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How US tax policies could impact Canadian business decisions
Given the interconnectedness of the Canadian and US economies, changes to US tax policies could have ripple effects on cross-border trade, investment, and the Canadian economy.
The Future of Corporate Taxation: Key Trends to Watch in 2025 and Beyond
Explore key corporate taxation trends for 2025 and beyond. Learn about evolving tax policies and how businesses can prepare with IDM’s expert guidance.
How to Handle Taxation for Corporate Gifts and Entertainment Expenses
Learn how to handle taxation for corporate gifts and entertainment expenses. Discover tax rules and optimize deductions with IDM’s expert guidance.
How to Leverage Losses for Tax Savings: Corporate Loss Carryforward and Carryback Rules
Learn how to leverage losses for tax savings with corporate tax strategies: carryforward and carryback rules.
7 Ways to Structure Your Business for Maximum Tax Efficiency
Learn how to structure your business for maximum tax efficiency with expert tips from IDM. Optimize tax savings with the right business structure today.
Capital Gains Exemptions in Real Estate Investment: Maximizing Your Benefits in Canada
Real estate investment in Canada offers many opportunities, not only in property appreciation but also in tax benefits. Understanding and utilizing capital gains exemptions can significantly enhance the profitability of your investments. Here’s a guide to help you navigate these exemptions effectively.
Exploring Refinancing and Reinvesting for Tax Benefits in Real Estate Investing
Refinancing and reinvesting your properties can be a strategic move and yield tax benefits for real estate investors in Canada.
Ask a Tax Expert: Top Real Estate Tax Write-Offs and Deductions
We often get asked by our clients what real estate tax write-offs are available for investors. Here’s a quick overview.
How Does Using Real Estate as a Tax Shelter Work in Canada?
Beyond rental income and property value, another way to maximize benefits for Canadian investors is knowing how to use real estate as a tax shelter.
Selling Investment Properties: Tax Implications in Canada
Real estate investing, both commercial and residential, can be a lucrative venture in Canada. However, the timing of selling your investment properties can significantly affect your tax liabilities.
Tax Tips and Benefits for Real Estate Investing: Incorporating in Canada
When engaging in real estate investing, incorporating can offer a range of financial and legal benefits. However, it’s crucial to understand both the advantages and the implications of this move.
Understanding Real Estate Investing: Deferred Tax Liability
In the realm of real estate investing, deferred tax liability is a pivotal concept that influences both the timing of tax payments and financial reporting.
Understanding Rental Property Tax Deductions in Canada
Looking for some guidance in understanding rental property tax deductions? Here’s an overview for the tax implications of your rental income.
Ask an Accountant: Top 3 Real Estate Investing Tax Benefits in Canada
What are the most important real estate investing tax benefits in Canada? As tax experts, our clients often get asked to weigh in.
Extended CEBA Loan Deadline: Essential Insights for Businesses
Don’t miss the January 18, 2024 repayment deadline to qualify for partial Canada Emergency Business Account before (CEBA) loan forgiveness.
Navigating Cross-Border Taxation for Canadian Businesses Expanding Internationally
As globalization continues to shape the business landscape, many Canadian companies are looking to expand their operations internationally. While such expansion offers tremendous opportunities, it also comes with the potential for tax complications.
Questions to Help You Decide the Right Business Structure
You’ve created a business plan for an idea you firmly believe in, and you’re now prepared to take the plunge and start your own business. Designing your logo, developing a website, or developing a product prototype may be on your top of mind right now; however, choosing the correct business structure is an essential too […]
5 Easy Steps on Setting Up Payroll for your First Employee
Whether you run an online store or provide busy homeowners with landscaping services, if your business is expanding, you might need to hire someone. Perhaps you’ve been working on it by yourself all along. Perhaps you’ve been hiring independent contractors or workers as needed. In either case, you’re taking the risk and hiring your first […]
Tax Reminders If You Bought, Renovated, or Sold Homes in 2021
If you bought, renovated, or sold homes in 2021, you would want to make sure to take advantage of credits and rebates, as well as stay on track of your tax reporting obligations. The Canada Revenue Agency (CRA) provided highlights of what taxpayers need to know and outlined credits, rebates, and reporting requirements in a […]
Must-know Tax Changes for Canadians in 2022
The tax filing season is fast approaching, and rule changes have been implemented for the 2021 tax year. With the pandemic now in its second year, there are various changes that could affect your status, including new credits and deductions that you may be eligible for. This article consists of key changes you should be […]
Medical expenses you can claim on 2022
One of the most overlooked non-refundable tax deductions is medical expenses. The majority of Canadians are aware that they can deduct part of their medical expenses, but many aren’t certain what they can deduct and how much they can deduct. Some don’t keep a running tally of their expenses because they don’t think it will […]
Progressive Changes To Ontario Estate Law
New legislation pertaining to the estate planning process came into effect in Ontario on January 1, 2022. The changes simplify the estate planning process and will affect the validity of wills after marriage, property rights of separated spouses, and wills with technical errors. Marriage no longer revokes a will Laws affecting the validity of pre-existing […]
Does Your Corporation Need a Minute Book?
When you incorporate your business, it becomes a separate legal entity, holding similar rights as a person in terms of liability and protection of assets. Depending on where you plan to do business, you’ll need to choose whether you want to incorporate federally or provincially. The articles of incorporation must then be written, as well […]
Declare your Foreign Property, including Stocks to Avoid Penalty
One of the craziest success stories of the sharing economy is making extra income by letting strangers stay in your home when you’re away. However, here we are.
Coming Clean with the CRA – Voluntary Disclosure Program
When you were paid in cash, did you fail to declare your income? Have you deducted any personal expenses from your income? Have you made a mistake when calculating your taxes? Have you been scammed by a shady tax preparer? Have there been any amounts that have gone unnoticed that should have been reported? Or […]
How does CRA choose Taxpayers to Audit?
CRA audits can be intimidating but they are a fact of life for most taxpayers. The Canada Revenue Agency (CRA) may conduct an audit of a business or individual for no apparent reason. In most cases, a CRA audit can only be done four years after a tax return has been filed. Some cases, such […]
Everything you need to know about the Ontario Staycation Tax Credit
The temporary Ontario Staycation Tax Credit, which will be in effect until 2022, is designed to encourage Ontario families to travel around the province. When completing their personal Income Tax and Benefit Return for 2022, Ontario residents can claim 20% of their qualified accommodation expenses. About 1.85 million Ontario families will benefit from the credit, […]
3 Must-Know Tax Tips To Help You This Tax Season
The start of the new year could highlight two things: new resolutions and the approaching tax season. We can make a pretty good guess which option you’d prefer to focus on. That’s why we came up with our three best tips for the approaching tax season that you should keep in mind. Our top tax […]
Update on employment benefits due to the impact of Covid-19
As you may recall, the CRA established a variety of administrative rules aimed at providing relief on employment benefits in 2020 owing to the pandemic. The CRA has issued an update on how these guidelines will be implemented in 2021. In general, the initial announcement for 2020 will now apply from March 15, 2020 to […]
Applications Open for the Expanded Worker Lockdown Benefit
After adding most provinces and territories to the eligibility list, the government announced that applications for the expanded Canada Worker Lockdown Benefit are now open. The benefit, which was first launched in November but was increased on Dec. 22, permits any worker to apply if their business has been hit with capacity-limiting restrictions of 50% […]