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We attempt to assist our readers by simplifying some of the complex income tax issues in Canada. Occasionally, we answer the general tax questions as well that can help a broader readership of our blog section.
INSIGHTS
2019 Income Tax return Adjustments for CERB Eligibility
A lot of people have claimed CERB for the full 28 weeks period, totalling up to $14,000. Canada Revenue Agency (CRA) has issued letters to the taxpayers who they think might not have been eligible.
2020 – Year End Income Tax Planning – Individuals
The year 2020 is approaching an end! This is the time of the year when you should not forget important tax planning to best optimize your 2020 income taxes in Canada. We have compiled a
2020 End of Year Tax Planning for Small Corporations in Canada
There are many ways small business owners can optimize their corporate income taxes for 2020. This post is for the small to medium-sized businesses operating in the corporate form. Further, we do not recommend relying
Flipping Houses – Business Income Vs Capital Gains
Property flipping is an increasingly common practice to buy a property and then reselling it for a quick profit. Property flipping also includes assignment sales a.k.a. shadow flipping. Shadow flipping is the sale of a property
5 Alternatives to CEBA
Canada Emergency Business Account (aka CEBA) has been the most talked-about government support program for small businesses. Since its launch, it has helped many small businesses with the liquidity pressures faced during the pandemic. Many
Canada Emergency Rent Subsidy (CERS) – Applications opened
Canada Emergency Rent Subsidy (CERS) applications are open now. CERS provides much-needed support to Canadian businesses struggling with rent payments during the pandemic. If you have already applied for Canada Emergency Wage Subsidy (CEWS) you