You are subject to Canadian taxation if you are a resident in Canada, you are carrying on business in Canada, or you are selling certain real estate or certain property within Canada. Non-resident tourists who hold Non-Resident Real Estate Investments in Canada that are available for rent may also be subject to Canadian tax.
Many clients struggle with keeping up-to-date with Canada’s always-changing tax laws. This can lead to significant risks, like the CRA assessing additional taxes, interest and penalties.
Manning Elliott is here to help you file Canadian tax returns for you, and your trusts and corporations. We help you deal with the CRA through every step. Our team has expert knowledge in filing your returns, corresponding with the CRA, responding to information requests including audits and objecting to notices of assessments.
One of the biggest challenges our clients face is making sure they pay the least amount of tax while keeping compliant with tax legislation and CRA's administrative rules.
Restructuring Tax Benefits
Sometimes the ownership of a business or other assets may not be tax effective. Reorganizing can result in savings either now or in the future. Manning Elliott is here to help you review how your assets and businesses are structured to see if there is a more tax-efficient option and then help you reorganize to achieve that tax effective structure.
Selling A Business in Canada
There are different tax structures and different options when selling a business. You can either sell the assets or sell the shares of the business or maybe a bit of both—there are different tax implications for both methods. Manning Elliott can help your business restructure pre-sale and post-sale, as well as during the sale of the business. This will help ensure that you maximize your profits.
At Manning Elliott, it is our job to stay current with what is changing in Canadian taxation (and US taxation), so that we can make your life easier. Think of us not like a safety net, but as a preventative measure.