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 [...]
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 [...]
Navigating the tax system here in Canada is a real challenge. Most business owners don't know all the credits and deductions available to them. It's important that you sit down with your accountant and financial advisor to do tax planning. In this article we have provided 5 tax savings tips that could help reduce your [...]
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, [...]
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 [...]
Tax can often be confusing for new business owners. Take the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) for example – not everyone is required to charge it, and in some provinces it is combined with the retail tax into the HST. GST is a 5% tax on most goods and services. [...]
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? [...]
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 [...]
Small businesses are on the rise as more people opt to work and create financial stability, for themselves. Owning a small business can be a big challenge. According to Innovation, Science and Economic Development Canada, between 2014 and 2018 an average of 97 640 businesses were created every year and 89 227 businesses disappeared. That [...]
In our first blog about accessing Canadian Government Funding for your business, we talked about the specifics of grants and loans, how they work, and which one might be right for you. But there’s a whole lot more you need to do before that money might land in your hands, and convincing the funders [...]
