In cases where a taxpayer owns multiple incorporated businesses. Its fairly common for there to be intercompany loans between those related corporations. The general guiding principle is that; should these loans be deemed not bona fide and/or not at arm’s lengths, they will be included into income of the taxpayer receiving the benefit (loan). Bona […]
Author: Prosper Chenjelani
Change in use rules for property owners
Real estate, including rental and leasing are the top contributors to Canadian GDP ;adding about 14% to total GDP. By derivation this means there is relatively higher transaction activity in the real estate market, some of this activity includes change in use (e.g. personal property to income producing property) for which change in use rules […]
Strategy Plan or Business Plan
Does your business need a strategy plan or a business plan, what is the difference? Read to find out. Most business owners often assume a business plan and a strategy plan are the same. They are different; however every business or organisation (if already established) needs both, Start ups may start with only a Business […]
Section 85 Rollover
Tax free transfer of personal assets to corporation under section 85 Rollover provisions.