Stay updated with the latest news, tips, and guidance on tax law from our editorial team.
According to the Canada Revenue Agency (CRA), royalties are payments received in compensation for allowing someone to utilize a patent, trademark, copyright, secret process, or formula. They can also include investment or business income, as well as payments linked to television or film. The source and type of a royalty
The Government of Canada freely admits that it is already using artificial intelligence (AI) for Canadian tax compliance purposes, and representatives from the Canada Revenue Agency (CRA) have been exploring this opportunity since at least 2018. On the other side of the bookkeeping world, companies and accountants in Canada are
Canadian business owners who have achieved financial success often develop comprehensive estate plans to transfer their wealth, including their business and its associated assets. Tax matters should be an integral component of such plans. With the right tax planning strategies, Canadians can minimize their business tax liabilities and maximize the
Many employers utilize stock options as a method of rewarding or attracting employees. Because they enable staff members to benefit from an organization’s future growth, they can be a useful incentive that helps to align an employee’s goals with those of a business, as both parties profit when the price
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
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
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
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
