Gilmour Knotts, Chartered Accountants – Domestic FAQ #153 Assests On My Company’s Financial Statements

Tax Question:What are assets on my company’s financial statements? Facts: An asset is considered a resource with economic value that can be measured in a monetary unit that is controlled by the corporation and expects to deliver a future benefit. Discussion: Assets can be classified as either current or long term, can be tangible or intangible. They […]

M M CPA Professional Corporation joins IR as the exclusive Tax (Accountants) member in Canada- East

International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Mostafa Mohsin of M M CPA Professional Corporation. Mostafa has joined IR as our exclusive Tax (Accountants) member in Canada- East. He is a Chartered Professional Accountant and Certified General Accountant with over ten years of experience in Canadian taxation & accounting and advising […]

Gilmour Knotts, Chartered Accountants – Domestic FAQ #150 Tax Treatment of Investment Income – Part 4 of 5

Tax Question:What is the tax treatment of capital gains in a corporation? Facts:Some corporations have resources available to invest in stocks, bonds, real property or other appreciating assets. Even though the value of such assets can appreciate over time, only when the investment is sold (realized), is a gain or loss reported. The gain or loss […]

Gilmour Knotts, Chartered Accountants – Domestic FAQ #149 Tax Treatment of Investment Income – Part 3 of 5

by Angela Hardbattle, CPA, CA Tax Question:What is the tax treatment of dividend income in a corporation? Facts:Dividends are a distribution of after tax profits to its shareholders. They are a return on the risk borne by the shareholder for investing in the corporation. Discussion:Depending on the type of dividend received, the tax treatment can be different. Dividends […]