Every year, as year-end approaches, Canadians have a limited window to reduce taxable income, maximize credits, and improve their overall financial position. Year-end tax planning in Canada is one of the most powerful ways to lower your tax bill, yet many of the best opportunities disappear once the calendar year closes.With evolving CRA rules, changing…
Cryptocurrency and NFTs are no longer “off the radar” when it comes to Canadian taxes. The Canada Revenue Agency (CRA) treats cryptocurrency transactions the same way it treats transactions in Canadian dollars, they are taxable and reportable. Whether you trade Bitcoin, mine crypto, accept crypto as payment, or sell NFTs, your activity can trigger income…
If you’re an incorporated business owner in Canada, you may eventually build up surplus cash inside your corporation. When that happens, the key question becomes: The withdrawal method you choose can significantly impact your personal taxes, corporate taxes, and even your retirement and estate planning. This guide breaks down the most common tax-efficient strategies for…
Being audited by the Canada Revenue Agency (CRA) can feel random, stressful, and intrusive, but audits are rarely accidental. The CRA does not pick tax returns out of a hat. Instead, it uses advanced risk-assessment systems, data matching programs, and industry benchmarks to identify returns that appear incomplete, inconsistent, or unusually aggressive. In other words,…
Proper bookkeeping is not optional for Canadian businesses; it’s a legal requirement and a critical part of running a successful company. By law, all businesses in Canada must maintain accurate books and records that clearly document their financial activity.Business records consist of organized accounting and financial documents that summarize your income and expenses and provide…
For most small business owners, success comes down to two things: growing revenue and controlling costs. One of the most effective, and often overlooked, ways to control costs is by claiming every eligible tax deduction available under the Income Tax Act.Whether you operate as a sole proprietor, partnership, or corporation, understanding small business tax write-offs…
Sole Proprietorship, Partnership, or CorporationOnce you have decided on the business structure that best fits your needs, the next critical step is business registration. Depending on your structure and activities, you may also need to obtain specific licenses, permits, or tax accounts to operate legally under federal, provincial, or municipal regulations. Failure to register when…
GST/HST, Payroll, Import/Export, and More – Do You Need Them and How Do You Get Them? Once you register your business as a corporation, sole proprietorship, or partnership, or begin operating a business in your own name, you may be required to obtain a CRA Business Number (BN) and one or more CRA program accounts…
Sole Proprietorship, Partnership, or Corporation One of the most important decisions you will make when starting a small business is choosing the right business structure. This decision is crucial because it carries significant cost, legal, and tax implications. Selecting the appropriate structure from the beginning helps set your business up for long-term success and can…