Alberta Government’s COVID-19 Economic Response

In addition to Canada’s COVID-19 Economic Response Plan, there have been some changes to Alberta’s economic response. The Alberta government will provide immediate funding and supportive measure for local businesses, employers and employees. Corporate income tax deadline extension Corporate income tax balances and installment payments will be deferred from March 19 until August 31, 2020…


Canada’s COVID-19 Economic Response Plan: For Individuals and Families

In light of the recent threat of COVID-19 to the livelihoods of  employees, families and self-employed individuals, the Prime Minister announced on March 18th, 2020 the Government of Canada’s COVID-19 Economic Response plan which will provide up to $27 billion in direct support to Canadian workers and businesses. Here are some of the main highlights…


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…


Small Business: How to pay yourself

Dividend or Salary As the owner of a Canadian small business corporation, you generally have two methods when it comes to paying yourself: Dividend – an investment return paid out of the corporation’s retained earnings Salary – an employment return paid out of the corporation’s net income The Canadian personal and corporate income tax structure is designed to…