Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?

Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?

If you are an employee of a business, you may have the opportunity to deduct expenses on your personal tax return that are required under your contract of employment. To claim work-related expenses, an employee needs to obtain a certified Form T2200 from their employer. If you are a shareholder-employee of the company, can you deduct employment expenses? Based on the Tax Court of Canada’s decision in the 2009 Adler case, the answer appeared to …

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Contracting services via a corporation - CRA impact

Do you provide contracting services via a corporation? Do you understand the personal services business rules?

In recent years there has been a trend for businesses to hire contractors to fulfill long-term positions rather than offering permanent employment. Individual contractors who provide their services through a corporation need to understand the risk that the Canada Revenue Agency (CRA) may assess their corporation to be a personal service business (PSB), especially if they are providing services to just one client. What is a PSB? In its simplest terms, a PSB exists where …

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Business Matters - December 2019 - Taxation of Stock Options

Business Matters

Running your business has many facets including managing the workplace, taxation, planning for your future and dealing with technology. Each area has its own challenges so we’ve included a few tips to help you navigate these issues. Continue reading to learn more on the topics below: Taxation – Taxation of Stock Options; Digital Management – Do You Have a Spare Million? What You Need to Know About Canada’s Anti-Spam Laws; Management – Disaster Recovery Planning: …

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Should Not-for-Profit Incorporate?

Should you Incorporate your Not-For-Profit Organization?

Incorporation can require a lot of paperwork and involves incurring legal fees, all of which may lead you to ask, is it worth it? No federal or provincial legislation requires a Not-for-Profit Organization (NPO) to incorporate. Like anything in life, there are both benefits and costs associated with incorporation. The answer to whether or not an NPO should incorporate does not have a “one size fits all” solution. Each NPO needs to consider its activities, …

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Quebec Sales Tax - QST

QST Registration Date Approaching for Non-Residents of Quebec Who Sell Goods and Services into Quebec

The Québec budget tabled on March 27, 2018 introduced a new QST regime that takes effect on September 1, 2019 for suppliers who are resident in Canada but not residents of Québec.  This legislation has three newly defined suppliers for QST purposes: Foreign Specified Suppliers (FSS), Canadian Specified Suppliers (CSS) and operators of a Specified Digital Platform (SDP). An FSS is a supplier who: does not carry on a business in Canada; does not have …

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Business Valuation

Why Knowing the Purpose of the Valuation Engagement is Important

There are many reasons why you may need to determine the value of your business. Some of the more common examples are marital dissolution, litigation and ownership disputes, buy/sell agreements, business and estate planning, and gift and tax planning purposes. Examples of the common users of a valuation report are the company shareholders, potential purchasers, the Courts and the Canada Revenue Agency (“CRA”). A valuation report prepared for one purpose is not necessarily appropriate for …

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Converting your Home into a Rental Property

Converting your Home into a Rental Property (or vice versa)? Did you Know there are Tax Consequences to Consider?

A change in use occurs when your property is changed from income producing to personal use (for example:  moving into a property that you have previously used as a rental property) or when it is changed from personal use to income producing (for example: changing your principal residence to a rental property). In addition, the change in use can be for 100% of the property or just a portion of the property (for example: changing …

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