The annual income tax filing deadline for most individuals is April 30, 2013 and for those with self-employment income the deadline is not until June 15th. If you have a balance owing, you must have the balance paid by April 30th, 2013, regardless of when you have to file. Also, if your balance owing for the 2012 tax year is more…
A corporation that is resident in Canada, carried on a business in Canada, has a taxable capital gain, or sold taxable Canadian property is required to file a T2 income tax return even if no tax is payable. Knowing when the return is due, and more importantly when the tax is payable is important to avoid costly interest and penalties. Be aware that…
Buying an established business can be an attractive alternative to starting out from scratch: The business may have an established client base, the location may be successful, or provide an opportunity for growth. If you are looking to buy a business, be sure to carefully evaluate all aspects of the business before you jump in feet first. Know The Market And Reason For Selling…
If you run your consulting business through a corporation you should be aware of the tax rules surrounding personal services businesses. Small business corporations are afforded preferential tax treatment on their income by means of the small business deduction. However, certain types of corporations are specifically excluded from claiming this deduction and can have many of the other benefits afforded a…
The Income Tax Act allows you to deduct certain expenses directly related to your rental property such as property taxes, interest, insurance, accounting fees, and advertising. While you can’t deduct the full cost of the property itself, you are permitted to claim an amount every year as “capital cost allowance” (CCA). CCA appears to be an attractive way to reduce their…
If you have a business corporation, your income will normally consist of salary or dividends. However, given the right circumstances, your corporation may be able to lend you money tax-free. There are some things that you need to be aware of. First, if the company extends you a low or no-interest loan, there will be a taxable benefit added to…
