In the world of Canadian taxation, understanding the nuances of how income is treated can make a significant difference for business owners, especially those operating under the banner of Canadian Controlled Private Corporations (CCPCs). In this article, we’ll delve into the intriguing world of active and passive income and how they are taxed differently within […]
(Please Note: This blog has been written for Canadian Citizens and Permanent Residents of Canada.) What You Need to Know If you own a residential property in Canada, you may be subject to the Underused Housing Tax (UHT). This annual 1% tax applies to the ownership of vacant or underused housing and came into effect […]
If you have been running a business for a while now, you may have considered incorporating it. However, this process involves rolling your sole-proprietorship or partnership into the newly formed corporation. Before you take this step, there are several things you need to consider. One important consideration is the tax implications of this process. […]