Often start-ups are faced with the question: How are incorporations different from sole proprietorships for Canadian Business Owners? There are no perfect answer but corporations offer more flexibility in terms of tax planning. However, let's first understand what each business structure is and their benefits: What is a Sole Proprietorship? A sole proprietorship means you are [...]

Regardless of where they live and the income is earned, the United States imposes tax on its citizens Most countries require its residents to pay taxes. If you are no longer a Canadian resident, you don't have to fire anymore Canadian tax returns. Therefore, if you are an US citizen who is a resident of Canada, [...]

All Canadian residents who own foreign property with a total cost amount of more than $100,000 at any time in the year are required to report the amount to the Canada Revenue Agency. The following table shows what is and not considered as foreign property: Foreign property includes: Foreign property does not include: Foreign bank accounts [...]