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The decision to apply for registration as a charity is an important one. Eligibility allows charities to recognize their donors’ contributions by giving them a tax receipt which they can use to reduce their taxes. However, along with this specific privilege comes specific obligations under the Income Tax Act (ITA) that must be met each ...
Learn more about Eligibility for Registration as a Charity »
Back in 1997, the federal government announced that it would take steps to bring Canada’s tax legislation up to speed with the guidelines provided by the Organization for Economic Co-operation and Development (OECD) – guidelines accepted by most other major taxing jurisdictions. The key in doing this was introducing rules to govern cross border transactions ...
Learn more about Cross-Border Business? Transfer Pricing Rules Are a Must-Know »
The Canadian income tax system has many provisions that are designed to stop someone deducting a loss in certain specified circumstances. Collectively, these are known as “Stop Loss” rules. The most familiar, and for many taxpayers, perhaps the most important, trigger of these rules is the acquisition of control of a corporation. When control of ...
The Canadian income tax system is designed to integrate corporate and personal income taxation, so that individuals who make investments using Canadian Controlled Private Corporations (CCPCs) do not face a higher (or lower) income tax burden than individuals who invest directly. If a corporation has made capital gains, or received life insurance proceeds, it has ...
If you have started a new business, or are changing from a proprietorship to a corporation, you may want to transfer assets such as land, buildings, vehicles, tools and equipment to the new business. There are income tax and GST/HST implications that you will need to keep in mind, in order to avoid paying unnecessary ...
SR&ED activities are carried out in many businesses – not just in large corporations with research laboratories and “high tech” industries. Many businesses may be eligible to claim investment tax credits and not realize it. The Income Tax Act provides incentives to encourage expenditures on scientific research and experimental development (SR&ED). One such incentive is ...
There are opportunities for shareholders of private corporations to practice income splitting and to deduct certain expenses on their personal tax returns; however, proper tax planning is necessary to avoid an unpleasant surprise from the tax department. The most common problem areas are wages paid to spouses or children of shareholders, business use of home ...