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Canada’s 2023 Fall Economic Statement: Navigating Challenges with Resilience
As the leaves change hues and the Canadian landscape transforms with the onset of fall, the nation also undergoes a transformation of a different kind: the unveiling of the 2023 Fall Economic Statement. Against a backdrop of global uncertainties and internal...
TAX RULES in Canada for Family Business Transfers 2023: Simplifying Succession Planning
In a significant development for the Canadian business landscape, the recently announced tax rules for family business transfers in 2023 have paved the way for a smoother and more seamless intergenerational transition of family-owned enterprises. These changes, set to...
Tax Facts Canada 2023-2024: What You Need to Know
Introduction Taxation is an integral part of any country's financial system, and Canada is no exception. As we step into the fiscal year 2023-2024, it's essential for Canadians to stay informed about the latest tax regulations and updates. In this blog, we'll delve...
The Federal Budget anticipates implementing the EOT program in 2024
A promise to legalize employee ownership trusts (EOTs) in Canada was made in the federal budget for 2022. This will make it easier for employees to buy into and own Canadian companies. EOT-related changes to the Income Tax Act (Canada) (the Tax Act) were included in...
Changes to Canadian Tax Laws that might Affect You in 2023
A number of of the main tax percentages have increased significantly for 2023 as a result of the considerable inflation we had in 2022. Economic uncertainty has been strong over the last 12 months as a result of COVID-19 developments. As a consequence, while...
Avoid Falling Victim to a CRA Scam!
The majority of tax season has officially passed, but scammers are still active in their attempts to trick you into disclosing personal information. The scammers are waiting for you since you're seeking for your refund or notice of assessment! If you've received a...
Mastering the Books: A Simple Guide to Basic Bookkeeping for Small Businesses
Running a successful small business requires more than a great idea and hard work. It also requires proper financial management, and that's where bookkeeping comes in. Bookkeeping is the process of recording and organizing financial transactions, which plays a crucial...
The Ultimate Tax Guide for Freelancers and Self-Employed Workers in Canada
Freelancing can be a rewarding way to earn a living, but it also comes with some challenges regarding taxes. Unlike employees, freelancers are responsible for reporting their income and expenses, paying taxes and contributing to social security programs. If you’re a...
Online/Amazon Seller Tax Key points in Canada
Following are some key points to focus on if you are selling something online in Canada. 1.Register for a GST/HST account: If you sell goods or services in Canada and your annual sales are over $30,000, you need to register for a GST/HST account. This account allows...
Underused Housing Tax – Requirements and Exemptions
In January 2022, the government introduced an unused housing tax in an attempt to reduce the level of property speculation and restraint foreign housing investment. This tax affects homeowners with vacant or underutilized homes who must file an annual UHT return with...