Tax News

What to Do If You’ve Been Audited By CRA

ON September 14, 2018

It’s a scene that has played out in movies and TV many times: someone receives a letter that they are about to be audited, and that is followed by pandemonium. The thought of being audited strikes fear into the hearts of many as they envision the weeks and months of scrutiny that will follow. In […]

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How to Get a GST Number for Your Business

ON September 8, 2018

If you have a business in Canada, you will almost definitely need a GST Number. It is mandatory for you to register for the Goods and Service Tax and Harmonized sales tax (GST/ HST), unless your business has been identified as a small supplier. The definition of a small supplier, according to the Canada Revenue […]

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Small Business Tips: How to Pay Yourself

ON August 28, 2018

How do you pay yourself? To anyone who has never owned their own business, that might seem like an odd question. They probably figure it is a simple matter of giving yourself a salary based on the profits that the business brings in. But as a business owner, you will have come to see that […]

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Finding the Right Accountant for Your Business

ON August 27, 2018

So, you have reached a point with your business where you have grown enough that you now need to hire an accountant, but you don’t know what you should be looking for? An accountant can make your life much easier by allowing you to shift your attention away from accounting and toward other aspects of […]

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Budget Pitfalls That Can Ruin Your Startup

ON August 21, 2018

As your new business first takes form, you will likely be focused on your long-term vision and goals. That is perfectly understandable, and this is often what makes the early days of your enterprise exciting. It is important, however, not to lose sight of something that is critical to your success: budgeting. By focusing on […]

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Why Your Business Shouldn’t Use Excel for Accounting

ON August 14, 2018

Many small businesses don’t think twice about their choices for bookkeeping and go straight for Excel. After all, Excel is extremely well-known. It has been around seemingly forever, most people are familiar with it, and it is an easy matter to find multiple online tutorials and sample accounting formulas. But while it is the default […]

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Here’s the Information you’ll Need to Get a Business Loan

ON August 4, 2018

Many businesses will at some point require a loan, whether to cover startup expenses, or some other financial need. Despite the fact that such loans are commonplace, far too many entrepreneurs are unaware of—and unprepared for—the type of requests for information that they will be faced with upon approaching a financial institution. Your reason for […]

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Ways entrepreneurs can conquer cash flow challenges

ON July 29, 2018

As an entrepreneur, you have a lot on your plate as you build your business. Several concerns will vie for your attention every day, but of them all, perhaps the most important—and potentially the most challenging—will be cash flow management. Understanding cash flow is vital to the ongoing success of your business, but the average […]

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Tax Tips Traps – 1st Quarter 2018

ON April 5, 2018

TAX TICKLERS INCOME SPRINKLING: Where Are We Now? INPUT TAX CREDITS: Checking Up On Suppliers MARIJUANA: A Growing Industry LOANS TO A RELATIVE’S BUSINESS: What Happens When It Goes Bad? BUSINESS FAILURE: Personal Liability for Corporate Tax Debt COMMISSION PAID TO A CORPORATION: Any Issues? TAX TICKLERS…some quick points to consider… Of the approximately 28 […]

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How to Get a Refund on Your GST

ON February 16, 2018

If you operate a Canadian business and are registered for the GST/ HST, did you know that you can get back the GST/ HST paid during a given reporting period? You can, if you claim it through Input Tax Credits (ITCs) on your GST/ HST return. What are Input Tax Credits? What are Input Tax […]

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