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business structure

Setting up Your Business with Proper Structure

Business structure plays an important role in tax perspective. Business structure 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 of business structures …

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deciding factors of incorporating

Deciding factors of incorporating your business or investment

 

There are several 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
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Blog_exp-claim-by-employees

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 …

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benefit of using quick method

Benefit of using quick method of accounting for GST/HST

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. Such …

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rental income

Deductions you can claim from your rental income

Income or loss derived from 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 deduct …

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major challenges for small bus owners

Major challenges for small business owners and tips to overcoming 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 challenges they usually …

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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 …

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DIY bookkeeping

Do It Yourself (DIY) Bookkeeping for Small Businesses

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, …

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Tax Audit

CRA Tax Audit: Triggers and Tips for Small Businesses

Although CRA does not expressly mention how they select taxpayers for tax audit purpose, 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 …

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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 …

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