Tag Archives: CANADIAN ACCOUNTING & TAX BLOGS

Experienced Tax Consultants At Tax Partners, we pride ourselves on being trusted advisors for individuals and businesses seeking professional tax consulting across Canada & USA. Our experienced consultants specialize in providing tailored tax solutions, helping clients navigate Canada’s complex tax system efficiently and effectively. From structuring startups to comprehensive income tax planning, our services aim […]

Introduction – What is OnlyFans? OnlyFans, launched in 2016, is a subscription-based platform allowing content creators and social media influencers to monetize their content, including photos and videos. Often associated with provocative or adult content, it also provides creators an opportunity to diversify their earnings by charging monthly fees or receiving “one-off” tips from subscribers. […]

Introduction Starting a business is an exciting endeavor, but it comes with significant legal and tax considerations. Entrepreneurs often need guidance to select the best business structure, understand tax obligations, and optimize their operations for long-term success.  This guide provides an overview of tax planning strategies for business startups, from choosing the right structure to […]

Introduction: Benefits of CCPC Status A Canadian Controlled Private Corporation (CCPC) enjoys several tax benefits, including the small business deduction, refundable investment tax credits for scientific research and experimental development (SR&ED), the lifetime capital gains exemption, and favorable tax treatment for employee stock options. These benefits make CCPC status highly advantageous for Canadian businesses.  To […]

Introduction – What is a Real Estate Assignment? In the Canadian real estate market, assignments are a popular form of transaction. An assignment refers to the sale of a contractual right to purchase a property before legal ownership of the property is transferred. For example, in the case of pre-construction condominiums, the buyer (the “assignor”) […]

Introduction: Understanding Deduction of Employment-Related Legal Expenses Canadian employees are generally limited in the types of expenses they can deduct to reduce their taxable income. However, specific provisions of the Income Tax Act allow for the deduction of certain legal expenses incurred by employees under particular circumstances. These deductions can provide substantial tax relief, particularly […]

Introduction: The Distinction Between Independent Contractors and Employees In Canada, the distinction between an independent contractor and an employee holds significant tax implications. Independent contractors can access a broader range of tax deductions, while employees are often limited to few or none. However, disputes often arise over this classification, as evidenced in a recent case […]

Introduction: Navigating Tax Complexities in Family Law While family law predominantly focuses on the division of assets and financial obligations between spouses, the nuances of income tax law often play a critical role in shaping financial outcomes. Tax implications in family disputes, especially those involving spousal and child support, are often misunderstood by both family […]

Introduction – Employment Expenses as a Condition of Employment While businesses and self-employed individuals enjoy a broad range of deductible expenses, salaried employees in Canada are limited to specific deductions. Employees can only claim expenses that they are contractually obligated to pay to perform their job duties. Examples include musicians required to maintain their own […]

Introduction Managing rental properties can be rewarding, but it also comes with significant responsibilities, particularly in managing finances and understanding tax obligations. For landlords in Canada, it’s crucial to know which rental expenses can be claimed and how they should be reported.  Below is a comprehensive guide to the types of current rental expenses and […]