Here’s a Handy Checklist to Help You Do Your Taxes

ON February 13, 2019

Getting prepared to do your taxes may be stressful for some, as they run through the list of everything they need for the third or fourth time, checking that they haven’t accidentally misplaced documents or simply forgotten to include something. After all, no one wants to miss out on any potential refund that they could […]

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Tax Tips and Traps 125, 2019 – 1st Quarter

ON February 11, 2019

In this edition: TAX TICKLERS CHILDCARE COSTS: Art, Sport and Educational Camps TRAVEL EXPENSES: Home to Work Site HACKED CUSTOMER DATA: Federal Reporting Requirements ACCELERATED DEPRECIATION: Federal Fall Economic Update Changes FEDERAL CARBON TAX: Costs and Rebates CANADA PENSION PLAN (CPP) CHANGES: Costs and Benefits are Increasing TAX TICKLERS… some quick points to consider… For […]

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Tax Tips and Traps 124, 2018 – 4th Quarter

ON February 11, 2019

In This Edition: TAX TICKLERS RETAINING EMPLOYMENT INSURANCE (EI) BENEFITS: Starting Part-Time Work DIRECTOR’S LIABILITY: Helping Out Family TAX ON SPLIT INCOME (TOSI): Can I Take a Salary Instead of a Dividend? ACTIVE BUSINESS VS. PROPERTY INCOME: Music Royalties CONTRACTOR VS. EMPLOYEE: Agreement on Contractor Status Is Not Enough DIVORCE SETTLEMENT: Family Business TAX TICKLERS… […]

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What Impacts My Take Home Pay?

ON January 14, 2019

So, you have just started a new job and, having negotiated a good salary for yourself, you are anxious to see just how much you will be taking home with each paycheck. Most people tend not to know exactly what their earnings will be until that first payday, when they see what deductions are made, […]

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What You Need to Know About GST/HST

ON January 9, 2019

If you run a business in Canada, you may have some questions about the GST/ HST and you wouldn’t be alone if so. Below is a collection of some of the more common questions, and some answers to help you out. Do I Need to Charge the GST/ HST? The short answer is yes. You […]

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How to Claim Vehicle CCA Costs (Depreciation)

ON December 14, 2018

Being able to claim certain goods and services as business expenses is a great option for business owners. Perhaps you have recently purchased a vehicle, or are simply contemplating doing so, and you would like to know how to write it off as a business expense. Unfortunately, you cannot. The purchase of a new or […]

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What is a Personal Services Business?

ON December 7, 2018

The number of people working from home has been growing steadily over the past few years and is expected to continue growing as we move into the future. As these single-person small businesses develop, their owners look to any advantages they can in order to turn a profit, save on taxes, and more. One popular […]

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Calculating the Home-Based Business Tax Deduction

ON November 23, 2018

The rise of the internet has seen a growing number of people begin to work from home, and if you are one of them, then you are surely going to want to deduct all the home business expenses that you possibly can on your income tax. While there are a number of home business-specific income […]

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What Are the Pros and Cons of Incorporating Your Business

ON November 8, 2018

If you are a small business owner, you may be wresting with whether or not to incorporate your business. While incorporating does offer advantages, it is not without disadvantages. If you are having trouble deciding, it’s worth examining both sides. What are the Advantages of Incorporating? Limited Liability One key advantage of incorporating is that […]

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How to Get Your GST/HST Refund?

ON October 16, 2018

If you are a business owner, you may be wondering if there is a way to claim back the GST/ HST that you have paid out. We’ll look at the answer to that here. Your Small Business and Input Tax Credits As the owner of a Canadian business registered for the GST/ HST, you are […]

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