On average, over 90,000 new businesses are created every year in Canada. Many of those are owned by a sole proprietor or a partnership. However, many businesses could actually incorporate and enjoy a variety of benefits that business incorporation brings, including considerable tax advantages. In fact, for certain businesses, the tax benefits of incorporating are so appealing that tens of thousands of them become corporations every year.
The Canadian government presented the 2025 federal budget on November 4, which contained several proposals of interest to Canadians. Here are the highlights:
Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax saving opportunities, mitigate potential financial gaps and maximize your current lifestyle. Here are 10 actions you can begin to take today.
With limited ability to travel this summer, many Canadians are looking to rent or purchase vacation properties closer to home. At the same time, non-residents who own Canadian property may also be faced with travel restrictions and offering their cottages for rent or for sale. Before you rent or buy a vacation property from a non-resident, there are a few important tax implications that you should know.