Accessing Government Funding for Your Business (Grants and Loans)

Small business owners have it tough. A majority of the start-up and maintenance costs must be covered by them in order to operate as a proper business. However, if you do not currently have a high-income job or access to unlimited funds, you'll need to find a way to financially support your business. This is where government funding comes in. Whether you realize it or not, the government is involved in businesses and they have a special interest in ensuring [...]

How to Minimize Your Chances of Being Audited by the CRA

Any individual and business owner dreads the idea of receiving a letter from the Canada Revenue Agency (CRA) about being audited. While there is no guarantee you'll avoid the eyes of the CRA, you can minimize your chances of being audited by the CRA by paying attention to these red flags. What is an audit? According to the CRA, audits ensure fairness in the tax system for anything. Although the majority of citizens comply with tax laws and processes in [...]

3 Ways to Plan Your Taxes as a Student

Attending post-secondary is a large investment for many students. Although it can be quite expensive to attend, students enroll out of hopes that the fields they get into will eventually pay for any debt they may accumulate and fund their dream lifestyle. Those with post-secondary degrees tend to see more income and higher salaries over their lifetime. However, students still want to save as much as they can to improve their future. Nevertheless, tuition is not the only cost students [...]

Year End Tax Planning for Self Employed Individuals

As a self employed individual, setting aside money for taxes and contributing to the Canada Pension Plan (CPP) becomes your responsibility. Self-employed individuals are considered their own employer and the employee, so you also have to contribute to CPP at double the rate. It is up to you to track business and personal expenses, income, invoices, and receipts. This can all be stressful, especially trying to figure it out on your own.  What is year end tax planning? Year-end tax [...]

4 Proven Ways to Do Year End Tax Planning for Parents, Spouses and Caregivers

It's the end of the year already which means the last opportunity for year end tax planning for parents, spouses, and caregivers. Raising a family and providing for a household can be expensive, but there are also many benefits and deductions available to lower the tax you owe once it is tax season. As a parent, spouse, or caregiver, there are circumstances in which unexpected and unavoidable expenses came up. Taking note of the flow of your finance will keep [...]

5 Tips to Help Business Owners with Year End Tax Planning

With the holiday season fast approaching, year end tax planning may not be the first thing on any business owner's list but once the holidays end, tax season will creep up sooner than you think. Being prepared for tax season will help limit any unexpected costs when you complete your tax returns. Businesses commonly use the end of the year to re-evaluate their goals and finances. As a business owner, it is important to plan the moves you make throughout [...]

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