Showing 1-2 of 2 results

Foreign Property Reporting to Canada Revenue Agency

What is foreign property report. When Specified foreign property (Defined in Income Tax Act- Subsection 233.3(1) is more than $ 100,000.00 owned by Canadian resident individuals, Corporations and certain trusts at any time during the year, It is mandatory to report to Canada Revenue Agency. CRA requires compliance to track…

Why business should be incorporated

Incorporating your business is good idea, there are several benefits of incorporating your business, even though, ┬áthere are some more reporting requirements, which can be outweighed by the advantages as explained below: Favorable tax rates: While your business is incorporated in Canada as resident, it enjoys low rate of taxes…