Category: Canada

In most cases, you are earning an income from your property if you rent space and provide basic services only. Basic services include heat, light, parking and laundry facilities. If you provide additional services to tenants, such as cleaning, security and meals, you may be carrying on a business. Is renting a property classed as […]

If you own any registered Airbnb properties, you must report earnings and expenses for the year. All Canadians are required to report Airbnb income to the CRA. Accommodation sharing income, must be reported for tax purposes. Is Airbnb a business in Canada? Starting an Airbnb business in Canada is a great business opportunity and a […]

Canada work permit processing time India is approx 60 days. Work permits requested outside of Canada typically take 60 days to process, except International Experience Canada (IEC) work permits, which take 56 days. In Canada, work permit extensions might take up to 120 days to process. Is Canada work permit possible from India? Canada Work […]

Step 1 – Purchaser is required to withhold 25% (or 50% in some cases) of the total purchase price. Step 2 – Seller must let the CRA know about the sale or proposed sale by filing for a Certificate of Compliance, completing the applicable form (T2062 or T2062A). These are due no later than 10 […]

In Canada, capital gains or losses are realized only when assets (such as stocks, bonds, precious metals, real estate, or other property) are sold and are subject to capital gains tax. How much capital gains is tax free in Canada? In Canada, 50% of the value of any capital gains is taxable, so if you […]

Essentially all businesses in Canada must complete a business name registration unless it’s a sole proprietorship. Do I need a business license for online business Canada? Setting up an Online Store in Canada You’ll need a business license in order to sell products in Canada, and will also have to make sure that you’ve registered […]

What Tax Forms Are Required By Freelancers In Canada? As a freelancer, you are self-employed, which means you must use a special form to report your business income. Does freelancing count as self-employed? The Internal Revenue Service considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes […]

Starting July 1, 2022, Etsy began collecting GST/HST on eligible orders placed by shoppers in Canada. Etsy automatically includes the tax in the buyer’s total at the last stage of the checkout process. Etsy is then responsible for remitting it to the relevant tax authorities. Do I have to claim Etsy sales on my taxes? […]

Provincial and Territorial Tax Rates Provinces and territories in Canada are subject to two different rates of taxable income – the lower rate and the higher rate. This is in addition to the federal tax rate of 9% for small businesses or 15% for general corporation tax. How much tax does a small business pay […]

Canadian Small Business Financing Program With these regulations, a small business has $5 million or less in yearly revenue. What amount of revenue is considered a small business? It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees). For example, according […]