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 …

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 …

self-employed tax filing deadline

Reminder – June 15, 2017, is the Deadline for Self-Employed Individuals to file their 2016 Income Tax and Benefit Return

If you are self-employed or the spouse or common-law partner of someone who is, the deadline to file your 2016 income tax and benefit return is midnight on June 15, 2017. The legislated due date for any balance owing is April 30. However, since that date is a Sunday in 2017, the Canada Revenue Agency (CRA) will consider your payment …

Small Business – Start Your Own, Buy Shares or Assets, or Forget It?

One way to financial independence is having a successful business. There are an endless number of business possibilities, including turning a hobby or a special skill into a business, selling goods in a store or on the internet, or having a website which can earn advertising revenue. The only limitation is your imagination. In order to run a successful business, …

Making changes to tax return

Changing Your Tax Return

Income Tax Act S. 142(4.2) If you have filed your return and then determine that you need to make a change, either because you have received another T-slip, or because you didn’t claim an expense and later learned it was deductible, you can request an adjustment to your tax return. The time limit for filing most adjustments to your tax …

Year End Tax Tasks for Small Businesses

Are You Self-Employed? Know Your Tax Obligations

As a self-employed person, you and your spouse or common-law partner have until midnight on Thursday, June 15, 2017, to file your 2016 income tax and benefit returns. The legislated date for paying an income tax balance owing is April 30. Since that date is a Sunday in 2017, the Canada Revenue Agency (CRA) will consider your full payment as …