Top 10 CRA Audit Triggers: Proven Strategies to Minimize Risk Introduction The Canada Revenue Agency (CRA) is not a fan of surprises, nor should you be regarding audits. With the…
Introduction Benefits of Buying a Business vs. Starting from Scratch are numerous and varied. Choosing between these two options involves considering factors like risk, control, time, and financial investment. Buying…
Leasing vs. Buying a New Car: Why This Topic Matters In today's world, the question of "Leasing vs. Buying a New Car" is more relevant than ever. Whether you're an…
Get the peace of mind you need by Understanding CRA Audit. Our comprehensive guide walks you through preparation, the audit process, and post-audit actions.
Can rental income be claimed as Active Business Income (ABI)?Summary of Rental income as Active IncomeIn most cases, income from the property will be considered passive income and would not…
Small Business Deduction Owning a small business entitles you a Small Business Deduction on your active business income (ABI), reducing the amount of tax that your business might otherwise have…
This is an important question to be aware of, especially for small businesses. Most people may think there are not many differences between the two; however, how things are carried…
Usually deduction of meals and beverages cost is limited to 50%. This general rules also applies to the cost of meals and entertainment for employees. However there are few exceptions…