Are you a non-resident selling property in Canada

Non-Residents Selling a Real Property in Canada

Posted on November 29, 2018 | Written by Mohammed Mecklai, CPA, CMA If you are a Non-Resident planning to sell a property in Canada or a buyer who is purchasing a property from a Non-Resident of Canada, you must read this important article regarding tax implications! As a non-resident of Canada, there are tax implications that must be considered when …

Commercial Real Estate

Commercial Real Estate – To Lease or To Buy?

Thinking of buying or leasing commercial real estate? Deciding on whether to buy or lease commercial real estate can be difficult and tricky as there is no one-size-fits-all answer to this dilemma. However, there are guidelines and considerations that can help you in deciding what’s best for your business. Last September 25th, I had a great opportunity to speak on …

Year End Tax Tasks for Small Businesses

What Small-Business Owners Need To Do Before The Year Ends

Year end is fast approaching and in addition to the usual year end challenges that small businesses face, they also have to deal with the recent tax proposals and tax changes this year. So, to help out our small business owners, Leo Almazora wrote an article in wealthprofessional.ca about steps that small business owners should consider taking before the year …

Canadian's are saving more because they're earning more

Canadians Are Earning More, Saving More

A recent data from tradingeconomics.com indicate that Canadians are saving more. The said data shows that the second quarter of 2017 saw an increased in the Household Savings Rate in Canada from 4.30 percent in the first quarter to 4.60 percent. From 1981 until 2017, the Personal Savings in Canada averaged at 7.44 percent. The highest was recorded at 19.90 …

Canadian foreign tax credit helps Canadian's working internatioally

Foreign Tax Credit

Residents of Canada are generally taxed on their worldwide income. For many, this includes income earned from business, property, or employment in another country. In most cases, income earned abroad will be subject to taxes in the jurisdiction where it is earned. To ensure that foreign income is not subject to double taxation, the foreign tax credit provisions found in …

Finding and Choosing The Right Accountant is Important for your business or personally

3 Reasons Why Choosing the Right Accountant is Important

Since Luca Pacioli, the wandering Franciscan monk and mathematician, published the first accounting work in 1494, accounting has been considered the language of business. Accountants, as users of this language, play a critical role in the business world, from managing portfolios, monitoring company’s financial status, maintaining company’s book, preparing tax returns, to even forecasting future opportunities. The right accountant is …

Planning for selling a business and succession planning is critical to success

Succession Planning

Find the right strategy for selling your business or handing it over to someone else, whether it be an employee, a family member, a friend or another entrepreneur. Why Plan For Business Succession? A good succession plan will help the transfer of your business go smoothly, and allow you to maintain good relationships with employees and business partners. Succession planning …

Information on small business tax tips

Salary or Pay in Dividends – How Should You Pay Yourself?

As a Corporate Business Owner, The Choice Is Yours A small business owner who has set up a corporation can pay herself a salary or she can receive pay in dividends. (She can pay herself a mix of both, too, but let’s keep this explanation simple for the moment.) Each way of paying yourself from a corporation has advantages and …

Self-employed income tax solutions and tips

Income Tax Challenges For The Self-Employed

When people choose self-employment, they are often attracted to the challenge and excitement of creating a business they are passionate about. They may look forward to a more flexible work schedule, or the possibility of earning more than they did as an employee. The one thing most people don’t get excited about is keeping track of all their expenses and …