Blog

Every Canadian corporation faces a simple but serious requirement: maintaining a complete minute book. This collection of corporate documents serves as your company’s legal backbone, yet many business owners treat it as an afterthought until they desperately need it...

If you own and operate as an incorporated small business, you may be surprised to learn that the CRA may classify you as a Personal Service Business (PSB). Below we explore how a PSB is defined, its potential disadvantages to your corporation and simple tax planning...

Are mergers and acquisitions (M&A) part of your business’s growth strategy? M&A can serve as an opportunity to remove competition, improve operations, expand product lines, venture into new markets, secure valuable personnel, or acquire new technologies. Before you...

If you’re considering or in the process of setting up a new Canadian Business, chances are you’ve come across the various types of shares and ownership structures. Below we’ll provide some clarity on their differences to help you make a more informed decision regarding...

Small business failure rates tell a sobering story. According to Statistics Canada data on business survival rates, only 85% of new businesses survive their first year, and that number drops to 70% by year two. For those that do survive, many face a critical challenge...

The Canada Revenue Agency (CRA) is looking to ALL Canadian employers to help validate COVID-19 relief payments made to individuals and businesses in 2020, regardless of whether your business has applied for these benefits or not. McNabb Lucuk LLP is here to help you...

If you’re an owner of a corporation, chances are you’ve received or will be receiving income from your business in the form of a salary, dividends or a combination of both. In this month’s blog, we compare the advantages and disadvantages of each compensation method to...

Options for Exiting A Business When it comes to closing or exiting a business, there are many factors to consider. You may be asking yourself: Is this the right time? Do I sell externally or internally? What are the personal tax implications of selling? We explore some...

The Canada Revenue Agency has intensified enforcement of existing tax rules affecting short-term rental operations. In 2024, the CRA began more strictly applying long-standing principles that deny business expense deductions for non-compliant rentals — particularly...

Each year hard-working, honest Canadians must navigate the never-ending changes to personal tax filing. In this month’s blog, we present some simple strategies that can help income earners limit their tax exposure. Leveraging Debt Next time you’re making a large...

When it comes to opening a new business, there’s no secret, magical formula that guarantees success. After years working with and speaking to countless business owners in their first year, McNabb Lucuk LLP has learned a few simple strategies that can help set any...

The proposed 2021 Federal Budget offers a variety of changes that impact tax reporting. Below we highlight some of these changes and how they impact Canadian employees and individuals. If you have questions regarding the budget and how it may impact your situation...

Every Canadian corporation faces a simple but serious requirement: maintaining a complete minute book. This collection of corporate documents serves as your company’s legal backbone, yet many business owners treat it as an afterthought until they desperately need it...

The Canada Revenue Agency has intensified enforcement of existing tax rules affecting short-term rental operations. In 2024, the CRA began more strictly applying long-standing principles that deny business expense deductions for non-compliant rentals — particularly...

The Canada Revenue Agency (CRA) is looking to ALL Canadian employers to help validate COVID-19 relief payments made to individuals and businesses in 2020, regardless of whether your business has applied for these benefits or not. McNabb Lucuk LLP is here to help you...

Are mergers and acquisitions (M&A) part of your business’s growth strategy? M&A can serve as an opportunity to remove competition, improve operations, expand product lines, venture into new markets, secure valuable personnel, or acquire new technologies. Before you...

When it comes to opening a new business, there’s no secret, magical formula that guarantees success. After years working with and speaking to countless business owners in their first year, McNabb Lucuk LLP has learned a few simple strategies that can help set any...

Options for Exiting A Business When it comes to closing or exiting a business, there are many factors to consider. You may be asking yourself: Is this the right time? Do I sell externally or internally? What are the personal tax implications of selling? We explore some...

Small business failure rates tell a sobering story. According to Statistics Canada data on business survival rates, only 85% of new businesses survive their first year, and that number drops to 70% by year two. For those that do survive, many face a critical challenge...

If you own and operate as an incorporated small business, you may be surprised to learn that the CRA may classify you as a Personal Service Business (PSB). Below we explore how a PSB is defined, its potential disadvantages to your corporation and simple tax planning...

Each year hard-working, honest Canadians must navigate the never-ending changes to personal tax filing. In this month’s blog, we present some simple strategies that can help income earners limit their tax exposure. Leveraging Debt Next time you’re making a large...

If you’re an owner of a corporation, chances are you’ve received or will be receiving income from your business in the form of a salary, dividends or a combination of both. In this month’s blog, we compare the advantages and disadvantages of each compensation method to...

If you’re considering or in the process of setting up a new Canadian Business, chances are you’ve come across the various types of shares and ownership structures. Below we’ll provide some clarity on their differences to help you make a more informed decision regarding...

The proposed 2021 Federal Budget offers a variety of changes that impact tax reporting. Below we highlight some of these changes and how they impact Canadian employees and individuals. If you have questions regarding the budget and how it may impact your situation...

Every Canadian corporation faces a simple but serious requirement: maintaining a complete minute book. This collection of corporate documents serves as your company’s legal backbone, yet many business owners treat it as an afterthought until they desperately need it...

Small business failure rates tell a sobering story. According to Statistics Canada data on business survival rates, only 85% of new businesses survive their first year, and that number drops to 70% by year two. For those that do survive, many face a critical challenge...

The Canada Revenue Agency has intensified enforcement of existing tax rules affecting short-term rental operations. In 2024, the CRA began more strictly applying long-standing principles that deny business expense deductions for non-compliant rentals — particularly...

If you own and operate as an incorporated small business, you may be surprised to learn that the CRA may classify you as a Personal Service Business (PSB). Below we explore how a PSB is defined, its potential disadvantages to your corporation and simple tax planning...

The Canada Revenue Agency (CRA) is looking to ALL Canadian employers to help validate COVID-19 relief payments made to individuals and businesses in 2020, regardless of whether your business has applied for these benefits or not. McNabb Lucuk LLP is here to help you...

Each year hard-working, honest Canadians must navigate the never-ending changes to personal tax filing. In this month’s blog, we present some simple strategies that can help income earners limit their tax exposure. Leveraging Debt Next time you’re making a large...

Are mergers and acquisitions (M&A) part of your business’s growth strategy? M&A can serve as an opportunity to remove competition, improve operations, expand product lines, venture into new markets, secure valuable personnel, or acquire new technologies. Before you...

If you’re an owner of a corporation, chances are you’ve received or will be receiving income from your business in the form of a salary, dividends or a combination of both. In this month’s blog, we compare the advantages and disadvantages of each compensation method to...

When it comes to opening a new business, there’s no secret, magical formula that guarantees success. After years working with and speaking to countless business owners in their first year, McNabb Lucuk LLP has learned a few simple strategies that can help set any...

If you’re considering or in the process of setting up a new Canadian Business, chances are you’ve come across the various types of shares and ownership structures. Below we’ll provide some clarity on their differences to help you make a more informed decision regarding...

Options for Exiting A Business When it comes to closing or exiting a business, there are many factors to consider. You may be asking yourself: Is this the right time? Do I sell externally or internally? What are the personal tax implications of selling? We explore some...

The proposed 2021 Federal Budget offers a variety of changes that impact tax reporting. Below we highlight some of these changes and how they impact Canadian employees and individuals. If you have questions regarding the budget and how it may impact your situation...