planning. Understanding the Canada Revenue Agency’s available tax write-offs and optimizing charitable donations can significantly impact a company’s bottom line. Canadian business owners should know the strategies and best practices to maximize business tax deductions and bolster charitable contributions within the Canadian […]
An Examination of Tax Shelters in Canadian Corporate Law
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. As tax shelter arrangements by […]
Canada’s Competitiveness In The Global Tax Landscape
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 rates help to form another […]
Canada Revenue Agency Tax Collection Policies
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 tax compliance can be confusing, […]
GST/HST And Homecare Services
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 changed significantly in the past […]
Exploring The Ethics Of Tax Planning In Canada
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. The experienced tax attorneys with […]
The Impact Of Carbon Tax On Canadian Corporations
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 is this carbon tax? Who […]
Selling To BC? British Columbia And PST Registration Rules
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 steps you need to take. […]