David Reine, Accounting Partner
Much has been made recently about the selling of residential real estate and the need to report those sales to the Canada Revenue Agency (CRA). What is not always fully understood, when is the sale tax exempt (where an individual claims the principal residence exemption), 50% taxable (where the sale is considered to be a capital gain) or 100% taxable (where the proceeds are considered to be on account of business income).
Nitesh Dass, Accounting Associate
I have been at SBLR for seven months now and I can confidently say that I have enjoyed it greatly.
Kasim Tanvir, Accounting Associate
Olivia Fei, Tax Associate
Shareholders often advance or withdraw funds from a corporation. For accounting and tax purposes, this transaction gives rise to a shareholder loan account on the company books. A transaction whereby a shareholder advances funds to provide capital for the business is routine. However, shareholders should be wary when withdrawing funds, and those withdrawals exceed the original amounts advanced to the corporation.
Beginning June 13th, 2019, any federally incorporated private corporation is required per the Canada Business Corporations Act (CBCA), to create and maintain a new type of shareholder register. This will not apply to public corporations. The new register, in addition to the shareholder and director registers, will provide information with respect to individuals who hold significant control in the respective corporation.
Most of us have gone through the pain of losing someone close to us. However, have you considered yet the tax consequences when you pass away? Typically, filing a final personal income tax return and planning for the final tax on death is not an area that is addressed proactively. Nevertheless, it is important to be aware of the tax consequences on death.