Small business compliance for Canadian businesses means meeting your business’s tax obligations by complying with the tax rules and regulations that the Canada tax department has implemented. While most business owners have no problems accepting their tax responsibilities they are often challenged with the complexity surrounding the tax laws. As a result they can end…
A Canadian tax payer has many different potential tax credits available to them, but in order to receive these they have to qualify for each one according to the regulations that govern them. Included in these are donations to charities which do not include the gift of money but other items of worth. For example,…
Many businesses had a difficult time during the ice storm, and are still trying to recoup from both the potential physical damage it may have caused to their establishments, as well as playing havoc with the operation and administrative sectors of their business. For some that had tax obligations to attend to through this time…
There are a lot of people that work from home, and have a small business on the side. A lot of women enjoy selling products on a commission basic like Arbonne or Avon. For those that are really enthusiastic about this they can make themselves some decent money. However, it also puts them into a different tax…
It used to be that students never really had to give much thought to taxes until they were ready to join the working world once they completed school. Now with the economy the way it is, and many families not being able to afford the high cost of education, many students have to find part…
As Canadians we all look at ourselves as being in the same boat when it comes to our tax obligations, yet each of our tax situations is unique to us based on our circumstances. Often we hear about people who seem to be living well yet they boast about never having to pay taxes…
As tax time draws near no doubt you are giving your tax affairs some thought. This past year there has been a lot of emphasis on off shore accounts that were not being claimed and basically it centers around tax evasion. This has caused the CRA to update their T1135 form regarding foreign investments.…
If you have organized yourself properly as a small business person then you are keeping your business finances and personal finances separate. You should be looking at your business as a separate entity even if you are not incorporated. Often when an individual is operating a small business and in many cases from their home…
When it comes to your Canada tax obligation just what do you have to be concerned about? Let’s itemize the areas that you have to consider when it comes tax time. a) You have to be sure that all of the financial information that you need to submit is in your possession and you have…
Time to get your taxes done and there are lots of tax preparers in Toronto to choose from, but how do you go about this, and does it really matter who you choose as long as they get done and submitted? The answer to whether it matters who you choose or not, is an…
