Tax

Usually, if the partnership had been formed in the regular manner, it would not be eligible to claim Input Tax Credits (ITCs) for various costs incurred before its formation. However, CRA clarified that if a transfer of beneficial ownership of the land to the partnership took place during a business

Taxable health care services (GST non exempt) Cosmetic services The exemptions for healthcare services do not cover cosmetic services or any associated supplies of property and services related to cosmetic procedures. A cosmetic service supply, as defined in the Act, refers to a property or service provided for cosmetic purposes

Income generated through rentals by corporations and governed by rules related to specified investment businesses. Active and Passive Income Operating a business through a corporation can offer long-term deferral advantages. Those who opt for this approach can benefit from the Small Business Deduction, which allows for a reduced corporate tax

The court ruled that the purchase of Amazon cloud infrastructure services by a company is not subject to BC PST. Hootsuite, a company that offers an online social media management system to its clients, utilized Amazon Web Services (AWS) to host its platform, as it didn't have its own servers

The obligation to maintain books and records for at least six years Canadian small businesses can deduct business expenses under the Income Tax Act, as long as they were incurred for the purpose of earning business income. However, business owners must keep books and records for at least six years.