Articles

If one thing is for certain it’s that small business owners don’t mind saving money. After all, when you’re running your own shop, every cent counts. While some expenditures are absolutely vital to success, there are plenty of areas in which small business owners can cinch the belt. Here are 5 Ways That You Can … Read more

Has CRA come calling? You may have been chosen by CRA for a tax audit because certain expenses look high or your reported income seems too low. It could just be the industry you are in is a target or perhaps CRA is auditing a friend, family member or supplier and want to ensure payments … Read more

April 30 is behind you. You filed your business taxes. It sucked… but you got through it. Go ahead: Big exhale. Now let’s make sure you won’t have to go through the same chaos, stress, and anxiety when tax season rolls around next year. Instead of playing the “out of sight, out of mind” game … Read more

It’s April 30 and tax season is coming to an end. Did you make it? There is a short reprieve this year due to a system outage at Canada Revenue Agency resulting in an extension to May 5. If you’re worried about a large tax amount owing it’s still better to file by the deadline … Read more

The deadline for individual tax returns for 2013 taxes is now May 5, 2014. The Canada Revenue Agency (CRA) extended the tax filing deadline 5 days to compensate for down time from the Heartbleed bug. CRA had turned off online services, including e-filing, due to security concerns related to the Heartbleed bug. Full service was … Read more

If you or a family member is over 65 you could benefit from the Ontario Healthy Homes Renovation Tax Credit or the B.C. Seniors’ Home Renovation Tax Credit. These credits assist individuals 65 and over to make improvements to make their home safer and more accessible. Both credits are refundable tax credits. The Ontario credit … Read more

Hindsight is 20/20, so they say. Most small business owners can agree with that, particularly on the small business accounting front. Ask any small business owner what they wish they knew about accounting before they started their venture and you’ll feel like a young swab hunkering down over beers with a grizzled sea captain eager … Read more

Many small business corporations, including farm corporations, use life insurance as a way to protect assets. 
 Premiums for permanent insurance on an organization’s principals aren’t deductible, so it would make sense that the proceeds are not taxable. 
 A policy’s net proceeds, which are the payout less the adjusted cost base of the policy, … Read more

You likely developed a business plan when you started your business. If you applied for a start-up loan or other funding you would have had to present a business loan. However, when was the last time you looked at your business plan? Keep your business plan close at hand and refer to it often to … Read more

In 1945, the Canadian tax return package was only 3 pages. Today, the T1 General is 4 pages, plus there’s a 4 page worksheet, 13 schedules and depending on your province of residence, an additional 2 to 5 pages for provincial taxes and credits. That’s up to 26 pages in the 2013 tax return package! … Read more