Why you should file a Tax Return even if you have NO Income With the tax season now here, it is important to remind everyone to file a tax return. Even if you have no income, it is essential to file so that you don’t miss out on credits that could be available to you Read more about GST/HST credit – Always file a tax return[…]
RRSP or TFSA: Where to Put Your Money? It’s that time of year again (RRSP season), when people start thinking about putting money into RRSPs. As the Retirement Savings Plan (RRSP) deadline of March 1, 2018 approaches, I notice that all banks start to question and answer if you have contributed into an RRSP. When Read more about RRSP or TFSA? Where to put your money[…]
Taxable Benefits Definition A type of payment to an employee from their employer that is seen as a positive benefit is considered a taxable benefit. It can take a variety of forms such as, a cash allowance, a reimbursement, or the free use of something. Nothing is considered free when it comes to taxes. Any Read more about Taxable Benefits: what/how are they taxed?[…]
Outsource your Bookkeeping to an Accounting Firm The decision to outsource your bookkeeping is something that many small business owners struggle with. Many prefer managing their own bookkeeping. Doing it yourself or keeping it in-house is not always the best approach. Sometimes it is better to delegate the responsibility of bookkeeping. Here’s why. You get Read more about Outsource your Bookkeeping[…]
Small Business Bank Account Looking to change your business bank account or opening a new business bank account. A question I get asked a lot is, what is the cheapest and best small business bank account to use? While I can’t make a recommendation because each business is different with different factors that need to Read more about Canadian Small Business Bank Account Comparison[…]
DIRECT VS INDIRECT METHOD In my previous post, I spoke about how important cash flows are for a business and provided tips on how to improve your businesses cash flow. Major factors that affect cash flow are large purchases such as inventory which would be purchased all at once but sold over time, large capital or Read more about Direct vs Indirect Method of Cash Flow[…]
A high percentage of business start-ups fail due to cash flow problems. They focus on building a business and ensuring that they have a budget and a profit margin forecast. While these are important for all businesses, cash flow should not be forgotten. Without cash flow it does not matter how big your profits are Read more about Cash Flow Tips For Small Business[…]
Capital gain vs business income When flipping a house, people usually prefer to have the profit treated as capital gain which is only 50% taxable at their individual tax rate, compared to business income which is 100% taxed. There are some situations where business income may be preferred. For example when a sale of a Read more about Capital gain vs business income when house flipping[…]
Tax return – Pay the lowest cost seasonal tax preparer or hire a CPA? It’s that wonderful time of year again – tax season. While this is something that all Canadians have to do, everyone has their own way of doing it. Some prefer to pick up the forms and do them manually. Others will Read more about Why you should choose a CPA for your tax return[…]
CHANGES EFFECTING PARENTS Canada Child Tax Benefit (CCTB) Starting July 2016 the new Canada Child Tax Benefit will replace the Universal Child Care Benefit (UCCB). Under the UCCB, a parent receives $160/mth for children under 6 and $60/mth for children 6 to 17. UCCB is added to an individual’s income and taxed at each person’s income Read more about 2016 BUDGET Canada – What you should know[…]