Canada is one of the top ten trading nations with a highly globalized economy and tight connections to the US, which makes its markets inviting for foreign companies. Greenstep offers global consultancy services to ensure smooth and effortless operations in Canada and over 100 other countries.
Are you looking to expand your business to Ireland? There are many financial, regulatory, and legal considerations for companies operating in GIreland. Greenstep offers global consulting services for the possible challenges of internationalization.
Avoid unnecessary trial and error and common mistakes with a financial advisory partner who can guide you through the various steps of internationalization and ensure that you comply with all requirements. With a comprehensive global partner, expansion into Ireland and over 100 other countries is as easy as possible. Are you ready to go?
Income tax in Canada
All residents of Canada are subject to tax on their worldwide income. Nonresidents of Canada are generally subject to tax only on their Canadian source income, including income from a business or employment carried on or performed in Canada, and taxable capital gains from the disposition of “taxable Canadian property” as defined in the ITA.
Corporate income tax in Canada
As with individuals, corporations that are resident in Canada are taxed on their worldwide income. A corporation is generally considered to be resident in Canada for income tax purposes if its central management and control are exercised in Canada. Further, a corporation is deemed by the Income Tax Act to be resident in Canada if it was incorporated or continued into Canada. The federal income tax rate for general corporations is 15 %. Provincial corporate income tax rates range from 8 % to 16 %.
Goods and Services Tax
The comprehensive federal Goods and Services Tax (GST) generally applies to the supply of goods and services made in or imported into Canada and the rate of the tax is currently 5%. The GST system is administered by the Canada Revenue Agency (CRA). GST is charged at each stage of the selling process. Certain provinces (Nova Scotia, New Brunswick, Newfoundland and Labrador, Ontario, and Prince Edward Island) have harmonized their provincial sales taxes with the GST to form a single Harmonized Sales Tax (HST). The HST has essentially the same rules as the GST.
We recognize that some countries are more important to our customers than others. Therefore, we offer tailored service solutions to provide the most value to our customers and take into account all local requirements and possible language challenges your subsidiaries might face.
With our One Touch model, we offer you a tailored solution that you can optimize exactly to your needs. With the help of MSI Global Alliance, we can take care of your financial services and help the cross-country coordination to be as smooth as possible.
Our MSI Global Partner in Canada is Hogg, Shain & Scheck Professional Corporation. It is a boutique professional accounting firm with over 46 years of experience providing audit, tax, and advisory services to entrepreneurs, corporations, and charities & not-for-profit organizations in the Greater Toronto Area and across southern Ontario.
NetSuite clarifies your processes
NetSuite is a cloud-based business management system that is tailored to support the unique needs of your business. Projects include evaluating and adapting entire financial processes for scalable operations.
Bezala makes expense claims easy
Bezala has been developed by Greenstep to help you claim expenses quickly and easily. Instead of collecting receipts and carrying them from one country to another, you can take a photo of your receipts and send them directly to the accounting department without wasting your time on copying, scanning, and writing reports. With Bezala you can also claim per diems and mileage claims.
Mileage allowance in Ireland: CAD 0.68-0.62/km
Per diem in Ireland: CAD 98.45 per day plus an incidental allowance of CAD 17.50
