Business Transactions Prior to Incorporation

Many new business owners ask about how to deal with Business Transactions Prior to Incorporation. Here is the right answer for this issue according to the CRA IT-364 Commencement of Business Operations:

Date When Business Commences

2. It is not possible to be specific about the point in time when a contemplated business becomes an actual business. Generally speaking, it is the Department’s view that a business commences whenever some significant activity is undertaken that is a regular part of the income-earning process Read more

Ownership of Rental Property Matters Your Taxes

Real property is considered an important if not essential part of a good investment strategy. When you acquire and own rental property specifically, you need to consider the tax implications of this type of investment.

Rental property may be acquired by an individual, acting alone or as a co-owner, or by a partnership, a corporation or a trust. Each of these types of ownership has advantages and drawbacks for Canadian residents.

For more tax tips on  Read more