El Centro Newspaper, Friday, August 17, 2018
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Articles & Publications
Do corporate loans count as taxable income?
Do corporate loans count as taxable income? When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many CRA rules, has exceptions. Many shareholders and employees borrow funds from their...
Beware of using your corporation’s income to pay personal expenses.
Beware of using your corporation's income to pay personal expenses. Suppose you own an incorporated business or professional corporation. In that case, it can be pretty tempting to pay for various personal expenses out of your corporation's income, but doing so is...
How the principal residence rule works
Principal Residence Rules Since 1982, each family unit (including you, your spouse or common-law partner, and any unmarried kids under the age of 18) has been able to designate one property as its principal residence for each calendar year. To simplify the...
Introducing the new Confirm my Representative service
The new Confirm my Representative service. On October 18, 2021, the Canada Revenue Agency (CRA) is introducing a new, two-step verification process to make authorizing a representative using Represent a Client more efficient and secure. The new process makes it easier...
The future of the COVID aid program
The future of the COVID aid program The CRB is one of three programs (alongside the Canada Recovery Caregiving Benefit and the Canada Recovery Sickness Benefit) that replaced the initial $2,000-per-month Canada Emergency Response Benefit (CERB) in September 2020. The...