What is a Personal Real Estate Corporation (PREC) A Personal Real Estate Corporation (PREC) is a corporation specifically for a real estate agent or broker who is trading in real estate. It allows a real estate agent to earn business income through a corporate...

Deciding whether to take a salary or dividend out of your corporation can be a tricky decision, especially when both have advantages and disadvantages. Effectively weighing the tax and personal consequences is necessary in order to make the best decision....

Outsourcing or hiring experts may add to your income statement, but it can pay off. A survey by The Alternative Board states that most entrepreneurs spend nearly 70 percent of their time on mundane back-office tasks, such as bookkeeping. Smart business owners focus on...

What is a TFSA and RRSP? The TFSA is a tax-free account that you contribute to based on after-tax income. On the contrary, a RRSP account is a tax-deferred account that is contributed to with pre-tax dollars. You will pay taxes when money is withdrawn from the...

Determining which expenses you are eligible deduct can be confusing at first. There are many different deduction types available, especially for small businesses. Among the most common categories of business expenses are operating, home office, auto and personal....

The decision on whether or not to incorporate your business is a major decision. Incorporation is difficult and often times impossible to convert back into a sole proprietorship, leaving you to do extensive research before the decision is made. Difference between a...

Buying and selling real estate is turning out to be a lucrative investment strategy and many investors have been increasingly adding real estate properties to their investment portfolios. Should I hold my real estate investments personally or in a corporation? When...