Getting Started with a CRA My Business Account - SB Partners

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Sleepless for Our Community

It’s uncomfortable, difficult, and cold. On February 21st, 2025 SB Partners team members, Trevor Hood, Eric LaCourt, and Deandra Pekrul participated in the United Way Halton & Hamilton’s Sleepless For Our Community event by spending the night in …

Tariffs and Business Valuation - What's the Impact?

If there was one word that I would use to describe the start of 2025 it would be uncertainty. Not only are we in the midst of a provincial election in Ontario, but a Federal election is likely around the corner and there has obviously been a major …

2024 Capital Gain Changes - Where are We Now?

In May 2024, we wrote an article detailing the changes that came out of the 2024 Federal Budget with respect to the taxation of capital gains and the corresponding impact on family law. While it was widely expected that those changes would be …

Understanding Our Business Succession Planning Process

Succession Planning: What can I expect? Our Business Succession Planning Process Succession planning is a complex and multidisciplinary process. We work closely with you to develop a clear strategy and action plan that recognizes your unique …

Succession Planning for Privately vs Family Owned Businesses

Succession Planning For Privately Owned Businesses Planning for the future starts with the present. Without a family heir(s) to inherit the business, business owners must consider who will be a good fit to acquire the business, or even if the …

What’s New This Tax Season?

Personal Tax Updates Every year there are new rules and regulations around what credits and deductions you can claim on your income tax filing, and what you need to do to claim it. Brent Sousa, Senior Manager of Assurance & Advisory at SB Partners …

CRA Moves Businesses to Online Mail

Starting in spring 2025, the Canada Revenue Agency (CRA) will switch to delivering most business correspondence through its online portal, My Business Account, instead of by paper mail. This change will apply to all businesses that are registered …

What is the New Quickbooks Online-FINTRAC Requirement?

As a result of the new FINTRAC regulatory requirements, Intuit is updating certain elements within QuickBooks to ensure products are compliant. To meet FINTRAC guidelines and maintain regulatory compliance, QuickBooks now requires this information …

Capital Gains Increase Deferred

On Friday, January 31st, 2025, the Canadian government announced that taxpayers will not need to include the proposed increase in the capital gains inclusion rate in their 2024 tax filings.

Understanding SR&ED

A Minute on SR&ED The Scientific Research and Experimental Development (SR&ED) Tax Incentive Program is a Canadian government initiative designed to encourage businesses to engage in research and development (R&D) activities. This program provides …

Tax Tips on Split Income (TOSI) and Passive Income (TOPI)

Tax on Split Income – TOSI Tax on split income (TOSI) applies to certain types of income received from a business. Have you paid a dividend from your corporation to a non-active family member and are concerned about whether it will be taxed at the …

Incorporation for Real Estate Agents in Ontario

Real estate agents in Ontario are finally able to operate their business using their own PREC and can now look forward to the following:

Vehicles Subject to the Luxury Tax

Who pays? The Luxury Tax will apply to registered and non-registered persons or vendors as follows. Where a non-registered person (consumer) purchases a specified vehicle, e.g. an automobile from a dealership, the Luxury Tax would be paid by the …

Income Splitting Translates into Paying Less Income Tax

Income splitting is an effective way for families to reduce their overall family income tax burden. Income splitting is the process of distributing income amongst a family group to take advantage of the lower income tax brackets available to each …

Optimizing Benefits with the Right Corporate Structure

Your business’s corporate structure is a critical consideration for wealth protection and enhancement. A strategic corporate structure can help protect your wealth, provide tax efficiencies, and allow for the efficient splitting of income amongst …

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Get in touch with us

Do you have a question for SB Partners? Need help to understand your business financials or value? We’re here to help with all of your accounting needs, please get in touch today.

Email us at help@sbpartners.ca or give us a call at 905-632-5978 or toll-free at 1-866-823-9990.

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