business structure

Guide to Choosing Your Business Structure

Business structure plays an important role in tax perspective. Business structure in Canada determines how you will report income and which tax forms/returns you will have to use to report income to CRA. There are three most common types …

Continue Reading
deciding factors of incorporating

Why Should You Incorporate Your Business? 7 Factors to Consider


There are various tax and non-tax reasons to incorporate your business or investment portfolio; some of them are discussed below in brief:

Tax reasons of incorporating:

  • Income splitting: Income from business or property can be distributed among low
Continue Reading

Tips and Traps of Claiming Tax-Deductible Expenses by Employees Earning a Salary


Employees earning a salary may be able to claim some employment-related expenses if their employment conditions require them to pay for such expenses and in most of the situations is certified as such by the employer in CRA Form

Continue Reading
benefit of using quick method

Benefit of using quick method of accounting for GST/HST

The quick method of accounting for GST/HST is an alternate option available to small businesses to calculate their net GST/HST, especially for those who do not have much to claim/adjust as ITC (input tax credit) against GST/HST collected on revenues. …

Continue Reading
rental income

Tips of Deductions from Rental Property Income You Can Take at Tax Time

Income or loss derived from the rental of property inside and outside of Canada must be reported on your income tax return on a calendar-year basis. There are two types of expenses, namely, current expenses and capital expenses. You can …

Continue Reading
major challenges for small bus owners

9 Small Business Challenges and How to Overcome Them

No matter what small business owners live with worries all the time. When one problem is solved there is another challenge ready to address and go ahead. This is the reality of small businesses. Here are few of the small …

Continue Reading
Reasons Small Businesses Should Outsource Bookkeeping Services

Reasons Small Businesses Should Outsource Bookkeeping Services

Small business owners face risks and challenges every day to compete and survive in this competitive market. To mitigate risks and overcome challenges they need to take proactive measures to stay strong and survive. Doing back office works such as …

Continue Reading
DIY bookkeeping

Bookkeeping for Small Businesses | Do It Yourself (DIY)

Trending financial technology has shifted the paradigm of maintaining books and records of businesses from always by a professional bookkeeper/accountant to by anybody with very minimal to no knowledge of basic bookkeeping. Cloud-accounting software such as quickbooks, sageone, waveapps, freshbooks, …

Continue Reading
Tax Audit

CRA Tax Audit | Triggers and Tips for Small Businesses

Although CRA does not expressly mention how they select taxpayers for tax audit purposes, it is based upon our experience that following may trigger, among many others, a tax audit. If you want to keep your small business stay out …

Continue Reading
Tax Write-offs_Self Employed Individuals (1)

Tax write-offs available for self-employed individuals in Canada

Self-employed individuals here are taxpayers who operate unincorporated businesses, this may be sole proprietorship or partnership. Self-employment income usually derives from a commercial business or a professional service or a commission on sales. In all cases, they spend money to …

Continue Reading