Personal Tax The Income Tax Act, Part I, subparagraph 2(1), states: “An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.” In Canada, personal income tax is levied on the worldwide income of individuals…

Can You Take Off Meals & Entertainment Expenditure? Wouldn’t life become very easy if expenses incurred by businesses in terms of meals and entertainment were deductible 100 % from our own tax? Unfortunately, that is rarely the situation. This guide clarifies your potential questions on deducting food, beverage and entertainment expenses, and those unique situations where you can claim 100% deduction.…

Planning is essential to successfully minimize the income tax liability within the legal framework.  Not only do our clients save penalty charges from the failure of tax compliance but also from recommendations of tax saving strategies that maximize their after-tax income. Our team is constantly staying up to date on current tax laws and new…

Your business is doing well! Why not incorporate it? The question is asked so often. Are there any benefits of doing so? The question creates its mark in many small business owners who started their businesses as sole proprietors in which they and their businesses are essentially one and same. Switching to a corporation can…

Why Records Should be Kept The CRA requires each person who must file a tax return to keep accounting and other financial information documents organized. Just putting everything in a drawer or file without proper identification makes it useless too. Therefore, organizing these documents is key to meeting the CRA’s requirements. These documents will help you…