Individual Tax - Canada
Hybrid Entities – The Tax Problems in Canada
U.S. LLCs and S Corps are hybrid entities due to a mismatch of income tax treatment in both U.S. and Canada
March 15, 2021
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Author: Maroof Hussain Sabriel
Maroof Hussain Sabriel
Corporate Tax - Canada
Forgivable Portion of CEBA and Income Inclusion
Many businesses in Canada have taken advantage of Canada Emergency Business Account (CEBA). The initial program offered $40,000 with 1/4 i.e. $10,000 is forgivable if certain conditions are met. Later on, the program expanded and
January 26, 2021
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Corporate Tax - Canada
Personal Services Business (Incorporated Employee)
Have you recently received a contract offer from a business that has asked you to incorporate yourself? By the way, this is very trendy in the IT and transportation industry! We receive a couple of
January 18, 2021
4 Comments
COVID-19
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.
December 14, 2020
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Individual Tax - Canada
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
December 6, 2020
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Corporate Tax - Canada
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
December 5, 2020
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Corporate Tax - Canada
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
December 4, 2020
2 Comments
COVID-19
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
November 23, 2020
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Corporate Tax - Canada
CEWS Audits by CRA – Just landed
Canada Emergency Wage Subsidy (CEWS) has been providing significant support to Canadian jobs by covering 75% of employee’s wages (sometimes up to 85%, see new CEWS rules). A total of $35.31 billion has been paid
September 14, 2020
6 Comments
Corporate Tax - Canada
Additional T4 Reporting Requirements for 2020
The Canada Revenue Agency (CRA) has introduced additional reporting requirements for T4 Information returns of 2020. The purpose of these additional requirements is to validate the benefit payments to Canada Emergency Response Benefit (CERB), Canada
September 3, 2020
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