J.A.I.K.S Blog

J.A.I.K.S. BLOG

Welcome to J.A.I.K.S. Blog, a place where we will provide you with a variety of resources on accounting, taxation and other related subjects suited for both individuals and/or their businesses.

We hope you can find the answers to your questions and/or curiosities, and always know we are here to help if you need more.

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Shareholder Loans in a Corporation

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Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.

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Gifts from an Employer May be a Taxable Benefit

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In Canada, gifts from an employer can be considered taxable benefits in certain circumstances. The taxation of employer-provided gifts depends on several factors, including the nature and value of the gift, the frequency of such gifts, and the specific rules set by the Canada Revenue Agency (CRA).

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What Do Christmas Scams Look Like?

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During the holiday season, scammers often take advantage of the festive atmosphere and people's increased online activities. Christmas scams can take various forms, but some common tactics include:

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Prepare for Income Tax at Year-End

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As tax laws and regulations change, it's crucial to consult with a tax professional or check the latest resources for the most up-to-date information.

Here are some common steps individuals may take at the end of the tax year:

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Should I be a Personal Services Business (PSB)?

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In Canada, a Personal Services Business (PSB) is a type of business that the Canada Revenue Agency (CRA) designates under certain conditions. The rules governing PSBs are stringent, and the tax treatment of a PSB is less favorable compared to other types of corporations. Here’s an overview of what constitutes a PSB and its implications:

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