Owner-Managed Business – Creditor Proofing

Every business owner should be concerned about creditor proofing his assets. Consider these suggestions:

1. Transfer assets out of the company 

Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Lease the assets in the holding corporation back to the operating Read More

By |July 9th, 2018|Small Business Tips, SmallBiz Builder|

Corporate Directors Liability

If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount Read More

By |July 4th, 2018|SmallBiz Builder|

Business Investment Loss – Denied

In a Tax Court of Canada case, a mother had guaranteed the business loans for her son’s corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans. The mother claimed business investment losses for the amounts repaid.
Her only motivation for the guarantee was to assist her son’s business. She did not charge Read More

By |July 2nd, 2018|SmallBiz Builder|

Best Practices for Lowering Your Business Insurance Premiums

As a business owner, you wouldn’t survive long without the protection afforded by business insurance. It insulates you from a wide range of financial losses, such as a customer suing you, employee theft, and widespread damage to your business structure caused by severe weather. These situations are unpredictable and out of your control. However, that Read More

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

Employment Insurance Benefits for Self-Employed People

Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits:

Maternity benefits (15 weeks maximum) available to parents of a new born or newly adopted child. It covers the periods surrounding birth. A claim can be submitted up to 8 weeks before the expected date of birth, and Read More

By |June 9th, 2018|SmallBiz Builder, Tax Tips|

Canada Pension Plan Basics

The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death.
There are three types of CPP benefits:

Disability benefits (which include benefits for disabled contributors and for their Read More

By |June 4th, 2018|SmallBiz Builder|

5 Strategies to Avoid Small Business Bankruptcy

Running a business can be tough. You will experience growing pains as you start and expand the business.  You will become impatient with the slow progress as the business progresses.  There will be days where developing your small business may be far from the dream you expected it to be.

The unpredictability of business also means Read More

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

Salaries Paid to Family Members

When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable and having the expense being disallowed. On the other side, there is the benefit of Read More

By |May 8th, 2018|SmallBiz Builder, Tax Tips|

Withholding Information from Canada Revenue Agency

If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities.
If you are audited by the Canada Revenue Agency (CRA) you should consider this. The CRA auditor has access to the Internet. Read More

By |May 3rd, 2018|Tax Tips|

Voluntary Disclosure Program

If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will be assessed. You have to make a complete disclosure. The information can be less than Read More

By |May 2nd, 2018|Tax Tips|