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Dec

6

Employment income taxable benefits

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Automobile made available to an employee; Where, in a year, an employer or a person related to an employer makes an automobile available to an employee or to a person related to an employee, a taxable benefit is deemed to have been received by the employee. This taxable benefit is composed of two elements: a […]

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Nov

22

GST QST Housing Rebate

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GST QST Housing Rebate A rebate is available on a portion of the GST/HST and QST paid by the owner on a newly built house, or on the substantial renovations made to a house. This includes a major addition built on land owned or leased and the conversion of non-residential property. This rebate is available […]

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Nov

21

Student Tax Credit & Education Tax Credits

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Student Tax Credit & Education Tax Credits Tuition for Students & Education Tax Credits Students can receive an education amount of $400 per month for a full-time student and $120 per month for a part time student. Disabled students are entitled to the higher credit regardless of their full-time or part time enrollment. The portion […]

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Nov

14

Refundable Dividend Tax on Hand, Part IV Tax, Dividend Refund

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Refundable Dividend Tax on Hand, Part IV Tax, Dividend Refund To ensure that tax deferral is not achieved by individuals earning investment income through the use of a private corporation including a public corporation controlled by an individual,  the law requires that a refundable tax be paid when investment income is earned by the corporation and […]

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Nov

13

Tax Deadlines

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Tax Deadlines, Canada Tax Due Dates The tax deadline for filing the income tax return of an individual is due April 30th of the following year. The due date for filing the income tax return of an individual who carries on business, or whose cohabiting spouse or common law partner carries on a business is […]

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Nov

3

Should you incorporate your business?

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 Should you incorporate your business? Here are three types of business structures showing you their advantages and disadvantages; 1) Proprietorship A sole proprietorship is one person business.  The income of the business is then taxed in the hands of the owner at personal income tax rates.  The income is considered income from self-employment, and is […]

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Oct

25

How to Save on Corporation Tax

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When first incorporating a company, you must choose a year-end date for tax purposes.  What you may not know is that you can pick any twelve-month period, following the date of incorporation, to be your fiscal year.  As such, why choose arbitrarily when you can wait and see which period is more convenient for you? […]

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Oct

21

Personal Tax Savings via TFSA or RRSP

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Here at AccountingMontreal.ca we are dedicated to helping both individuals and business save on taxes.  This is the first of a long series of Personal Tax Savings articles we will be publishing to help you learn and save. Tax Free Savings Accounts (TFSA) Tax Free Savings Accounts, better known as TFSAs, are one of the […]

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