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

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By |May 8th, 2017|SmallBiz Builder, Tax Tips|

3 Ways to Stretch Your Small Business Budget

Any small business owner can increase their profit if they follow a certain set of guiding principles.  If you are like many business owners, you have tight budget.  Does it really need to be that tight?

The answer is no. There are ways around paying more to get less. Here are three ways that you can Read More

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By |April 12th, 2017|Small Business Tips, SmallBiz Builder|

2017 Automobile Deduction Limits and Expense Benefit Rates for Business

The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.

The limit on deductible leasing costs remains at $800 per Read More

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By |February 3rd, 2017|Small Business Tips, SmallBiz Builder, Tax Tips|

Estate Planning

There are several areas that are included in estate planning. Here is a brief list of some of them:

You should have a will that  includes your desires and tax considerations.
You should consider steps to minimize probate fees (or Estate Administration Tax) on your death, if applicable.
You should have enough insurance to meet Read More

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By |January 2nd, 2017|SmallBiz Builder|

Wills and the Executor

Wills and The Executor
A will specifies your instructions as to how your assets will be distributed on your death. In the will, you name an executor to act as your personal representative and to deal with all the tax, investment, administrative, and other duties involved in distributing and overseeing your assets as per your instructions. Some people feel honored Read More

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By |October 30th, 2016|SmallBiz Builder|

Owner – Managed Business – Creditor Proofing

Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider:
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 Read More

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By |June 8th, 2016|SmallBiz Builder|

Online Advertising Income

If you have a website or a blog and you charge for advertising, links, or reviews, you must report the income on your Canadian income tax returns. Send invoices to your clients and customers. If your invoices exceed $30,000 in the last four consecutive calendar quarters, you must register for HST/GST. Once you are registered, Read More

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By |May 8th, 2016|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

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By |April 4th, 2016|SmallBiz Builder|

Implications of a High Gross Margin for your Business

A high gross margin is often viewed as the most important sign of a company in good financial health. Before you can earn net profit, you need to achieve a strong gross profit margin.
Calculating Gross Profit Margin
Gross profit margin is the portion of your company’s sales retained as profit after you account for costs of Read More

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By |March 30th, 2016|Small Business Tips, SmallBiz Builder|

Small and Family Owned Businesses: How a Shared Office Space Can Help Your Bottom Line

Many small businesses need high-quality office space, but with only a few people on the payroll, it’s often difficult to justify the cost of accommodation. This sometimes forces small and family-owned businesses to put up with unsuitable working spaces. Shared office accommodation is one solution that helps many small businesses work effectively. Find out how Read More

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By |October 1st, 2015|Small Business Tips, SmallBiz Builder|