Accountants are invaluable assets for small businesses, offering a wide range of services that go beyond just balancing books. Here’s a detailed look at the essential roles they play: Keeping Your Books in Order Accurate financial records are crucial for Read more…
Choosing Between Sole Proprietorship and Incorporation in Canada Starting and managing a business in Canada involves making crucial decisions, one of the most significant being whether to operate as a sole proprietor or to incorporate. Each structure has its distinct Read more…
The Lifetime Capital Gains Exemption (LCGE) is a powerful tool for Canadian taxpayers looking to shelter a portion of their capital gains from taxation. In 2024, the exemption limit is set at $971,190 for qualified small business corporation shares and Read more…
The coming changes The federal government’s recent announcement about the capital gains inclusion rate hike has left many Canadians scrambling to understand the implications. Effective June 25, 2024, the inclusion rate for capital gains will increase from 50% to two-thirds. Read more…
The 2024 Canada Federal Budget brings several significant tax changes that will impact both businesses and individuals. Understanding these changes can help you make informed financial decisions for the year ahead. Changes in Corporate Tax Rates The federal government has Read more…
The federal government’s recent announcement about the capital gains inclusion rate hike has left many Canadians scrambling to understand the implications. Effective June 25, 2024, the inclusion rate for capital gains will increase from 50% to two-thirds. Here’s a detailed Read more…
Choosing between incorporating your business or running it as a sole proprietor is a critical decision for any entrepreneur. Each structure has its benefits and drawbacks, and the right choice depends on your business needs, financial goals, and personal liability Read more…
Managing childcare expenses is not only essential for budgeting but also for maximizing your tax returns. Many Canadian parents are unaware of the potential tax savings available through childcare expense claims. This comprehensive guide will help you navigate the rules Read more…
Steve Levack is here explaining Capital Gains Changes in Canada. Recent changes to Canada’s tax laws could significantly impact your investments. Understanding these changes is crucial for making informed financial decisions. What are Capital Gains? Capital gains are the profits Read more…
Each year, the Canada Revenue Agency (CRA) launches special projects targeting specific aspects of tax returns based on trends, errors, or fraud identified in previous years. Understanding these targeted review areas can help you prepare your taxes more effectively and Read more…
