Blog

Month: December 2016

December 12, 2016 / by riyadeol / Uncategorized / No Comments

Important dates for businesses

Dates you should know about that apply to your business activities. These include: when to file income returns when to file information returns when to make payments, including any to your instalment accounts When the due date for filing a return falls on a Saturday, a Sunday, or a public holiday recognized by the CRA, […]

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December 12, 2016 / by riyadeol / Uncategorized / No Comments

Are you a newcomer to Canada?

You become a resident of Canada for income tax purposes when you establish significant residential ties in Canada. Do you have to file a tax return? As a resident of Canada for income tax purposes for part or all of a tax year (January 1 to December 31), you must file a tax return if […]

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December 12, 2016 / by riyadeol / Uncategorized / No Comments

Canada child tax benefit – Before you apply

Are you eligible? To be eligible for the Canada child tax benefit (CCTB), you must meet all of the following conditions: You must live with the child, and the child must be under 18 years of age. You must be primarily responsible for the care and upbringing of the child. You must be a resident […]

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December 12, 2016 / by riyadeol / Uncategorized / No Comments

Type of Corporation

There are different types of corporations for tax purposes, and you have to select the one that accurately describes your corporation type at the end of the tax year. The corporation type determines whether or not the corporation is entitled to certain rates and deductions. Make sure you know which type applies to you: Canadian-controlled […]

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December 12, 2016 / by riyadeol / Uncategorized / No Comments

Should you incorporate your small business?

When a business is started, it can be structured as a proprietorship, partnership, or corporation. Proprietorship A sole proprietorship is one person operating a business, without forming a corporation. The income of the business is then taxed in the hands of the owner (the proprietor), at personal income tax rates. The income is considered income […]

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December 12, 2016 / by riyadeol / Uncategorized / No Comments

Purchase and Sale of Rental Property

The capital cost of your rental property is recorded in your personal tax return on form 776. The cost of the building is recorded in the capital cost allowance schedule on this form, in the additions area. The cost of land purchased during the year is recorded at the bottom of form. The cost must […]

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December 12, 2016 / by riyadeol / Uncategorized / No Comments

Registering for a GST/HST account

Do you have to register? You have to register for a GST/HST account if you meet both of these conditions: you provide taxable (including zero-rated) property and services in Canada in the course of your commercial activity you no longer qualify as a small supplier To find out if you are small supplier, go to Small supplier limit […]

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