There are many advantages and disadvantages of incorporating a business owned and operated by a sole proprietor – however a corporation may provide that added layer of protection and tax planning that a successfully run business would be ready for…
Cash flow statement is a financial statement that records how cash flows in and out of a business during a specified period. This statement gives a well-rounded picture of a business’s financial health by determining where a business is earning…
Any Canadian Controlled Private Corporation (“CCPC”) in Canada which earns investment income (also referred to as passive income e.g., capital gains, dividends etc.) is subject to certain tax regulations that will be discussed below: Refundable portion of Part I tax:…
Canada revenue agency provides certain small businesses with an option to use Quick Method to calculate GST/HST remittances (instead of regular GST/HST reporting method). This method requires a reduced amount of documentation and allows an easier calculation of the GST…
There are certain other factors that should be considered when one is deciding to incorporate. Advantages of Incorporation: Limited Liability: Liability protection is the main non-tax fundamental reason that a business usually incorporates. Even though sole proprietor and partners of…
As a taxpayer in Canada, you have rights that extend the right to pay tax. The Taxpayer Bill of Rights was introduced in 2007 to increase accountability and transparency by the CRA. The document outlines sixteen rights and provides a…
What is a QuickBooks ProAdvisor? A QuickBooks ProAdvisor is a person, typically a CPA or an accounting technician, who completed the course, took the test, and became certified in QuickBooks. There are different types of certifications one can apply for,…
Dividends from a subsidiary corporation to its parent corporation are often thought to be tax-free – however this is not a safe assumption. The simple movement of dividends from a subsidiary to its parent corporation using the tax exemptions available…
One intent behind the preparation of a will should be to ease the administration of your estate. Your solicitor should have a clear understanding of your obligations because in addition to creditors for debts of the deceased and the estate,…