Our Blogs

How to Shut Down Your Corporation in Canada in 2024

How to Shut Down Your Corporation in Canada?

Closing a firm can be a tough but important phase in an entrepreneur’s path. Closing a business, whether due to changing market conditions, financial difficulties, or simply a change of direction, necessitates meticulous planning and execution.

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How to Register for a CRA Business Account in Canada

How to Register for a CRA Business Account in Canada?

Are you a business owner in Canada looking to manage your taxes and benefits efficiently? Registering for a CRA (Canada Revenue Agency) Business Account is the first step towards ensuring compliance and accessing various government programs and services tailored for businesses. This comprehensive guide will walk you through the process, step by step, making it easy for you to complete the registration procedure with confidence.

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Federal Budget Canada 2024 - Key Highlights to Know

Federal Budget Canada 2024: Key Highlights to Know

In 2023, the Canadian economy encountered challenges from rising interest rates and inflation, which affected both firms and individuals. As we enter 2024, there is some optimism for relief, while the path to healthy economic growth remains uncertain, mainly due to rising interest rates’ repercussions.

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A Tax-Free First Home Savings Account at Canada in 2024

A Tax-Free First Home Savings Account at Canada in 2024

The federal government has released new details about a new registered savings account for first-time home buyers. It’s called the FHSA and it combines aspects of both the RRSP and TFSA. Like the RRSP Home Buyers Plan, it allows withdrawals on a tax-free basis to help buy a qualifying home. But, it also offers some other features not found in RRSPs and TFSAs.

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How to Prepare a T5 Slip in Canada for 2024?

How to Prepare a T5 Slip in Canada for 2024?

The CRA requires financial institutions to file T5 slips by the end of February each year. These slips detail investment income paid to individuals during the previous calendar year. The CRA uses these filings to verify the amounts reported on individual taxpayer returns.

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canadas-new-luxury-goods-tax-to-know

Canada’s New Luxury Goods Tax to Know for 2024

The luxury tax, which was first announced in Canada in the 2021 Budget, took effect on September 1, 2022. It will impact individuals who purchase high-value cars, airplanes, and boats, as well as manufacturers and vendors that produce, wholesale, or retail these goods.

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US LLCs Cause Canadian Tax Problems for 2024

US LLCs Cause Canadian Tax Problems for 2024

Canadian individuals who choose to utilize US Limited Liability Companies (LLCs) for earning rental income or conducting business in the United States encounter a host of challenges due to the distinct tax treatment by the Canada Revenue Agency (CRA).

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Faber LLP is a full-service, Canada-based accounting firm dedicated to helping people and their organizations plan for success. Our aim is to be the preferred firm for all of your taxation, accounting and assurance, and advisory needs.