Cross Border Tax Consultants

The Voluntary Disclosure Program is intended to encourage conformity with Canada's existing tax regulations. Its goal is to encourage people to come forward voluntarily to resolve their tax issues with the CRA. It's a legitimate way to avoid understatement fines and other administrative penalties for income, sales, property, and other forms of taxes. Many people have been able to resolve their tax issues & obligations through a voluntary disclosure program. Thanks to this convenient program & a very generous way to come clean and have a fresh start! Residents of Canada, as well as non-residents in certain circumstances, are required to file tax returns. They just pay sums owed to the Canada Revenue Agency for each tax year. These tax filing and payment duties are sometimes missed or incorrectly met. It may be purposeful or accidental! When it comes to paying taxes, mistakes happen. If they aren't rectified correctly, then you or your business might face additional ...

Incorporating your business in Canada involves a couple of steps, and if you're unsure how to go about it, here are some things you must keep in mind. The first thing you should do is decide if you need to incorporate your business or not. Not all companies need to be incorporated. A self proprietorship might be right for you if you’re just starting out. The next thing is to decide if you need to incorporate your business provincially or federally. Once this is done, you need to get a name for your corporation. To ensure other corporations do not take your business name, you need to research. Search on Google, social media handles, and domain names to ensure your business name is unique. You reserve that name. The next step after getting a name is to submit the documents of articles of incorporation and the record of the first board of directors and registered office address. You need to consult a lawyer or a chartered accountant to get this done for you. Incorporating provinci...

Have you been thinking of incorporating your own business in Toronto? You can find a number of expert business incorporation services that can help you incorporate your business successfully and in a hassle-free way. Now that you have decided on business incorporation in Toronto, do you know what benefits it offers and what is its importance? Let us discuss the importance, benefits, and other aspects of business incorporation below:     What is the Importance of Business Incorporation? Some of the reasons why business incorporation is important are as follows: • A separate legal entity is established • Personal assets are protected • Boost to Professional credibility • Flexibility with tax • Tax deductions • Long-lasting business existence • Popular Entity Options What are the different types of business structures? Sole Proprietorship Sole proprietorships and partnerships are easy to form and maintain as there is no requirement of special entity-specific fi...

Should I incorporate my small business in Canada? When should I incorporate? I was told I could save tax if I incorporate – is this statement holds true? What are the advantages & disadvantages of incorporating your business? Benefits of incorporating your small business: Let’s start with a list of the pros of incorporating your small business in Canada. • Limited liability – Running your business through a corporation gives a safety layer against personal liability. It makes it more challenging for someone to go after your personal assets if the business defaults on its debts. • Tax savings & deferral – In some circumstances, corporations have a lower tax rate in comparison to individuals. Running your business via a corporation in place of a proprietorship can aid to defer and save taxes. • Estate planning – A corporation is a detached entity to you, so it persists to live on irrespective of what happens to you. This can be useful when thinking about transferring your...

Are you looking to incorporate your business in Canada but not sure how to get started? Here is a brief overview of the general steps involved to set up a corporation in Canada. Make sure whether you need to incorporate your business or not: Often people just want to incorporate their business without considering the tax consequences of the same decision on personal tax situation. At Maroof HS CPA Professional Corporation, we recommend to thoroughly analyze your situation and then decide if you need to incorporate your business. If not sure, feel free to consult an accountant specialized in corporate & personal tax services. There are many other ways to achieve liability protection and tax efficiency. Choosing between federal incorporation and provincial incorporation: Once you decide to incorporate your business in Canada, the next step is to decide the jurisdiction under which you can incorporate. In Canada, businesses can be incorporated either at the Federal level or provinc...