Tax updates for property owners in Canada in October 2023
Underused Housing Tax (UHT) The UHT is a new tax that applies to residential properties in Canada that are considered to be underused. The tax is intended to discourage foreign investors from buying up properties and leaving them vacant. The UHT
Tax updates for individuals in Canada in October 2023
New Canada Dental Benefit The Canada Dental Benefit is a new program that provides financial support to eligible families with children under 12 years old who do not have access to private dental insurance. The benefit is available to families with
Business Tax Update October 2023
New reporting requirements for trusts As of December 31, 2023, trusts will be required to report certain information about their assets, liabilities, income, and expenses to the Canada Revenue Agency (CRA). This information will be used to ensure that trusts are
Differences between US GAAP and IFRS: Key Variances in Financial Reporting Standards Explained
Financial experts, investors and regulatory authorities frequently discuss the differences between US GAAP and IFRS. In order to give principles for financial reporting, two widely used sets of accounting standards are US GAAP (Generally Accepted Accounting Principles) and IFRS (International
How to become a corporate lawyer in Canada In 2023
Law is one of the essential pillars of democracy. Though it is quite tough to crack CLAT exam, the hurdles may inspire many students to attempt the herculean task to be a successful lawyer. What corporate lawyers have to do? There are
Easy Ways to Obtain Tax Clearance Certificate in Canada 2023
Tax Clearance Certificate When a person passes away, he or she may leave behind unpaid tax debts. A tax clearance certificate states that the deceased person or corporation has satisfied all tax liabilities. The certificate confirms that these entities have paid
Tax Benefits and Credits for Small Businesses in Canada and the USA
As a small business owner, understanding the various tax benefits and credits available can significantly impact your bottom line. In both Canada and the United States, governments offer a range of incentives to support and encourage the growth of small
Residency and Tax Obligations: Canada vs. the U.S.A
Introduction Understanding residency and tax obligations is crucial for individuals living in Canada and the United States. The tax systems in both countries have their own unique characteristics, and it is important to be aware of the similarities and differences. In
Outsourcing vs. In-House Accounting: Pros and Cons for Small Businesses
In today's competitive business landscape, accounting plays a vital role in the success of small businesses. Effective financial management and accurate record-keeping are crucial for making informed decisions, managing cash flow, and ensuring compliance with tax and regulatory requirements. When
Cryptocurrency Taxation in US: Navigating the Latest Regulations for Financial Success
It's essential to grasp the ins and outs of cryptocurrency taxation in US, especially as the digital asset market gains widespread popularity. The US government has introduced regulations that directly affect taxpayers involved in cryptocurrencies. Staying up-to-date with these latest