Top Tax Facts for Canadians Earning Abroad

One of the common misconceptions that many Canadians espouse is that working far and away in different regions around the world may exempt them from paying taxes to the Canada Revenue Agency. In fact, this fallacy can lead to some grave financial troubles and it is therefore important to understand the stipulations for these payments if a citizen decides that he or she wishes to work abroad. Let … [Read more...]

Things Necessary to Know When Allocating Management Bonuses

In today’s competitive world of business, management needs to be kept motivated in the very same respect as the staff themselves do. Thus, the distribution of management bonuses is an excellent away to keep efforts focused while simultaneously rewarding employees for a job well done. Also, a company that boasts shareholders is extremely attractive to outside investors. This will perhaps lead to a … [Read more...]

The Top Guidelines to Follow When Incorporating a Sole Proprietorship

One of the critical phases in the lifetime of any business will occur during the transition between a privately-owned company and an incorporated enterprise. However, this step is also quite necessary, for a smooth transition will equate to increased exposure, more access to funds that the possibility of exponential growth. So, let us look at a few key areas that need to be addressed when … [Read more...]

Should You Earn your Income through Dividends or Through a Salary?

When you are the owner of a business, there are two inevitable facts. First, you will either earn your income through a personal salary or through the issuance of dividends. Secondly, you must pay taxes on these figures either way. Still, there are different rates of taxation for each type of financial allowance. Depending on the size of your business, you current financial requirements, your … [Read more...]

A Quick Look at Some of the Reasons That You May be Audited

A tax audit enacted by the CRA is quite a common occurrence and sooner or later, the majority of individuals will experience this confusing and even unsavory process. Although there are times that the Canada Revenue Agency will choose who it will audit at random; there are a number of conditions that may precede action being taken. For your information and protection, it is a good idea to take a … [Read more...]

What Canadian Citizens Can Do with Their U.S. Retirement Plan (401 (k) or IRA)?

aking employment in the U.S. is common for several Canadian professionals, including accountants, executives, engineers and athletes. Since employment in the U.S. has several benefits like lower taxes and unique opportunities, a lot of Canadian professionals work in the country from time to time. Over the years, some of these individuals stay in the U.S. permanently while others decide to come … [Read more...]

Understanding the Tax Ramifications of Investing in Registered U.S. Accounts

The tax laws in the U.S. and Canada are entirely different. As a result, when people move from one country to another, they face a lot of trouble adjusting with these tax complications. For investors, understanding these tax ramifications, however, is extremely important while investing in U.S. accounts. To help you understand this better, here is an account of tax ramifications that investors … [Read more...]

The Tax Implications of Investing in Non-Registered Investment Accounts in the U.S.

If you are a Canadian citizen who is planning to live in the U.S., there are several types of investments you can make other than those made towards your retirement savings. These investments are usually made towards non-registered investment accounts and the tax implication for all of them is different in both the countries. Here is an explanation of how taxes will be applicable when you invest … [Read more...]

HST Fraud

In late October of 2013, an Annapolis Valley businessman was charged with a total of $14,862 dollars in fines stemming from tax evasion and falsifying tax records. After pleading guilty to thee accusations in July, he was ordered to pay the amount by November of 2014. The charges stemmed from evidence that Laurie Bruce Cameron has engaged in false statements and fraudulent input tax credits on … [Read more...]

Disposing Real Estate in Canada for Owners Who Are Non-Residents: What You Need to Know

As should be expected, there are a handful of tax implications for those who wish to sell a property in Canada and who are not legal residents of the country. These properties can include residential homes, land and vacation properties. Should a non-resident decide to sell any such properties, he or she will be liable for paying taxes on any capital gains or income that have resulted from such a … [Read more...]