Real Estate and tax in Canada
Real estate investments have a number of structures of ownership such as an individual, corporation, partnership or trust, and income tax implications are different. In… Read More »Real Estate and tax in Canada
Accounting
Lifetime Capital Gains Exemption
The lifetime capital gains exemption (LCGE) is one of the misunderstood tax benefits offered by the Income Tax Act. Many small business owner taxpayers fall… Read More »Lifetime Capital Gains Exemption
Employment Deduction Expense
CRA has conducted many employment deduction reviews in the last few years. According to a recent CRA seminar, two-thirds of reviews were due to incorrect… Read More »Employment Deduction Expense
Business audits
In this blog, you will learn about business audits such as Corporate Tax, GST/HST and Payroll. Although unlikely, there is always the possibility of CRA… Read More »Business audits
Protect yourself from CRA Individual Tax Review
The Canadian Revenue Agency sends letters to taxpayers after notice of assessment was issued. The period for receiving this process review letter is from August… Read More »Protect yourself from CRA Individual Tax Review