GST44 – Purchase And Sale of A Business
Businesses are bought and sold every day in the ever-changing corporate landscape. Many business owners can move up quickly and increase their wealth by selling a booming business, while others can profit from purchasing a business that suits them. This constant changing of hands between buyers and sellers can help revitalize the economy and promote […]
Exploring The Tax Implications Of Offshore Financing In Canada
According to a 2008 paper issued by a Department of Finance advisory panel on Canada’s System of International Taxation, Canada has seen a “sharp increase” in outbound and inbound cross-border investments since the early nineties. This trend has continued over the years, with Canada joining its peers in an increasingly global marketplace. The global marketplace […]
The Role Of Artificial Intelligence In Canadian Tax Compliance
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 also employing AI-based strategies for […]
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, […]
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 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 […]
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 […]