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,…
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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…
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:…
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…
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.…
What are eligible expenses ?
In Canada, eligible expenses refer to costs that individuals or businesses can deduct from their taxable income to reduce the…
Business loss carryforwards
In Canada, business loss carryforwards refer to the ability of a corporation to carry forward its net operating losses (NOLs)…
Tax and instalment payments
In Canada, installment payments are a way for individuals and corporations to pay their income tax liabilities throughout the year,…
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.…
Understanding taxable income and tax calculation
Canadian corporation based on its income statement. For simplicity, we'll use fictional numbers and assume the corporation is subject to…