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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. …
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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