For those that have an established business, quite often the same employees have been working for the company for many years. While there is certainly a lot of paperwork that is created for employees, often what is forgotten about is the ROE which is the record of employment. Often employees experience a time away from…
Nobody wants to think about their taxes until tax time but here we are in the last quarter of the year already and for some they are scrambling around to see how they can make it so the current year will have less of an impact on them come tax filing time. This is the…
You may not be familiar with the term house flipping, but if you have purchased a second residence and sell it within a specific time frame then it may become something that you are soon going to experience because of its potential tax implications. Most probably you realize that if you do sell this second…
As a business owner you have soon discovered that there are a slew of never ending business decisions to make. Whenever you are making decisions for your business usually they are going to have some type of financial implication to them. This is no different when you are trying to decide whether you should lease…
We have talked about the importance of business plans and how beneficial they can be to your business. They are a great tool for providing a road map for you to follow as your scale up your business and help you to identify its strengths and weaknesses. They can also be a valuable tool in helping…
If you are just starting up a new business then you have your hands full. In no time at all you will probably find that all of the business obligations are just too much for one person to handle, yet the company isn’t strong enough financially to give you the help you need. The two…
Sometimes tackling your tax obligations can put you in a situation where knowing a little can get you into more trouble than not knowing anything. You may have some basic understanding about some tax matters like transferring property so you can lower your tax obligations, but you don’t have enough knowledge to know that this…
Perhaps you are the higher income earner in your family, or your spouse doesn’t earn any income at all. Yet you are still paying a hefty tax rate because of the income bracket you are in. You may want to think of splitting that income which would allow you to transfer some of the money…
Perhaps you made a move this year so you could find new employment. Or maybe your employer had you locate. Then again it could be that you are a student and have changed your residence to be closer to your educational institution. Any of the reasons for moving could have an affect on your…
This is also known as a notional assessment or involuntary Canada Revenue Agency (CRA) tax assessment. If you have not filed your taxes on time then you could possibly be the receiver of one of these types of assessments. Basically it means if you haven’t filed your tax return then the CRA will complete the…
