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How often should I review my financial statements?

How often should I review my financial statements? As a small business owner, it is important to keep an eye on the company financials and take out time to review your financial statements, such as profit and loss statement, balance sheet and cash flow statement. How often do you take a look at or review

Investing in RRSPs or TFSAs: What’s right for you?

Investing in RRSPs or TFSAs: What’s right for you? If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges. Can you save for the retirement and get a tax break? An RRSP and a TFSA are both investment accounts, registered with the Canada Revenue Agency (CRA), that

Everything you need to know before closing down a business in BC

Everything you need to know before closing down a business in BC Closing a business is never a pleasant or easy task. It may be for personal reasons, like retirement, or perhaps you no longer feel it’s a sustainable business. It’s vital to follow the right administrative procedures to notify the relevant government agencies that you

Boost your small business digital strategy with the Canada Digital Adoption Program (CDAP)

Boost your small business digital strategy with the Canada Digital Adoption Program (CDAP) In March of 2022, the Canada Digital Adoption Program (CDAP) was announced by the federal government. As part of Budget 2021, the $4 billion investment is dedicated to supporting small businesses through access to micro-grants, loans, and a network of professionals ready

How to recession-proof your business finances in 2023?

How to recession-proof your business finances in 2023? Small business owners are struggling to make sense of the current economic state in 2023, with reports on a looming recession floating around. Therefore, it is advisable to be ready to weather the upcoming storm. Just as evolution in animals dictates that only the fittest survive, in

Here are answers to five of the top business tax information questions

Question 1: How do I register for My Business Account? You can register for My Business Account using your Canada Revenue Agency (CRA) User ID and password or through a sign-in partner. Haven’t set up your CRA User ID yet? Find out how here: Registration process to access the CRA sign-in services What you’ll need to register: CRA

Beware of scammers posing as CRA employees

Over the past few years, scam phone calls from individuals claiming to be from the Canada Revenue Agency (CRA) have increased. As we approach the time of year to file personal tax returns, these calls become more frequent as scammers seek to take advantage of the tax season. How to make sure the caller is

Government Announces the 2023 Automobile Deduction Limits and Expense Benefit Rates for Businesses

Government Announces the 2023 Automobile Deduction Limits and Expense Benefit Rates for Businesses Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023. The following changes to limits and rates will take effect as of January 1, 2023: The ceiling for capital cost allowances (CCA)

All You Need to Know About Tax Deductions From Commission Income

All You Need to Know About Tax Deductions From Commission Income Employers offer additional incentives to employees to generate high performance levels in form of bonus or commissions on top of their base salary. Commission employees under the paragraph 8(1)(f) of the Income Tax Act, have the option of deducting a broader range of expenditures

What are the Consequences of Not Filing Taxes in Canada?

What are the Consequences of Not Filing Taxes in Canada? All Canadians whether they are working for someone, self-employed or a corporation have to file their tax returns every year. Filing your taxes late and not filing your taxes at all can have severe consequences. In this article, we will discuss the penalties for not