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
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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
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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 a
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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 choose
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Leasing vs. Buying a Vehicle – Determining the Best Fit For Your Business
When your business needs a new vehicle, the most common question is if you should buy or lease a vehicle. The decision to lease or buy vehicle and other equipment is best made on a case-by-case basis, as every business is unique. Many factors play into your decision, and it can be stressful deciding which is best for your particular business. Let’s look at the pros and the cons of leasing vs buying vehicle for your business.
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Extension of Canada Emergency Business Account (CEBA) Repayment
The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the challenges of COVID-19 pandemic and remain resilient. The loan was given to cover their non-deferrable expenses such as wages, rent, lease payments, property taxes, utility bills etc.
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