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Tax Planning

What to Expect when the Canada Revenue Agency Contacts you

What to Expect when the Canada Revenue Agency Contacts you

AUTHOR: APRIL WHEELER - CPA, CGA

Scammers posing as Canada Revenue Agency (CRA) employees continue to contact Canadians, misleading them into paying false debts. These persistent scammers have created fear among people who now automatically assume that any communication from someone representing the CRA is not genuine.

This article will remind Canadians that the CRA does indeed contact taxpayers by phone, email and mail for legitimate reasons. The following tips will help Canadians identify legitimate communications from the CRA.

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They say the best things in life are free.  That's what Capital Dividends are to ...

They say the best things in life are free. That's what Capital Dividends are to ...

AUTHOR: PAUL SPARE - CPA, CA

They say the best things in life are free. That’s what Capital Dividends are to shareholders of Canadian small businesses.

When a Canadian controlled private corporation generates a capital gain from the sale of investments or the sale of capital assets, such as land or business goodwill, one half of the gain is subject to corporate income tax. So what happens to the other half of the gain?

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Should I Incorporate My Practice?

Should I Incorporate My Practice?

AUTHOR: APRIL WHEELER (CPA, CGA), PAUL SPARE (CPA, CA)

Should I incorporate my practice? This is a common question for medical and dental professionals and it is one that has become increasingly more relevant since the new tax on split income (“TOSI”) rules were introduced in 2017.  Determining whether or not incorporation is right for your practice is not straightforward and can be costly if you make the wrong decision.

To begin the process of determining whether or not you should incorporate, consider the following questions:

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