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Shareholder Loan: Understand it and Avoid Trouble with the CRA
Your Shareholder Loan and the CRA After reading this article you’ll understand what a shareholder loan is and how to use it. You’ll also be aware of potential tax issues that can arise with CRA and how to avoid them. We will dive into the following topics: What is a...
The tax implications of employees working remotely abroad
Before granting an employee’s request to telework from another country, employers need to ensure the organization is meeting all its obligations. Despite the widespread closure of borders, there are more digital nomads than ever—35 million worldwide. And, with the...
Canadian small business grants: Tools and tips to get funding
The best resources for small business grants in 2020 Canada GrantWatch A searchable database of Canadian small business and non-profit grants. The site also provides up-to-date news and information about the latest available funds. Canada Startups funding database...
When Are Gifts or Inheritances Taxable?
There is no "gift tax" in Canada. Any resident of Canada who receives a gift or inheritance of any amount from almost any source (except from an employer) will not have to include this in their income. However, if capital property (e.g. real estate, investments) is...
Dealing with the effects of a challenging tax year
Financial advisors are bracing for the fallout from an unprecedented taxation year and preparing for calls from clients who may be facing hefty tax bills or the prospect of an audit. According to data from the federal government, the Canada Revenue Agency (CRA)...
The tax consequences of leaving Canada permanently
From assets and property to personal ties, several factors will affect your taxation so detailed planning needs to be done in advance of the move About three million Canadians currently live outside the country. And many others contemplate making a move at some point...
8 things often overlooked when launching a small business
From registering your company to investing in the right software, being on top of the small details will save you in the long-run, experts say The runup to launching a small business is an exciting time for entrepreneurs. Once a strategy is created and goals and...
What the disability tax credit means for eligible Canadians and their families
Qualification is a gateway to additional tax savings Federal Budget 2021 proposed expanding eligibility for the disability tax credit (DTC) in the areas of mental functions and life-sustaining therapy. This is welcome news for thousands of Canadians who didn’t...
Tax highlights from Budget 2021
The budget was missing big-ticket tax changes but Jamie Golombek says there’s “something there for everyone” After more than two years without a federal budget, there was no shortage of speculation about what the long-awaited document tabled on Monday would contain....
Tax tips for clients who sold, bought or renovated homes in 2020
The Canada Revenue Agency outlined reporting requirements, credits and more The Canada Revenue Agency (CRA) offered tips on Wednesday for taxpayers who sold, bought or made renovations to their homes in 2020. If your client sold property, including a principal...
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