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Recommendation of taxtion for sole proprietor Canada incorporate - Research Paper Example

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Corporate and personal taxation principles in Canada are based on the universal taxation principles as obtained elsewhere in the world, especially in the West. As much as the corporate identity of the sole proprietor is determined by these principles the connected issues are…
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Download file to see previous pages parameter that requires a broader perspective based analysis here in order to comprehend the structural, organizational and legal framework of reference in the Canadian context.
Corporate entities including sole proprietorships in Canada have their own tax obligations. Thus sole proprietors’ tax liabilities to the government are determined by the same rules of liability determination under the commercial law. For instance under the corporate tax laws in Canada a sole proprietor is liable to pay taxes on his gross income after such deductions as for those of his dependents, Capital Cost Allowance on equipment, professional dues, if it’s a home-based business a certain amount as rent deductible and Canada Pension Plan contribution have been made. At a glance it seems simple that for a sole proprietor in Canada has no reason to grudge but nevertheless it must be noted unlike in the US, in Canada the businessman pays his income tax based on all his global operations. Again from province to province, there are some changes.
Canada Customs and Revenue Agency (CCRA) is the sole authority for the purpose of administering the country’s corporate income tax rules. Therefore it has the final say in determining the extent of liability for any individual business. CCRA acts in its capacity as the government agency for the administration and supervision of all tax related regulations and thus acquires a very significant dimension in the whole process, including granting exemptions as per individual merits. In the absence of reforms to the existing income tax regulations as per sole proprietor businesses there is much to be desire in respect of the individual businessman’s ever increasing tax liability under the Canadian income tax law.
Thus the sole proprietor businesses in Canada have been subject to a variety of situational analyses and studies during the last few decades. This is basically due to the fact that sole proprietors in Canada have been growing number at ...Download file to see next pagesRead More
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