Being able to create jobs instead of applying for a job is such a privilege to have. You will know this privilege if you own a business or want to own one soon. Entrepreneurs work hard to make it all the way to create jobs rather than acquire one. They have to work extra hours,…

If you pay yourself a salary from your Canadian corporation, it will have the following features: If you pay yourself a salary, it will be subject to CPP and EI deductions. The more you pay yourself in terms of salary, the higher the amount of CPP and EI entitlements you can receive. You will receive…

Running a business in Canada and knowing about your taxes are the two things that go hand in hand. It’s all fun and games until the HST (Harmonized Sales Tax) jumps in. Since there are different provincial and federal tax rates in Canada, it isn’t easy to keep up with all the rates. Fortunately, some…

If you are looking for high capital appreciation, a high-income stream, and the best tax advantages, there is nothing better than a real estate investment. It can be “The moment” of your life that can bring financial security – for a long time. Not only will you be able to enjoy your financial liberation, but…

Canadians who earn rental income by renting out their property are required by the CRA to declare their rental income on their tax return. The CRA establishes the difference between ‘Rental Income’ and the ‘Business Income’ based on the number of services provided to tenants. When you provide space and basic services such as heating,…

Whether you are a Canadian living in the US or an ex-pat American who lives in Canada, you have to file US Tax returns. As a responsible and law-abiding citizen, it is better to know all about it before it’s too late. There are several important things that you need to consider before you file…

The U.S. citizens living in Canada are obliged to pay not only Canadian taxes but also U.S. taxes. Suppose someone living in Canada was born in the U.S., became a naturalized U.S. citizen, and has at least one parent who is a U.S. citizen. In that case, they have to pay U.S. taxes. U.S. citizens…

Living in a foreign country can be tricky at times, especially when it is that time of the year when you have to file your taxes. International taxation is a complicated area. But that doesn’t mean that there is no solution to this. Hundreds of Americans move to Canada every year for many reasons. It…

As a taxpayer in Mississauga, you need to be a responsible person; otherwise, the CRA (Canada Revenue Agency) can penalize you. You must file your tax returns on time. To do that, you need to make tax strategies which is also a tedious, time-consuming, and complex task. You will need someone to help you with…

The main objective for you regarding tax planning should be to plan your finances in the most tax-optimized manner for yourself and your family. With proper tax planning in Toronto, you can make the most of different tax exemptions, deductions, and benefits to reduce your tax liability. With various income tax planning techniques, you can…