CPP Enhancement 2024: A Comprehensive Guide for Employers
The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.
Small Business Taxes
7 Year-End Tax Planning Tips for Small Business Owners
Last updated: Nov. 6, 2024
*UPDATED FOR 2024* The calendar year may be winding down, but there’s still time to make your year-end tax planning a little less stressful. To help, we’ve assembled seven of our best year-end tax tips to help you lower your tax burden and boost your bottom line. Organize your files … Read more
Home Office Expenses: A Guide for Canadian Employers
The shift to remote work has become the new normal. One of the biggest questions is: what are my responsibilities when it comes to home office expenses?
Explaining Capital Gains: New Inclusion Rates Simplified.
Whether you sold off assets or hedged your bets before the new capital gains rules kicked in on June 25, understanding these changes is crucial.
Consequences of Not Filing Business Tax Returns in Canada
Last updated: Jun. 18, 2024 Every small business owner in Canada must file an annual tax return. However, not everyone fulfills this obligation, which can lead to serious consequences. The Canadian tax system, governed by the Income Tax Act, imposes strict penalties on those who fail to comply with tax filing requirements. This includes not … Read more
Do I have to make tax instalment payments?
Last updated: May. 7, 2024 Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2022, and in either 2021 or 2020, … Read more
Your Guide to 2024 Tax Dates, Rates and Numbers in Canada
Last updated: Apr. 29, 2024 Filing a return that is accurate and on time is the best way to avoid tax penalties and over-payment. With that in mind, below is a list of key dates and tax numbers to help you with your tax return. Canada’s tax filing and payment deadlines *If you are paying … Read more
2024 Canadian Corporate Tax Rates and Deadlines
Last updated: Apr. 29, 2024 As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding … Read more
New Trust Reporting and Filing Rules in Canada
Last updated: Mar. 28, 2024 Canada Revenue Agency Update, Effective March 28, 2024 In an update released March 28, 2024 the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to submit a T3 Income Tax and Information Return along with a Schedule 15 (Beneficial Ownership Information of a Trust) for … Read more