Personal Services Business (PSB)
Understanding Canada's Personal Services Business (PSB) For Tax Purposes
In Canada, the concept of a Personal Services Business (PSB) under subsection 125(1) of the Income Tax Act, R.S.C., 1985, c. 1 (5th Supp.) (“ITA”) is a critical tax classification that affects incorporated individuals who provide services...
Understanding Trust Amounts and CRA Collections
Understanding Trust Amounts and CRA Collections
When running a business, understanding your responsibilities around trust amounts and how the Canada Revenue Agency (CRA) handles collections is crucial. Failing to manage these obligations properly can lead to audits, penalties, and aggressive collection action. This article...