The Capital Gains Tax - How to Reduce or Avoid It

In Canada, capital gains are taxed when you sell an investment or property for more than its purchase price. However, there are several strategies to reduce or avoid capital gains tax. Here’s how you can manage it:

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You Might be a Personal Services Business (PSB)

In Canada, a Personal Services Business (PSB) is a type of business that the Canada Revenue Agency (CRA) designates under certain conditions. The rules governing PSBs are stringent, and the tax treatment of a PSB is less favorable compared to other types of corporations. Here’s an overview of what constitutes a PSB and its implications:

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Advantages and Disadvantages to Incorporating

Deciding whether a sole proprietor should incorporate in Canada depends on various factors, including tax considerations, liability protection, business growth plans, and administrative responsibilities. Here are some key points to help make that decision:

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The Balance Sheet for Business

An up-to-date business balance sheet is a critical financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and shareholders' equity. Here are several scenarios where having an up-to-date balance sheet is particularly beneficial:

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What is the easiest accounting procedure in Canadafor a small business?

For small businesses in Canada, simplicity and efficiency are key when choosing an accounting procedure.

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Income Tax & Selling Goods Online

In Canada, income from selling goods on eBay, or similar platforms such as Kijiji, Etsy, or Amazon, can be taxable, depending on the nature and frequency of the sales. Here are the key factors to consider:

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Canadian Income Tax Installment Requirements

Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30th of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.

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Bookkeeper vs. Accountant - What Do I Need?

Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:

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Canadian Tax Changes for 2024

We have compiled a list of Tax Changes and adjustments that are anticipated to affect most Canadians in 2024.

The details here offer estimates for elevated payroll taxes, mandatory contributions to the Canada Pension Plan and Employment Insurance. It also covers increases in carbon and alcohol taxes plus the effect of the possible Digital Services Tax.

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Business People Need to Monitor These Indicators

Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.

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