Tax Considerations In Mergers And Acquisitions In Canada
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 for these transactions can be […]
The Influence Of Trade Agreements On Canadian Corporate Tax
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 to not only benefit Canadian […]
GST/HST On Out Of Pocket Expenses
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 is important to gain a […]
The Impact Of Technology On Tax Compliance In Canada
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 taxes, both for businesses and […]
Understanding Anti-Avoidance Rules In Canadian Tax Law
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 your tax bill and violating […]
GST/HST Quick Method Of Accounting
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 a small business owner opts […]
Canadian Tax Incentives For Small and Medium Enterprises
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 can save hundreds or even […]
A Tax Lawyer’s Guide To Canadian Duty Rates And Fuel Taxes
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 rates and fuel taxes can […]
Application Of Interest To Outstanding Balances On Canadian Taxes
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 does the Canada Revenue Agency […]
GST/HST For Municipalities In Canada
As a municipality in Canada, navigating the complex world of taxes can be daunting. In particular, understanding the goods and services tax/harmonized sales tax (GST/HST) can be a challenge. The GST/HST is a value-added tax that applies to most goods and services in Canada, but there are specific rules and exemptions for municipalities. Understanding these […]