Running a Partnership Business in Canada When setting up a business, there are three main structures that can be used. These include a business partnership, sole proprietorship, and a corporation. A partnership involves a relationship or association between two or more individuals, corporations, trusts, or partnerships that have joined together to carry on business or […]
Filing an annual corporate tax return is mandatory for all Canadian resident corporations. The corporation income tax or T2 return is required even if there is no tax payable. It even applies to non-profit organizations, tax-exempt corporations, and inactive corporations. Some exemptions include tax-exempt crown corporations, Hutterite colonies and registered charities. Most corporations are now […]
Ways Canada Provides Income Assistance Canadians have access to various government programs and initiatives that provide financial support when in need of income assistance. They come into play when individuals or families are going through financial hardship or can’t meet basic needs. Provincial governments offer their own programs as well which vary across different provinces […]
How Bankruptcy in Canada Works The legal process for a person to be discharged from their debts is called bankruptcy. It’s used by a debtor, someone who has a debt, to be released from them. There are reasonable conditions that must be met first, but this process relies on honesty and does have consequences afterwards. […]
Preparing Your Small Business for Taxes If you have a sole proprietorship, are in a partnership, or are self-employed, that means you have business income. Money earned from a profession, trade, manufacture, or any other undertaking is considered business income. Any activity of trade or for profit and has evidence to support it is also […]