Any tax payer that has to deal with the Canada tax department often does so with a certain amount of wariness. This is a very powerful sector of the government that can have a direct effect on an individual’s finances on an individual basis. If a person has a point of contention with the…
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…
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…
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…
You may be thinking that with all the bills that you have to pay and the everyday expenses you face, and the fact that you are an average income earner, that you will never have to be concerned about capital gains. A lot of people that normally do their own income taxes don’t even give…
Many business owners especially those that are new often feel like they also have to be a bookkeeper as well as accountant besides knowing about their business in order for it to be successful. In some ways this is true but fortunately there are experts in these fields who can take control of this…
A lot of business owners like to provide extra incentives and/or help in various ways for their employees. Often what they don’t realize is that this could be considered as “fringe benefits”, and as such is taxable. This is frustrating for both the employer and employee, but nevertheless it could be the law. Some prime…
As a new or small business owner naturally if your Company is doing well you want to reap the benefits of some of the profits. Your first inclination just may be to draw a salary from the business funds when it is able to support this or you have need of it. You…
Now that for most of us the tax season is behind us, but for some this will not be the case. You may receive an assessment of your taxes and the first thing you want to do instead of just filing this away is to read it carefully. It will either agree with what you…
As a business owner your tax season has either ended or is drawing to an end. Some companies have a more stressful time than others at this time of year, and a lot of it has to do with being organized. Running a business even as the boss is time consuming and in many…
