After the fall harvest, Canadian farmers could face huge tax hit from new rules
Proposed new tax reforms by the Canadian government could affect highly paid professionals as well as farmers. About 25% of all farms are family owned, and the number has gone up in recent times due to tax advantages. The government states that the reforms are aimed at wealth tax avoiders. Something that will adversely affect […]
Read MoreTrudeau’s Proposed Tax Changes Devastating for Small Businesses: A letter to the Department of Finance
The latest proposed Canadian tax laws could be devastating to small businesses. These laws paint these quaint businesses in the same light as larger, more shady business. In addition to treating businesses that were following the rules as if they were blatantly evading their taxes. If they become law, these kinds of regulations will be […]
Read MoreCanada: Sweeping Proposed Tax Changes To Private Corporations
The Canadian Department of Finance recently released a proposal that will eliminate income splitting strategies, a tactic many small businesses use. In the future, family members may be required to show that a dividend is reasonable, and the application of the reasonableness test will be even stricter if the person is 18 to 24 years […]
Read MoreYour Neighbourhood Small Business Owner Isn’t A ‘Fat-Cat Tax Cheat’
While the Canadian government’s proposed tax changes may appear to target large businesses in the act of evading taxes or using questionable tax practices, the reality is that the new legislation would affect neighbourhood coffee shops, chiropractors, farmers and dry cleaners. These businesses have relied on legitimate small business tax rules from previous Liberal and […]
Read MoreAfter Tax Proposals, Investors Need to Be Making the Most of Their TFSAs
In July, the Department of Finance proposed changes to the tax policy for small businesses. These changes are in part due to the increased number of temporary, part-time, and contract work, who operate as private corporations, in comparison to the traditional salaried worker. As a result, Canadians, especially non-salaried, should be taking advantage of their […]
Read MoreReady to buy a house? Here’s what it means for your taxes
If you’re ready to buy a house, then it’s important to know how home ownership will affect your taxes. The good news is that your home is potentially a tax break, through credits or exemptions on profits from selling your family home. First-time home buyers are eligible for a tax credit from the Canadian Revenue […]
Read MoreEverything you need to know about income tax brackets
Taxpayers are assigned brackets for taxation purposes, which depends almost solely on income. Those in the lowest bracket will pay 15% but those in higher brackets actually pay based on tiers. The portion of their income that is in the lower bracket gets taxed at that lower rate of 15%. The balance of the yearly […]
Read MoreHow to Incorporate your business
There are many financial and tax benefits to incorporating, but here are also some disadvantages to consider so you can decide when is the right time to do so. Ania takes you through the basic steps of why, how and when you should incorporate. She also explains the different tax rates and what happens after […]
Read MoreLook At The Numbers: There’s No Justifying A Tax Hike On Employers
Bill Morneau has proposed looking at small businesses for new tax revenue and has missed the boat on what it takes to be a business owner. The paper does not take into account the fact that many self-employed people are small-business owners with overhead that offsets tax breaks. Furthermore, employees reap benefits such as paid […]
Read MoreIncome tax in Canada turns 100: here’s how much money Canadians have paid since 1917
Income tax in Canada has now turned 100 years old. The bill which started income tax collection came into effect on July 26, 1917, and was originally created as a way to raise money during the First World War effort. In just the first year approximately $118.6 million was raised. Money from income taxes is […]
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