Capital Gains on Inherited Property in Canada: What You Need to Know
Inheriting property in Canada comes with a common misconception. Many people assume that because Canada has no inheritance tax, there is no tax to worry about at all. That is not accurate. While Canada has no inheritance tax, capital gains tax is applied to inherited...
Fiscal Year in Canada: How to Choose the Right Year-End for Your Business
One of the first decisions a newly incorporated business makes in Canada is one that most owners do not spend nearly enough time on. Your fiscal year end date affects your corporate tax deadlines, your cash flow planning, your GST/HST reporting schedule, and your...
PREC: The Tax Advantage Every Canadian Real Estate Agent Should Know About
If you are a real estate agent in Canada earning strong commission income and still operating as a sole proprietor, there is a good chance you are paying significantly more tax than you need to. A Personal Real Estate Corporation, commonly known as a PREC, is a...