Tag · Canada

small business

2 Loopholes 🇨🇦 Canada

Loopholes Tagged "small business"

Plain-English guides to Canadian legal rights and workarounds related to small business.

GST/HST Quick Method — Small Businesses Pay Less Tax by Keeping the Difference

The GST/HST Quick Method lets most small businesses remit a reduced flat percentage of their gross revenues to the CRA instead of tracking every input tax credit — and for many service businesses, the amount remitted is less than the GST/HST collected, so the business keeps the difference as profit.

Lifetime Capital Gains Exemption (LCGE) on Small Business Shares

Canadian small business owners can shelter up to $1,250,000 (2024) in capital gains from the sale of qualifying small business corporation shares — completely tax-free — using the Lifetime Capital Gains Exemption.