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Foreign Property, Foreign Corporations and Offshore Accounts

Do you own foreign property, a foreign corporation and/or offshore accounts? See below more information on the tax implications of owing foreign property. CRA is looking into Canadians with offshore accounts and foreign property. Ensure you are filing form T1135 – Foreign Income Verification Statement if you own any foreign property over $100,000. The maximum…

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Incorporation: The Pros and Cons of Incorporating Your Small Business

Should you incorporate your business? Is your small business growing rapidly and you’re starting to wonder about incorporation? No problem – here are some advantages and disadvantages of incorporation. Advantages: Limited Liability As a sole proprietorship, you as the business owner assume the liability for the company. Therefore, your personal assets such as your own home…

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Department of Finance Proposed Changes for Canadian Entrepreneurs

Department of Finance Proposed Changes for Canadian Entrepreneurs ​​​​​On July 18, 2017, the Honourable Bill Morneau released proposed changes to the following three areas of tax planning using private corporations: Income Sprinkling The proposed changes significantly expand the current rules targeting income splitting among family members.​ ​Holding Passive Investments Inside a Private Corporation The Government…

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