Author: Liz O'Dowd

Should You Incorporate Your Business?

If you own a business, you may have wondered if you should incorporate. Historically the income tax system in Canada has benefited incorporated Canadian small businesses. Although the income and deduction calculations are almost identical to an unincorporated business, the… {Read more}

Tax Deductions & Credits

The difference between tax deductions & credits and whats eligible. Although there’s a substantial difference between a tax credit and a tax deduction, it’s easy to get the two confused. A tax deduction reduces your taxable income, with the actual… {Read more}

Capital Gains Exemption Deduction

Whats new for the capital gains exemption deduction The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $813,600, or $1,000,000 for a qualified farm property or qualified fishing property. If you… {Read more}

Capital Losses

Capital losses and deductions You can use your 2015 capital losses to reduce your current year’s income taxes by applying such losses against your 2015 capital gains. You must however be careful of the superficial loss rules preventing you from… {Read more}