We solve serious CRA tax problems

Cash Donations

Donations

Cash donations made within 30 days from the date that real estate or shares of a private corporation are sold will exempt some or all of the capital gain from tax.

  • The amount of the exempt gain will be based on the proportion of the proceeds that are donated;
  • The purchaser must be arm’s length with both vendor and done;
  • Within five years from disposition:
    • The donor and non-arm’s length persons cannot reacquire the property or substituted property;
    • In the case of redemption, the donor must deal at arm’s length with the corporation at the time of the redemption; and
  • The previously exempt amount will be included in income for the year of reacquisition or redemption.
pro-tip

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.

Testimonial

Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”

E.M., Ottawa
pro-tip

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.