Salary vs. Dividends
Salary vs. Dividends - Which is one better? Salary vs. Dividends is a very common question asked by all clients when preparing tax-plans for them. Today’s blog will outline the top factors to help you determine whether you should be paying out a salary or dividend from your corporation. There are quite a few variables that have to be analyzed to determine if if either a salary vs. dividends [...]
Non-residents Disposing of Real Estate Property in Canada
What Non-Residents Need to Know Before Selling Property in Canada? Non-residents Selling property of real estate in Canada need to be aware of the Canadian tax implications as when you live outside the country comes with extra steps. It's not the same process as it is for Canadian residents. If you're a non-resident selling real estate in Canada, you're required to follow specific tax rules that include withholding taxes [...]
Non-resident taxes: Rental Income Guide
Non-resident taxes: Rental Income Guide If you don't live in Canada but rent out real estate as non-resident, you should know that Part XIII non-resident withholding taxes apply (25%) on the rental income earned as a non-resident. As per the income tax act 25% must be withheld from the gross rent, and remitted to the CRA, property managers, tenants and in most cases the landlord (non-resident of Canada) has [...]
Non-resident Selling property in Canada 2025
Non-resident Selling property in Canada 2025 - GUIDE If you are a non-resident of Canada planning to sell Canadian real estate such as a land or an rental investment property, this article is a complete guide for you. This article will provide advice for non-residents selling Canadian real estate. It will also outline strategies, pitfalls and the general Canadian tax obligations for non-residents of Canada planning to sell [...]
Non-Resident Selling Property in Canada
Non-resident selling property Canada Are you a non-resident selling property in Canada? Then this blog post is for you. We will discuss the tax implications for non-residents selling property in Canada. It is also important that even if you’re purchasing Canadian real estate from a non-resident seller of Canada that you are aware of the tax rules. 1. Be aware of Non-Resident Withholding taxes! The the [...]
Leasing vs. Buying a Car
Today’s blog will discuss leasing vs. buying a car under your corporation. You can also use this as a guide for your sole proprietorship business as the tax concepts for leasing vs. buying a car are very similar Buying a Company Car: In leasing vs. buying a car, the first option is purchasing a vehicle under your corporation; you need to begin by making sure when you purchase the [...]
Incorporate Sole-Proprietorship Business using Section 85 Rollover
Incorporate Sole-Proprietorship Business using Section 85 Rollover Did you know you can transfer a sole-proprietorship business into a corporation tax-free? Learn how to Incorporate your sole-proprietorship business using a Section 85 rollover to improve your legal structure and obtain the tax benefits! Section 85 Rollover; If you have been operating a sole-proprietorship business and are now incorporating; make sure you elect under the Section 85 rollover to avoid personal [...]
Final Deceased taxes and Trust Estate Tax Returns
Final Deceased and Trust Estate Tax Returns Accountants for the final Deceased tax returns upon Death, two things you cannot avoid in life. In Canada, you must file the final T1 deceased (terminal) tax return of person's final income and death taxes, and in many cases, a T3 Trust estate tax return must also be prepared. The legal representative usually an executor/trustee is assigned this responsibility, and executes the [...]
Filing taxes for Independent Contractor in Canada
Filing taxes for Independent Contractor in Canada Filing taxes as an independent contractor can be frustrating when you have been used to working as an employee. We encounter many clients who are totally new to these arrangements and have no clue about the steps to get started. This blog will focus on First Time Independent Contractors and Consultants who were previously full-time employed but have switched over to either [...]
Departure taxes – Become a Non-Resident of Canada Taxes
Departure taxes - Become a Non-Resident of Canada Taxes For many Canadians, it is quite common to leave or depart Canada to become a non-resident of Canada permanently for many reasons. Work, family, or change in personal life can require you to relocate the whole family outside of Canada and you may choose to live in another country or even just visit Canada occasionally. A common term heard [...]
Buying Real Estate in a Corporation
Ever considered using a real estate corporation to buy property? Corporate Real Estate is having a corporation as the legal owner and on title of a property instead of your personal name(s). It’s a very popular question asked by real estate investors and it’s hard to have one answer to that question without analyzing a client’s circumstance individually. However, there are few concepts that you should be aware about [...]
Accountant for Incorporated Truck Drivers/Owner Operators
Incorporated truck driver or owner operator who is incorporated? Then this blog post is for you to read, we will briefly be discussing some tax tips that you should be aware about along with one of the common pitfalls of the WSIB compliance. 1. Incorporate your Truck driving business! By incorporating your truck driving business you create another barrier to protect your personal assets such as your house, [...]
