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Canada’s Voluntary Disclosure Program provides a way for taxpayers to approach the CRA in order to resolve errors and omissions in their existing tax returns. The program provides relief to Canadians who come forward to fix their own errors before the CRA contacts them. This will help increase tax compliance, insure more complete records, and reduce the investigative burden on the CRA.
Honourable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. In last year’s budget, the federal government had predicted a deficit for 2021-22 of $154.7 billion, but in today’s budget, this amount was revised down to $113.8 billion. A deficit of $52.8 billion is predicted for 2022-23.
Running your business as a Canadian Controlled Private Corporation (CCPC) offers a number of benefits, but not without commensurate responsibilities. One of the most important of those responsibilities is adhering to the corporate rather than the personal tax regime. As responsibilities go, this is not particularly onerous, but does require a certain degree of planning. It’s not like personal taxes, which can often be dealt with right before the deadline.
Selling houses can be a great source of income, and like all income it is subject to tax laws. It can be fairly simple when you own a single house and sell that in order to move to another, but that isn’t always the case. Selling a home can raise a number of questions about how you want to approach it from a tax perspective.
For most people, the first thing you should do is talk with an accountant or tax professional about your business plan in order to get advice from someone who can guide you through the advantages and drawbacks of incorporation for your particular situation.
The 2022 Federal Budget came out on April 7th, 2022. Learn how it affects you and your business. As far as accounting and tax liability is concerned, the most important thing the federal government does every year is pass the budget, and the 2021 Federal Budget is no...
During the coronavirus pandemic, we are accepting new tax clients in our Vancouver office. We are able to safely process tax returns using our online portal with bank level security. This allows our clients to securely upload and download tax documents remotely....