If you are an owner of a small business and you already set up a corporation, you may consider “Shareholder Loan” before paying yourself a salary or dividends. Shareholder Loan means, when the owners of the business pay for the expenses on the behalf of their corporation therefore the

If you are an active business owner and your corporation’s year end is on December 31st, then you are most likely getting ready to do your tax planning for this year to minimize the tax that you may have to pay. Here are some of the advantages and disadvantages to compensate sal

The CRA will not request personal information of any kind from a taxpayer by email!! You may receive a subject line similar to the following: “INTERAC e-Transfer from Canada Revenue Agency System” Here is the link from Canada Revenue Agency (CRA) http://www.cra-arc.gc.ca/n

Make sure you have: 1- All slips such as: T4, T5, T4E, T5007, T4A & ect… 2- Notice of Assessment or Notice of Reassessment 3- Last year tax return The best time to file your taxes is the middle of March if you just have a simple T4, T4E, otherwise,  around April 15 because o

Under the Canadian income tax system, your income tax is based on residency; therefore, you need to know your residency status before filling your income tax return in Canada. If you became a resident of Canada, you must report world wide income regardless of the source of income on y