Tax News

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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Which Meal and Entertainment Expenses Can be Claimed?

ON October 3, 2018

One nice advantage of being business people is the ability to deduct certain expenses, among them entertainment and meal expenses. The amount deductible varies, in some cases reaching up to 100% but what are the exact guidelines for determining what is and isn’t deductible, and to what degree? We’ll look at the rules for meal […]

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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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