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The Costly Consequences of Pretending To Be An Incorporated Consultant

Canadian corporations enjoy a 13.5% corporate tax rate on the first $500,000 of taxable income from active business due to the small business deduction. Therefore, it makes sense for a corporation to structure its business affairs in ways that can take full advantage of this favourable tax rate. The majority of Canadian businesses qualify for the above benefit. However, some

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Canadian Tax Planning for U.S. Executives Working in Canada

How U.S. Executives Working in Canada Are Required To File Their Tax Returns Many U.S. executives move to Canada, for both brief and prolonged periods, to manage Canadian head offices for multinational or parent companies. During their time in Canada, these executives become full time residents and are therefore required to file a Canadian tax return. Unlike Canada, the U.S.

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Canadian Holding Corporations and Individuals: Avoid Costly Foreign Asset Reporting Pitfalls

Foreign Asset Reporting Pitfalls for Canadian Holding Corporations and Individuals Canadian taxpayers, individuals, and corporations who hold foreign property exceeding $100,000 in cost at any time during the year, have significant foreign asset reporting obligations. Not only is the reporting obligation an annual requirement, but the penalties for non-compliance can be very steep. Foreign Asset Reporting Obligations Your foreign asset reporting obligations

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