Five Essential Post-Tax Season Actions for Business Owners
After the tax season wraps up, business owners should take several essential actions to ensure their financial health and plan for the future. Here are five key steps: With these, business owners can ensure their financial stability, minimize tax liability, and position their businesses for long-term success. Let us help you handle your business financesYour Read More Link Text
Employment Expenses for Commissioned Employee: Sponsorship
In a January 23, 2023 French Court of Quebec case, a commissioned salesperson deducted nearly $600,000 over 2015 and 2016, in sponsorship expenses of a professional cycling team in Canada. The individual was an investment advisor and reported commission income of $1,493,910 and $1,263,360 and taxable capital gains of $2,276,374 and $99,767 in the respectiveYour Read More Link Text
Unreported Real Estate Dispositions: Multiple Issues
A September 12, 2022, Tax Court of Canada case reviewed the gain on a residential property purchased in 2007 and disposed of in 2011. The property was substantially rebuilt during the ownership period. The proceeds, cost and gain were all determined by CRA as the sale was unreported. These amounts were largely unchallenged by theYour Read More Link Text
