You can use your 2018 capital losses to reduce your current year’s income taxes by applying such losses against your 2018 capital gains. You must, however, be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.
If capital […]
CRA recently noted that where a proprietor purchased a Disability Income Policy, the premium is a non-deductible personal expense. But the receipt of the disability benefits is tax-free.
If a corporation acquires a Policy for the employees, the premiums are generally deductible. If the employee receives the disability benefits they are included in the employee’s income. […]
In a recent Technical Interpretation, CRA noted that an employer-provided meal allowance will not be taxable where the following conditions are met:
It must be a reasonable amount;
The allowance is received to cover expenses while travelling away from the metropolitan area or the municipality where the employer’s establishment is located, at which the employee […]
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 […]
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 […]
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 […]
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, […]
Identity theft is not just a problem for individuals. Businesses in Calgary are tempting targets for the bad guys, and falling victim to an identity theft can put even the most profitable and best-run company in jeopardy.
If you are not taking proactive measures to protect your business and your workers from identity theft, you are […]
Hiring new employees is a daunting task if you’ve never done it before. Making the wrong choice can create terrible problems in your business, preventing growth and causing unnecessary stress. That’s why it is so important to approach recruitment carefully, taking time to choose your future employees. This article shares five tips to help you […]
Productivity is something that should be on every small business owner’s Profit & Loss statement. It can have one of the biggest impacts to your bottom line. Trying to run a small business and be productive can lead to long hours in which little work gets done. It is not usually laziness that is the […]
