Small Business Deduction
The small business deduction provides Canadian Controlled Private Corporations with a tax break on their first $500,000 of active business income....
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Personal Services Business
Many individuals choose to incorporate their businesses because of the various tax deferrals and savings. However, taxpayers must be aware that the Canada...
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Income Splitting and Rules of Attribution
Why Split Income? If only one spouse works in a household, then that individual is usually tempted to try and give some income to his or her spouse or...
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Transfers while Having a Tax Debt
Subsection 160 assessments under the Income Tax Act, and its Excise Tax Act counterpart subsection 325 assessments are the most powerful enforcement...
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Illegal Income
It can be a complete shock to taxpayers when they learn that any money they made from illegal activities is still subject to tax. If an individual is...
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Change in Use of Property
Where a property goes from principle residence to rental, or vice versa, it is known as a change of use in the property. When this occurs, there is a...
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Keeping a Motor Vehicle Log
Keeping a Log Taxpayers must keep a logbook if they only have one motor vehicle and operate that same vehicle for business and personal use. This is done...
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Motor Vehicle Expenses
When a vehicle is used for both personal and business purposes, it is necessary to keep a log to record the business use of the vehicle. The Canada...
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