Author: Bader A. Chowdry, CPA, CA, LPA

There is no single right answer. Salary generates earned income (RRSP contribution room, CPP entitlement, EI if opted-in) and is deductible to the corporation; dividends are simpler administratively but generate…

CRA uses risk-based selection driven by data-matching and industry benchmarking. The most common audit triggers for an Ontario CCPC are: unresolved shareholder-loan balances, repeated business losses on T2125 or Schedule…

Only up to your business limit. The Small Business Deduction under ITA s. 125 gives a Canadian-controlled private corporation (CCPC) the lower federal corporate tax rate on the first $500,000…

The T2 corporate income tax return is due six months after your fiscal year-end under Income Tax Act s. 150(1)(a). Corporate tax owing is due earlier: two months after year-end…

CRA’s Voluntary Disclosures Program (Information Circular IC00-1R6) lets you file overdue HST returns and pay the tax to obtain penalty relief and partial interest relief, provided your application is voluntary,…

You must keep every HST-related record (sales invoices, purchase invoices, GST34 returns, working papers supporting ITCs) for six years from the end of the last tax year they relate to,…

Yes, at the rate of the customer’s province under the place-of-supply rules in ETA Schedule IX and Part IX regulations. Selling from Ontario to New Brunswick, Newfoundland, Nova Scotia, or…

Yes. If you are a GST/HST registrant and you buy commercial real property to use primarily (more than 50%) in a commercial activity, you claim a full input tax credit…