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 [...]

3 Year End Tax Planning Strategies for Investors

The end of the year is a common time for businesses, investors, and individuals to contemplate their goals and reevaluate their finances. As an investor, it is also important to conduct tax planning to plan the moves you make throughout the year. It is common to review what went well and areas to improve at the year-end to position yourself better financially. Due to this, many investors take part in tax planning at the year-end to prepare for the next [...]

Should I lease or buy a car?

After becoming a licensed driver, the dream for many is to own their own car, their dream car. In an ideal world, we’d buy it with cash, but purchasing a car outright is not feasible for everyone, even for those who can afford it. If you are planning on purchasing a vehicle and debating between buying and leasing, here are some advantages and disadvantages to help with your decision. Advocates for leasing love the ability to get a new car [...]

What is a Personal Service Corporation?

Tax advantages are one of the primary reasons individuals incorporate their business, but if the CRA classifies your business as a "Personal Service Corporation" it may set you back. In a previous article, we outlined the benefits and drawbacks of incorporating your small business. Incorporating your business not only saves money during tax season but also protects your personal assets and reduces your liability. However, as a one-person company, the ramifications of incorporating are huge. A Personal Service Corporation tax [...]

Should you incorporate your business?

Incorporating is a major business decision. With pricey setup fees, paperwork, and regular reporting, it isn’t a straightforward choice to make. Yet some businesses feel the legal and tax advantages, along with other pros, outweigh the cons. Other business owners may not find it beneficial, especially with the work required to remain legal. However, if you would like to know if you should incorporate your business, we will walk you through it. When forming a business, the government of Canada [...]

Choosing The Right Small Business Accountant

Selecting the right accountant is up there will picking the right auto mechanic and financial advisor. There is a high level of trust required between both parties and pressure put on the relationship. Having the right small business accountant on your side is so vital to your financial health and ultimately your business success. Thanks Xero for sharing some advise - we've picked out the best bits. Enjoy. Top tips for choosing an accountant Once you've decided it's time to [...]

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