Understanding Shareholder Loan Accounts
Understanding Shareholder Loan Accounts As interest rates continue to climb in 2023, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But before you plan to do that, it is important to understand the tax implications related to that. If you’re considering taking out a
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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 your
Read 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) audits
Read 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 this
Read More