Accurate accounting does more for your business than ensuring compliance and optimizing taxation. Professionally prepared statements provide decision-makers with data on key financial performance indicators. Below we discuss some of the most common business accounting...
Most Canadian business owners have dealt with the Canada Revenue Agency (CRA) at some point or another. Thankfully today's technology makes it easier for business owners and their authorized representatives to access corporate income tax, payroll, GST/HST and excise...
Property owners who earn rental income, from tenants of independent rental units or single rooms in their homes, are eligible for a variety of valuable income tax deductions against this income. In the following blog, we will explore the types of deductions available...
When it comes to your investments, business owners have the option to hold assets personally, as a business or to reinvest them into their business. How you choose to invest should factor in your financial goals, costs, and return on investment. Below we explore some...
Everything you Need to Know About Writing Off a Car for Business One of the more common business expenses, especially for local small to medium-sized contracting companies, is automobiles. Choosing to purchase or lease your corporate vehicles and how those vehicles...
Now that we’ve said goodbye to 2021 and begun filling up our day planners for the year ahead, there are some common tax deadlines to keep on the calendar. Personal Tax Filing Most employed individuals must file and pay taxes owed by May 2, 2022. Start getting...
Each year hard-working, honest Canadians must navigate the neverending changes to personal tax filing. In this month's blog, we present some simple strategies that can help income earners limit their tax exposure. Leveraging Debt Next time you’re making a large...
Are mergers and acquisitions (M&A) part of your business's growth strategy? M&A can serve as an opportunity to remove competition, improve operations, expand product lines, venture into new markets, secure valuable personnel, or acquire new technologies....
If you're an owner of a corporation, chances are you’ve received or will be receiving income from your business in the form of a salary, dividends or a combination of both. In this month’s blog, we compare the advantages and disadvantages of each compensation method...
If you own and operate as an incorporated small business, you may be surprised to learn that the CRA may classify you as a Personal Service Business (PSB). Below we explore how a PSB is defined, its potential disadvantages to your corporation and simple tax planning...