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2023 Personal Tax Season

Personal tax season is just around the corner.  Please visit Personal Taxes for the following documents and other tools to help you get started: Our personal tax checklist to help you gather your annual tax information and make the process as simple as possible for you; Our engagement letter that documents the terms or our engagement to prepare your annual ...

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Managing the Risks Associated with Personal Services Business

Personal Services Business Operating as a Personal Services Business (PSB) can have serious tax implications and increased scrutiny from the Canada Revenue Agency (CRA). A PSB is a specific tax classification in Canada that applies to businesses where an individual provides services to another entity (usually a corporation) through their own corporation. First, let’s address the key characteristics of a ...

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Understanding Shareholder Loans And The Tax Pitfalls

Understanding shareholder loans and the tax pitfalls are crucial aspects in owning an incorporated business. Whether you own an incorporated business or are in the process of incorporating your business there are a few things you should know in order to avoid significant tax consequences. There are significant tax rules associated with shareholder loan accounts that prevent shareholders from borrowing ...

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Considering A Change In Use Of Your Property?

One topic that consistently captures the attention of property owners and investors is the change in use of property. Whether you're a homeowner contemplating the transformation of your residence into a rental property, or a real estate investor seeking to optimize your portfolio, understanding the intricacies of altering a property's use is of the utmost importance.

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Benefits of QSBC Share Status For Your Business

If you have an incorporated business, you are likely benefiting from some of the advantages of incorporation, including limited liability, tax deferral of funds reinvested in your business and the ability to initiate family planning. Want more good news?

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Vacant Home Tax

Toronto residential property owners, including corporations, partnerships and trusts, must submit a declaration of their property’s occupancy status for 2022 and pay any tax assessed on the property in 2023.

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