Tax Implications of a Subsidiary Company in Canada
A subsidiary company is its own taxpayer. Its profit is taxed in the subsidiary at federal and provincial corporate rates, it files its own T2…
Accounting for a Hybrid Business Structure in Canada
There is no legal thing called a hybrid business structure in Canadian tax. The phrase usually means a business that mixes forms, for example…
Accounting for Foreign Subsidiaries of a Canadian Company
Accounting for international subsidiaries from Canada means keeping two things straight: the foreign company’s own books, and what the…
Accounting for a Professional Corporation in Canada
Professional corporation accounting comes down to three habits: keep the corporation’s money completely apart from yours, record every…
How AI Is Changing Canadian Accounting Work
AI in accounting can speed up routine work like sorting transactions and drafting summaries, but it doesn’t take over your legal duties.…
Corporate reorganization tax in Canada, explained
Does a corporate reorganization mean a tax bill? Not necessarily. Under section 85 of the Income Tax Act you can move property into a Canadian…
How to Do Accounting for a Cooperative in Canada
Accounting for cooperatives in Canada looks like ordinary corporate bookkeeping until the year-end surplus. A co-op that pays some of its…
How to Handle Accounting for a Holding Company in Canada
Accounting for holding companies is mostly about keeping each corporation’s books clean when money moves between them. Every company in…
Tax Rules for Creative Professionals in Canada
The biggest tax fact for creative professionals in Canada is the split between being paid as an employee and being paid as a freelancer. An…
Bookkeeping basics for a fitness business in Canada
Fitness business accounting comes down to two questions: are you over the $30,000 GST/HST line, and do you know what you actually keep? A solo…