The Canadian government released a mini-budget this past week that featured serious tax cuts. The GST goes down another point to 5% and the lowest bracket of personal tax is lowered back down to 15%. Corporate taxes continued their downward trajectory. The CICA focused first on the reduction to corporate taxes: “The government’s commitment to […]

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Continuing the series of “quick facts” posts (see prior ones about the capital gains exemption and the new financial instru­ments standards), today is all about the principal residence exemption in Canada. Any residence may be desig­nated a principal residence as long as you “ordinarily inhabit” the home. Ordinary inhab­i­tation includes seasonal living such as your […]

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Busy season is upon me and I’m up to my eyeballs in work. It’s Friday night but I’m relaxing at home, trying to chill out and prepare for a full day at the office tomorrow. Got out early tonight, at a mere 6:30pm! Needless to say it’s affecting my blogging frequency. And hearing about lunch […]

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A small business usually starts out as a sole propri­etorship, owned and operated by the founder personally and reporting business income on their annual personal tax return. But as the business grows, the question of incor­po­ration will always arise, and there are several factors to consider when this happens. The most important single factor, in […]

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