• Corporations Archives

    • 26
    • Feb2024

    What is the capital gains exemption deduction ?

    What is the capital gains exemption deduction ?

    The capital gains exemption deduction refers to a tax benefit available to individuals who realize capital gains on the disposition of certain types of assets. The capital gains exemption allows individuals to exclude a portion of their capital gains from taxation, reducing or eliminating the tax payable on those gains. Here are the key points […]

    read more

    • 26
    • Feb2024

    What is the impact of selling assets ?

    What is the impact of selling assets ?

    The impact of selling assets can vary depending on several factors, including the type of asset sold, the holding period, the seller’s tax status, and the amount of gain or loss realized. Here are some key considerations regarding the impact of selling assets in Canada: 1. Capital Gains Tax: 2. Capital Losses: 3. Depreciable Assets: […]

    read more

    • 26
    • Feb2024

    Are tax rates different depending on type of income?

    Are tax rates different depending on type of income?

    Yes, in Canada, tax rates can vary depending on the type of income earned. The Canadian tax system distinguishes between different types of income, and each type may be subject to different tax rates and treatment. Here are some common types of income and how they are taxed: Employment Income: This includes wages, salaries, bonuses, […]

    read more

    • 26
    • Feb2024

    What is the corporate tax rate in Quebec and Ontario ?

    What is the corporate tax rate in Quebec and Ontario ?

    As of our last update in January 2024, the corporate tax rates in Quebec and Ontario are as follows: Quebec: The general corporate tax rate in Quebec is composed of two parts:  The corporate tax rates in Quebec for active business income are as follows: 11.7% on the first $500,000 of taxable income.26.9% on taxable […]

    read more

    • 26
    • Feb2024

    What are the expenses of depreciable assets? (buildings, vehicles, equipment, etc.) ?

    What are the expenses of depreciable assets? (buildings, vehicles, equipment, etc.) ?

    Depreciable assets are tangible assets that a business owns and uses to generate income, and their value decreases over time due to wear and tear, obsolescence, or other factors. In Canada, businesses can deduct a portion of the cost of depreciable assets each year as an expense to reflect their declining value. Here are the […]

    read more

    • 26
    • Feb2024

    Supporting documents to keep

    Supporting documents to keep

    It’s essential for taxpayers to keep accurate records and supporting documents to substantiate the information reported on their tax returns. Keeping organized records helps taxpayers comply with tax regulations, substantiate deductions and credits claimed, and respond to inquiries or audits from the Canada Revenue Agency (CRA). Here are some key supporting documents that individuals and […]

    read more

    • 26
    • Feb2024

    What are eligible expenses ?

    What are eligible expenses ?

    In Canada, eligible expenses refer to costs that individuals or businesses can deduct from their taxable income to reduce the amount of taxes they owe. These expenses vary depending on the type of taxpayer and the nature of the expenses incurred. Here’s an overview of eligible expenses for individuals and businesses in Canada: Eligible Expenses […]

    read more

    • 15
    • Feb2024

    Business loss carryforwards

    Business loss carryforwards

    In Canada, business loss carryforwards refer to the ability of a corporation to carry forward its net operating losses (NOLs) from previous tax years to offset taxable income in future tax years. This provision allows businesses to smooth out their tax liabilities over time, particularly during periods of financial difficulty or business expansion when they […]

    read more

    • 15
    • Feb2024

    Tax and instalment payments

    Tax and instalment payments

    In Canada, installment payments are a way for individuals and corporations to pay their income tax liabilities throughout the year, rather than in one lump sum at the end of the tax year. These payments help taxpayers manage their cash flow and meet their tax obligations in a timely manner. Here’s how installment payments work […]

    read more

    • 15
    • Feb2024

    What are the differences between a salary and a dividend ?

    What are the differences between a salary and a dividend ?

    In Canada, both salaries and dividends are forms of compensation that business owners or shareholders can receive from a corporation. However, there are several key differences between salaries and dividends in terms of taxation, legal implications, and financial considerations. Here are some of the main differences: 1. Tax Treatment: 2. Deductibility for the Corporation: 3. […]

    read more

    (Français) Connect With Us

    Badge

    google logoClinton Tano Professional CorporationClinton Tano Professional Corporation
    4.8 Stars from Google Review

    Organizations