Promoting Optimal Property Utilization: Introducing Canada’s Underused Housing Tax (UHT) In an effort to incentivize homeowners in Canada to maximize property usage and enhance housing availability, the Government of Canada has introduced a new tax called the Underused Housing Tax (UHT). The UHT is an annual tax of 1% imposed on vacant or underused housing […]
Automobile Deductions Limits & Amp; Benefit Rates for 2024
Automobile Expense Deductions Limits and Operating Expense Rates Automobile Expense Deduction Limits and Prescribed Rates for 2023 The Department of Finance has announced the automobile expense deductions limits and prescribed rates for the 2023 calendar year, effective from January 1, 2023, to December 31, 2023. Here are the details: a. Capital cost allowance (CCA) limits […]
Innovation Assistance Program (IAP) Overview
For incorporated companies driving technological innovation but unable to secure funding under the Canada Emergency Wage Subsidy (CEWS), there is a lifeline called the Innovation Assistance Program (IAP). This wage subsidy initiative is specifically designed to support small to medium-sized profit-oriented businesses in Canada that focus on developing and commercializing innovative, technology-driven products, services, or […]
Enhancing Financial Insights for Your Business in 2024
In the fast-paced world of business, keeping a close eye on your financial insights for business is crucial for success. Yet, many business owners tend to prioritize growth and operations, neglecting the finance function, bookkeeping, and back-office tasks. In this blog post, we’ll explore the benefits of adopting a monthly bookkeeping approach and why it […]
Eco-Friendly Gift Ideas for Customers and Colleagues
Tis the season of giving, and what better way to celebrate than by being generous to our planet as well? During the holiday season, we tend to produce 25% more waste, mainly due to non-recyclable cards, wrappers, and food wastage. This year let’s break this trash tradition and embrace eco-friendly gift-giving. While we aim to […]
Navigating Mergers and Acquisitions in Canada
When businesses embark on mergers and acquisitions (M&A) journeys in Canada, one crucial aspect that demands meticulous attention is taxes. The intricate tax landscape can significantly impact the success and financial outcomes of these transactions. In this blog post, we will explore the realm of M&A services, navigating mergers and acquisitions, for taxes in Canada, […]
Navigating Provincial and Federal Income Taxes in Canada
Income taxes in Canada are levied and navigating both at the federal and provincial/territorial levels, creating a dynamic tax landscape. Understanding the interplay between federal and provincial taxes is crucial for accurate tax planning and compliance. This blog post delves into the differences between these two layers of taxation and provides insights on how they […]
Demystifying Income Taxes in Canada: A Comprehensive Guide
Navigating the intricate landscape of income taxes in Canada can seem like a daunting task, especially with the evolving tax laws and regulations. However, understanding how income taxes work is essential for financial planning and responsible citizenship. In this blog post, we’ll provide a comprehensive guide to income taxes in Canada, covering key concepts, tax […]
Untapped Tax Credits: Are Millennials Missing Out?
Tax Credits for Millennials: A Path to Financial Freedom Navigating adulthood can be challenging, especially for untapped tax credits millennials who face unique financial obstacles. With soaring student debt averaging $26,819 and high housing costs consuming a significant portion of their income, millennials may find themselves questioning the elusive concept of “financial freedom” they grew […]
Sustaining Tax Compliance and Strategy in Post-Deal Phase
The successful integration of merged entities is an ongoing process that requires vigilant tax compliance and strategic planning. In this post of our series on M&A tax services in Canada, we will highlight the significance of sustaining tax compliance and executing strategic plans in the post-deal phase. Sustaining Tax Compliance: Adhering to tax regulations and […]