In this article, you will learn about Income Tax, Capital Gains Tax, and Sales Tax. This knowledge will help you understand your business and its financial picture. If you are planning to open a business, it is important to understand the tax implications involved in your endeavors. In Canada, taxes […]
Sole Proprietorships and Partnerships – Register a Business Name
Sole proprietorship is a business entity registered in a province. This type of business is owned and operated by one individual and does not provide personal liability protection. It also allows for limited changes without the need to register a new business. Its registration falls under personal income tax filing. […]
The Benefits of Filing a Canada Trust Income Tax Return
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 […]