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 […]
Canadian Tax Receipt Requirements: What You Need To Know To Avoid Penalties And Audits
Just the thought of an audit is enough to make most people nervous. Tax laws and deduction requirements can be confusing, and even a person who is confident they have done everything right may question if they have made a mistake when they hear about an audit. Fortunately, there are some simple things Canadians can […]
A Tax Lawyer’s Guide To Canada Tobacco Tax And Duties
The federal government in Canada imposes both an excise tax and an excise duty on tobacco products. In addition, each province also applies its own tobacco tax to every tobacco purchase. Finally, regular General Sales Tax (GST) and Providential Sales Tax (PST) or Harmonized Sales Tax (HST) will also apply to each purchase, as to […]
HST/GST And Joint Venture In Canada
A joint venture in Canada is any agreement between two or more people who decide to work together to create a common commercial enterprise. The individual members of this collaboration might contribute money, goods, or services to this arrangement, but the goal is the same—to create a profit. Joint ventures are temporary, and they are […]
Appealing Assessments To The Tax Court Of Canada
The Tax Court of Canada has exclusive jurisdiction to resolve various disputes involving taxes. Most disputes that appear in the Tax Court relate to income taxes or the Goods and Services Tax (GST). The Tax Court addresses 14 different Acts of Parliament. Individuals can appeal to the Tax Court on their own, but the appellate […]