If you have a trust, it may be beneficial for you to file a Canada Trust income tax return. There are several benefits to doing so. Learn more about filing deadlines in Canada and unclaimed foreign credits. You can also find out if your trust falls under the US accumulation […]
Transfer Pricing in Canada
In Canada, transfer pricing rules are governed by a variety of rules, including Section 247 of the Income Tax Act. These rules are based on the international ‘arm’s length’ standard and the OECD Guidelines. In addition, Canada has a vast treaty network of 94 double tax treaties, most of which […]
Taxation in Canada
In Canada, there are various types of taxes and regulations that apply to businesses. Business owners have to pay corporation tax on income from their business activities as well as investment income. In addition, corporations must pay tax on 50% of their capital gains. The federal corporate tax rate is […]
Income Tax in Canada
To be able to make informed decisions regarding income tax, you should understand what is considered taxable income in Canada. There are two types of income tax: personal and corporate. In this article, you will learn about personal income tax, exemptions, and withholding taxes. In addition, you will learn about […]
Foreign Tax Credit in Canada
If you pay foreign taxes, you may be entitled to a foreign tax credit in Canada. The credit can amount up to 15% of your withheld foreign tax. It cannot, however, exceed the amount of Canadian taxes you owe on foreign income. In addition, you can claim the foreign tax […]
Payroll Tax in Canada
In Canada, there are various types of payroll taxes. The rates and exemptions vary by province, but they all apply to employees who report for work in the province and receive remuneration there. Employers are also required to remit payroll tax on a regular schedule. Newfoundland and Labrador require monthly […]
Income Tax Allowances in Canada
Income tax allowances in Canada help you minimize your taxable income. These tax breaks apply to both federal and provincial taxes. If you are a resident of Canada, you can also take advantage of the BPA (Base Period Allowance). This allowance is a partial reduction of your taxable income. The […]
Taxation on Capital Gains in Canada
If you are an investor who has sold investments and made a profit, you should be aware of the taxation on capital gains in Canada. This is a type of tax, where you must report the profits you made on your investments and include them in your income. Currently, the […]
The Difference Between Accounting and Taxation in Canada
You should be able to differentiate between Accounting and Taxation in Canada. The former is more specialized and involves a variety of rules that affect how you pay taxes. The latter, on the other hand, applies to the way you manage your finances. The difference between the two is very […]
Dealing With Unfiled Or Late Taxes in Canada
Dealing with unfiled or late taxes in Canada can be a frustrating process. In some cases, you may have to provide extensive documentation or seek assistance from CRA agents in order to get your taxes current. This can lead to severe penalties. In such cases, you may need the assistance […]