Small Business Deduction May Be Limited

Under the Income Tax Act of Canada, small business Corporations must share the Small Business Deduction if they are either Associated (these are known as the Association Rules), or if not Associated, a corporation receives income from another Corporation in which it or a shareholder of that corporation, owns shares of that payor corporation (these […]

Independent Contractor or Employee?

In times of outsourcing, downsizing and economic cutbacks, it may be advantageous for a company to hire individuals as independent contractors to perform some of the functions that are being performed by that company’s employees. However, simply calling someone an independent contractor does not make it so. CRA will look behind the title of an […]