What are the Pros & Cons of Incorporating Your Business in 2023?
What are the Pros & Cons of Incorporating Your Business in 2023? If you are starting up a small business, you might be wondering how you should structure your company? Whether you should incorporate your business or opt for a sole proprietorship in Canada? At some point or another, you may decide to incorporate yourRead More
How to Minimize Your Chances of Being Audited by the CRA?
How to Minimize Your Chances of Being Audited by the CRA? As a small business owner in Canada, being audited by the Canada Revenue Agency (CRA) can be a most daunting experience. You have enough to do managing your business without undergoing a time-sucking and possibly expensive tax audit. The Canada Revenue Agency (CRA) auditsRead More
What Financial Statements Does A Small Business Need in Canada?
What Financial Statements Does A Small Business Need in Canada? Financial statements are a key tool for running your business. A financial statement is a formal set of record of a company’s financial status at a specific point in time. These plans give a current landscape of your small business and forecast the future visionRead More
All You Need To Know About Claiming Medical Expenses On Your Personal Income Tax Returns
All You Need To Know About Claiming Medical Expenses On Your Personal Income Tax Returns While Canadians have the privilege of universal healthcare, not all procedures, medications, assessments, and therapies are covered so we’re often left to reach into our own pockets, especially if we don’t have private insurance. But did you know that you canRead More
Top 10 Start-up Accounting Checklist for New Business Owners in Canada
Top 10 Start-up Accounting Checklist for New Business Owners in Canada Starting a small business in Canada definitely comes with it’s challenges, thus having a checklist to starting your own small business is very important. Our starting a business checklist includes all the tasks you need to get going. To help, we’ve put together thisRead More
What Are The Tax Efficient Ways to Withdraw Money from Your Business?
What Are The Tax Efficient Ways to Withdraw Money from Your Business? As a business owner, you may have surplus cash accumulating in your corporation. Simply withdrawing cash from your business will likely result in a significant tax bill. So the question then becomes: how do you take money out of your business in aRead More
How To Pay Yourself As A Business Owner In Canada? Salary Vs. Dividends
How To Pay Yourself As A Business Owner In Canada? Salary Vs. Dividends As an owner of a small business in Canada, you have an option to choose between dividends or salary as your main form of income or have a mix of both. While there’s no right or wrong answer, the option you chooseRead More
What Are The Tax Implications For Rental Income Properties?
With the rising inflation, owning a house in Canada is getting very expensive so many homeowners earn rental income by renting out space in their primary residence or from a separate rental property. According to recent a CIBC poll, more than one in four Canadian homeowners are either already landlords (15%) or plan to earnRead More
Still Working From Home? – Breaking Down The Implications Of Remote Work On Taxes
During global COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some that means working from the cottage or working from a foreign location. While this has been a great opportunity for employees and employers alike, there’s just one catch: understanding the impact of working remotely on taxes. In this article, we will explain where Canadian remote workers pay taxes and the unique tax implications of working remotely.Read More