How To Ensure Rental Income Within Your Corporation is Active Business Income
How To Ensure Rental Income Within Your Corporation is Active Business Income May 5, 2023 Tax Question: How do you ensure your rental income within
Home » News » Canadian Tax FAQs » What are Assets 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.
Assets can be classified as either current or long-term, can be tangible or intangible. They may also directly generate cash flow and are usually recorded at historical cost (the value when acquired).
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Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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