Explore Canadian Accounting & Tax Blogs by Tax Partners Oshawa. Stay informed on tax tips, accounting insights, and CRA updates for individuals and businesses.
Introduction In Canada, there is no direct gift tax, meaning that giving or receiving a gift does not immediately trigger tax liability in most cases. However, certain gifts can have tax implications depending on the nature of the gift, the relationship between the giver and recipient, and the type of property transferred. This article explores […]
Introduction Canada’s tax system offers significant incentives for small business owners through the Lifetime Capital Gains Exemption (LCGE). This exemption provides substantial tax savings by reducing or eliminating the taxable portion of capital gains on the sale of Qualified Small Business Corporation (QSBC) shares. As of 2023, the LCGE allows individuals to exempt up to […]
Introduction The ability for Ontario real estate agents to incorporate under the Trust in Real Estate Services Act, 2020 (TRESA) has opened new opportunities for tax planning, retirement savings, and operational flexibility. By forming a Personal Real Estate Corporation (PREC), real estate professionals can access the benefits of incorporation while adhering to unique regulatory requirements. […]
Introduction The shift to remote work, accelerated by the COVID-19 pandemic, has transformed how Canadians manage their workspaces. Many employees now work from home, leading to increased interest in claiming home office expenses. To accommodate these changes, the Canada Revenue Agency (CRA) introduced simplified methods and clarified the requirements for deducting these expenses. This guide […]
Introduction Succession, estate, and tax planning play a crucial role in preserving wealth and ensuring a smooth transfer of assets across generations. In Ontario, effective planning can significantly reduce tax liabilities upon death while safeguarding the interests of your beneficiaries. This guide explores key aspects of succession and estate planning, including taxation, methods for deferring […]
Introduction Incorporating a business is one of the most common and effective ways to structure small, medium, and large enterprises in Canada. A corporation offers several advantages, both in terms of tax benefits and legal protections. This guide provides an overview of why incorporation is a popular choice among Canadian entrepreneurs and how it can […]
Experienced Tax Consultants At Tax Partners, we pride ourselves on being trusted advisors for individuals and businesses seeking professional tax consulting across Canada & USA. Our experienced consultants specialize in providing tailored tax solutions, helping clients navigate Canada’s complex tax system efficiently and effectively. From structuring startups to comprehensive income tax planning, our services aim […]
Introduction – What is OnlyFans? OnlyFans, launched in 2016, is a subscription-based platform allowing content creators and social media influencers to monetize their content, including photos and videos. Often associated with provocative or adult content, it also provides creators an opportunity to diversify their earnings by charging monthly fees or receiving “one-off” tips from subscribers. […]
Introduction Starting a business is an exciting endeavor, but it comes with significant legal and tax considerations. Entrepreneurs often need guidance to select the best business structure, understand tax obligations, and optimize their operations for long-term success. This guide provides an overview of tax planning strategies for business startups, from choosing the right structure to […]
Introduction: Benefits of CCPC Status A Canadian Controlled Private Corporation (CCPC) enjoys several tax benefits, including the small business deduction, refundable investment tax credits for scientific research and experimental development (SR&ED), the lifetime capital gains exemption, and favorable tax treatment for employee stock options. These benefits make CCPC status highly advantageous for Canadian businesses. To […]
