Many businesses big or small tend to extend credit to their customers. They may allow anywhere between 30 to 90 days to pay their invoices. At times this doesn’t work well because the odd customer ends up not paying. So what type of tax situation does that create for the business owner? The CRA has…
There are a lot of different reasons that people go into business for themselves. Some are aspiring to start a small business with the hopes that it will grow big enough to meet their financial needs and provide them with the type of lifestyle they are looking for. Others have no real intention…
With jobs being hard to get both employers and employees are becoming more creative with their business and financial needs. In the past there have been a lot of people who simply prefer a salary or a wage and don’t want the insecurity that can come with commission payments. Businesses that are struggling…
Many people make mistakes on their tax returns and they may not be caught by Revenue Canada. Once the tax payer realizes that indeed a mistake has been made they are not sure what to do, so they just live with the hopes that it will not eventually be detected. Although many of…
A while back there was a lot of talk about the CRA clamping down on charities as there were indications that this particular tax break was being abused. So what is happening recently with this issue? Many people are concerned about the charities they are contributing to because they want their donations to be…
The older people get usually the better it gets financially. The family has basically grown up and become self sufficient, in most cases. All of the major items need for reasonable living have been purchased and long paid for. Now is the time to think about enjoying life a little more, but…
We all complain about having to pay taxes, yet we know that it is necessary if we are going to be able to maintain our beautiful country and keep it as a wonderful place to live and work. While we may seem hard done by and some say we are taxed to death, how…
It almost seems like every Political party feels that they have to come up with some new and unique idea to make a mark for themselves. With our current Ontario Liberal government the new buzz is going to be around their potential planning for a new old age pension for Ontarians. They are promoting it…
It is usually around tax time that we give the most thought to our tax dollars that we have to contribute and often it is because we realize at this time just how much we have contributed throughout the year, or we have to pay even more and this is not pleasant. It might help…
A lot of people are becoming more pro-active in finding legal ways of trying to reduce their tax obligations. There are many ways that they can go about this. Also, it is becoming more important to implement some financial planning strategies that not only include your taxes but help to save money in…
