Steps for Managing Financial Hardships and Difficulties

One of the most disruptive things to happen in your life is a financial hardship. These can come in many different forms, like losing your job, poor investments, natural catastrophes and illness. It is important, if you should find yourself in any of these situations, to remain invested in identifying your next steps and making Read More

By |February 15th, 2018|Small Business Tips|

Marriage Breakdown – Tax Questions

Dear Aunt Gabby:

My husband and I have decided to end our marriage.  We have been married for 7 years and have two small children.  How will this affect my taxes?

Distressed and Disturbed
Dear Distressed and Disturbed:
I am so, so sorry to hear about your situation.  Sometimes soul mates turn into soul duds.  Unfortunately, ending a marriage Read More

By |February 13th, 2018|Uncle Bean Tax Corner|

Common Law and Tax Implications Question

Dear Aunt Gabby,

My boyfriend and I moved in together about a year ago.  He is telling me that we have to select common law on our personal tax return for this year.  I don’t want to do this because it is almost like saying that we are married.  I’m not sure that I am ready Read More

By |February 13th, 2018|Uncle Bean Tax Corner|

Feds Clarify Income Sprinkling Proposal

We’d like to share the following article from Advisor.ca, clarifying the rules for income sprinkling:

“The federal government provided revised income sprinkling measures Wednesday, offering clarity about how its controversial changes to the Income Tax Act will be implemented.

The feds “have significantly narrowed the scope, and they’ve provided clarity,” says Dave Walsh, partner and tax service Read More

By |February 2nd, 2018|The Library|

5 Federal Tax Tips for Retail Businesses

With the recent oil price downturn in Calgary and the increase in labor costs, many businesses are looking for ways to save on their taxes and keep their doors open. Here are five ways that retail business owners can potentially save on income taxes and increase their profitability.
Family Member Worker Expenses
Wages that business owners pay Read More

By |January 15th, 2018|Small Business Tips, Tax Tips|

Tax Tips for Real Estate Professionals

As a real estate agent, taxes can be one of the biggest challenges you face. Unfortunately, it’s extremely easy to miss out on deductions and thereby add unnecessary overhead to your annual revenues.
3 Tips for Handling Real Estate Agent Taxes
Fortunately, there are three very simple easy tips you can implement right away to save on Read More

By |December 15th, 2017|Small Business Tips, Tax Tips|

6 Tax Tips for Medical Professionals

Working as a medical professional comes with no shortage of challenges. At Padgett Business Services®, we can’t help you with the day-to-day responsibilities you have to your patients, but we can help give you peace of mind by ensuring your finances and taxes are handled properly.  To this end, we have created this list of Read More

By |November 15th, 2017|Small Business Tips, Tax Tips|

Widespread backlogs hamper CRA streamlining, frustrate taxpayers

There is presently an article in the Financial Post that is very important.  You can find it at: http://business.financialpost.com/personal-finance/the-delays-are-tremendous-widespread-backlogs-hamper-cra-streamlining-frustrate-taxpayers

 

By |October 24th, 2017|The Library|

Small Business Employment Taxes – What You Should Know Before You Hire Your First Employee

Running a successful small business comes with one challenge after another. So it’s a major achievement – and relief – when you can finally hire that first employee and start benefiting from some extra help. Unfortunately, if you don’t understand business employment taxes, this initial hire may turn into a burden.
The 5 Steps to Properly Executing Read More

By |October 15th, 2017|Small Business Tips|

Self-Employed Tax Tips for Construction Contractors

With the intense physical labor and never-ending headaches, many construction workers would definitely appreciate a long day of rest away from the hustle and bustle of work. Sadly, we can’t lighten your construction work. However, at Padgett Business Services, we can help ease your tax reporting burden. Construction contractors are usually classified as sole proprietors in Read More

By |September 15th, 2017|Small Business Tips|