P u b l i c a t i o n s
Register your Canadian IT Business Corporation, create a Name and open Tax Accounts.
Easy to follow step by step instructions to create business entity that suits your requirements. ...
Personal Services Corporationtax implications for IT Consultants and Independent Contractors: check if your corporation falls into the category and what are the implications ...
Are you making the decision whether to get paid by Dividends or take a Salary from your Corporation? Make an intelligent choice and consider all aspects before you decide!
Consider total money outcome for both the individual, and the corporation. Many of us have heard or read that first 40k of dividends are essentially tax-free...
Cross-border Taxation Issues facing Canadian IT Business working with US Clients
If your Business provides services to US clients, or you perform freelance professional work, you may be subject to US Tax reporting requirements that depend on the way you conduct your business.
Concepts of "Trade or Business in US", "Effectively Connected Income", and "Permanent Establishment" are key to understanding your position under Canada-US Income Tax Treaty. ...
How to complete the new W-8BEN-E requested by the US customer?
Form W-8BEN-E needs to be submitted by any foreign entity (including corporation, partnership, trust, estate, tax-exempt organization), in order to receive a payment from US company, without paying 30% tax withholding ...
10 Tax Tips that will help xbenefit from corporate structure:
1. Keep track of all your transactions and be sure to have the supporting documents...
2. Do get an HST No. registered...
Agent status for HST - no refund for exporting business?
If you export, or even just resell goods, your claim for HST refund might be denied by the CRA if you appear to make these transactions on behalf of the other party ...
HST and Income Tax issues facing the Private builders claiming the Primary Residence Exemption.
Two things the builder as a taxpayer to be aware of, are: first, that once it is established by CRA that construction is your business, and is conducted for profit, you will need to pay income tax on your net income from that sale, and the second is that the HST will be calculated on whole price of the house sale. So, if primary residence exemption is denied by CRA, the tax bill may exceed profits ...
750,000 tax exemption
Section 110.6 if the Income Tax Act (ITA) allows 750,000 tax-free capital gains to individuals. This exemption is valid for the gain on sale of shares of small business i.e. "qualified small business corporation share", as defined by ITA S.110.6(1) to be considered as such, the business has to meet several criteria:
(a) at the determination time, is a share of the capital stock of a small business corporation owned by the individual, the individual's spouse or common-law partner or a partnership related to the individual,
(b) throughout the 24 months immediately preceding the determination time, was not owned by anyone other than ...
It has been widely common for the business owners to use their sole manager/director status to simply take funds for living from the corporation. Or, make the corporation pay for their personal expenses like home renovation or visa bills.
Not wishing to declare it as personal income, but rather say that it was a loan that will be paid back later. On the other hand, the employed person would have paid those same expenses from his/her personal salary. It is obvious that the difference between those two would be that the employee has paid personal taxes, pension and employment insurance contribution, before receiving his/her net pay....
Foreign Persons Receiving Rental Income From U.S. Real Property - a quote from gov't official release... U.S. real estate professionals and rental agents/property managers are encountering an increasing number of situations that involve foreign persons' acquiring U.S. real estate as a part-time residence, for investment or in some cases to conduct a U.S. business. The U.S. tax rules that apply to ownership and dispositions of U.S. real estate by foreign persons are different in some important respects from the rules that apply to U.S. persons. U.S. real estate professionals must know how to properly deal with foreign investors in U.S. real estate in order to be in compliance with the federal tax laws affecting real estate transactions ...