The federal government is increasing capital gains taxes on wealthy individuals and companies, leaning on an affluent segment of the population to finance billions in new spending on housing and other government priorities.

Ottawa, Ontario

Canada Revenue Agency

The federal government is increasing capital gains taxes on wealthy individuals and companies, leaning on an affluent segment of the population to finance billions in new spending on housing and other government priorities.

• Income taxes: Individuals and businesses pay taxes on their income.

If you receive a notice from the Canadian Revenue Agency (CRA) that you’re being audited, the news might surprise you and leave you feeling anxious. Here is what you need to know should you be asked to submit or re-submit your personal financial documents for closer assessment:

As tax season approaches, individuals and businesses are faced with the annual task of filing their tax returns. One option that has gained popularity in recent years is electronic filing, or e-filing. E-filing offers numerous advantages over traditional paper filing methods, making the tax filing process faster, more convenient, and efficient. In this comprehensive guide, we'll explore the benefits of e-filing your taxes and how it can simplify your tax-related activities.
 

Whether to include a pension in your net worth statement is up for debate. If you choose to do so, know there are a few ways it can be calculated.

Managing payroll can be a complex and time-consuming task for businesses of all sizes. Payroll errors and inefficiencies can lead to financial and legal issues. To streamline payroll processes and ensure accuracy, many businesses turn to professional payroll services. In this comprehensive guide, we'll explore the benefits of using payroll services and how they can help your business save time, reduce errors, and stay compliant with tax and labor regulations.

Find out how you can reduce the tax payable on a severance payment, and what happens when receiving a severance while transitioning to retirement.

When you're self-employed, managing your finances and staying on top of your tax obligations can be a daunting task. Keeping accurate records and maintaining proper bookkeeping practices are essential to ensure that you meet your tax requirements and maximize your financial efficiency. In this comprehensive guide, we'll walk you through the key aspects of record keeping and bookkeeping for self-employed taxpayers.

It’s not easy running a small business, especially in the early years. Whether a business will ultimately become profitable, producing income that will one day be taxable, depends on many factors. But in the meantime, if you experience business losses, they will generally be tax deductible against any other income you have, provided you have a legitimate business, run in a commercial manner with a view to a profit.

This was the issue at the heart of a Tax Court decision in August involving a Brampton, Ont., taxpayer who was reassessed by the Canada Revenue Agency for claiming business losses of $55,728 for 2008, $37,975 for 2009, $41,229 for 2010 and $17,779 for 2011. The CRA disallowed these losses on the basis that the taxpayer had no source of income and, therefore, no true business.

Postmedia News

While the Trudeau government is readying a new plan to increase affordable housing, it is a good time to look at what its green energy plans will do to the cost of housing for Canadians.

Changes to tax law coming into effect Jan. 1, 2024, which add more tax to high-income Canadians who choose to make large donations of securities to charities in the country. To add insult to injury, other recent changes will cause many of those donations – and in fact donations of many types, and even those of lesser amounts – to create a significant and unmanageable burden for charities.

The rules that create this burden were part of Bill C-32, which became law on Dec. 15. Make no mistake; this could close the doors of some charities. Let me explain.

The Rules

Just as individuals and corporations are required to file tax returns each year, trusts are also required to file an annual income tax and information return (called a T3 return) – with some exceptions.

Bill C-32 included new trust reporting rules, which expand the number of trusts required to file each year, including “express trusts” (trusts created knowingly or intentionally by a person). The new rules apply to trust year-ends of Dec. 31, 2023, or later. The penalties for failing to file are big, amounting to the greater of $2,500 or 5 per cent of the value of the trust property.

Are you a small business owner tired of seeing huge chunks of your hard-earned money swallowed up in taxes? If that’s the case, you’ve come to the right place. At ACT Services, we save our clients tens of thousands of dollars annually by offering proactive tax planning, business advisory consulting, and a wide range of professional services.

The Canada Pension Plan (CPP) enhancement, which was introduced on January 1, 2019, is designed to help increase retirement income for working Canadians and their families.

Business owners face a multitude of challenges and decisions when starting and running a business. While many of these decisions are beneficial, there are some that can lead to costly mistakes.

Maximizing your business's financial potential can be a daunting task, especially when it comes to managing your company's finances. Without expert accounting services, it can be challenging to keep track of your business's financial performance and make informed decisions. That's where ACT Services comes in, offering reliable accounting solutions that can help you unlock your business's full financial potential.

Finding the right accountant for your business is essential for the success and security of your financial records. Therefore, it is important to take time to find an accountant who is reliable, knowledgeable and has the experience necessary to be a reliable partner in your financial success. However, with so many accountants out there, how do you know who to choose?

When it comes to tax planning, having an accountant on your side can make all the difference. At ACT Services, we understand the crucial role accountants play in achieving successful tax planning outcomes. With our expertise in tax planning and accounting services, we know firsthand just how important it is to have a skilled accountant by your side. In this blog, we'll discuss the top five reasons why accountants are critical for successful tax planning.

Filing your taxes can be a daunting task. There are so many exemptions and deductions that it can take time to know which ones you should take advantage of to get the most out of your tax return. With the right strategies and knowledge, you can make sure that your return is maximized to its fullest potential. To help you out, we at ACT Services have written down five tips to help you maximize your tax returns.