As Canadian tax payers one thing we do know for sure is that at some point in time we all will most likely have to pay some amount of tax. In most cases most of us don’t pay much attention to what our Canada tax system is really all about, and when it is…
We have often talked about how important it is for you to keep your business organized, and how this is beneficial when you are working with your accountant. This is also applicable to online businesses which are commonly called E-business. The organization for this type of virtual business is twofold. Not only do you have…
If you work in an industry where part of your income is comprised of tips, then you have no choice but to declare them on your annual tax return. Chances are you have taken on a job where part of what you make is going to be based on what you glean from tips. You…
Before you can even determine if being a taxi driver has any tax advantages you have to determine if you are classed as a transportation employee, or are you a self employed individual. Each of these circumstances have some benefits and drawbacks to them regarding your tax situation. Remaining simply as an employee puts…
It can be really difficult to know how to classify your truck driving services when it comes to the expectations of the Canada Revenue Agency. Perhaps you are an independent driver who provides transport services for multiple companies. You have no business name or business number. Or maybe you take on long haul contracts through…
One of the biggest issues that many small to medium businesses face is, non compliance problems with the Canada Revenue Agency. Often these are not intentional but are as the result of lack of knowledge or proper administrative procedures. It could include not keeping the proper books and records or incorrect receipts. …
It wouldn’t be a mistake to say that most businesses especially those in the small to medium category, welcome almost any type of help they can get to grow their business. If this is help that is being offered by the CRA though is going to be a warmly received? It goes without saying that…
As a small time Toronto business owner, no doubt you would receive good tax news from our government with open arms. When we read statements like a new tax move could save small businesses more than $550 million over the next two years it really seems impressive. This is referring to the Small Business…
We have talked about owning a second home for a variety of reasons like perhaps renting it out to generate some extra income. Then you may have purchased a second home with the idea of fixing it up and selling it for a profit which may be called property flipping. Now lets talk…
For the new business owner it can be quite a task hiring the new employee. For some it is a matter of seeing what skills an individual possesses and making the decision from there. What is forgotten is that setting up the employee/employer accounts with the proper government agency is time consuming and demands…
