EASICPA BLOG

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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…
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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…
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