Most every business person wants to stay on top of their expenses for their business so these don’t eat into the profits. The CRA has some very stringent rules that have to be adhered to for each type of expense. A certain amount of expenses are often created as a result of business…
A lot of young people throughout the Toronto area and even the country itself have dreams of one day owning their own business. There are many things that can hold them back ranging from finances to not enough experience, and in some cases even the Canada tax regulations. Before letting the business tax implications…
What may have started as a small home business may now be leading you to making a decision as to whether it is time to find a new location. There can be a lot of reasons as to why you are in this position. It may be that you need a better quality professional…
There is no doubt that advertising costs can become substantial, but perhaps you are thinking at least you can claim these expenses. In many cases you are right in thinking this way, but don’t just assume that 100% percent of these costs is going to be a tax deduction. Where you choose to do your…
Perhaps you started out in a business venture with another individual and you just assume they are your business partner. What you may need to determine is whether it is a general partnership or a limited partnership. The daily operation of your business probably doesn’t raise too many questions as to whether you consider yourself…
As a small or new business owner you are now faced with a lot of administrative tasks. Included in these is your obligation to the CRA, which goes beyond just your yearly tax remittance. If you have employees then you have a set amount of rules that you must follow diligently regarding the…
When you are operating a small business there never seems to be enough time in the day or enough hands to get everything done. The three main areas of your Company that is non stop in its demands are your operational duties, administrative duties, and your financials. By keeping these separated in regards to…
When a business owner is looking to hire staff to help run their business they usually have a set criteria that the potential employees must meet. They want staff that is going to be loyal, enthusiastic about the Company, and willing to learn all the ins and outs of the business as it relates to…
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…
In most cases as an employer you will be busy enough keeping up with the standard accounting and tax remittances that are demanded of you as a business owner. Every once in a while though there may be special payments made to your employees that you will need to make adjustments for when calculating and…
