Five Reasons to Hire a Tax Professional

 

Although there are still a few hardy souls that fill in their tax forms by hand and mail them in, the vast majority of self-preparers use one of the software or online based tax programs to calculate and e-file their income taxes each year. This is much easier than the old way of doing taxes, Read More

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By |May 26th, 2015|Small Business Tips, SmallBiz Builder, Tax Tips|

Filing Your Annual Returns

Every corporation incorporated under the Alberta Business Corporations Act, Small businesses to large corporations, are required to file an Annual Return to maintain their status as a legal entity.

NOTE: This is not to be confused with the Corporate Tax Return.

Annual Returns

Corporations must submit an Annual Return each year
The Annual Return contains information about Read More

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By |October 14th, 2014|SmallBiz Builder|

Remitting GST/HST on Taxable Benefits

Did you know that GST/HST must be remitted on a taxable benefit unless the benefit is tax exempt or zero-rated, for example the benefit on low-interest loans? An example of a tax benefit that is not exempt includes the automobile standby charge and operating expense benefit. GST/HST must be remitted on shareholder benefits if they Read More

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By |January 3rd, 2014|Tax Tips|

$750,000 Capital Gains Ddeduction

You can make use of the lifetime $750,000 capital gains deduction if you dispose of shares  in a qualified small business corporation, a qualified farm property, or a qualified fishing property. If you have already claimed the $100,000 personal capital gain exemption (ended in 1994) then this reduces the available lifetime capital gains to $650,000. Read More

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By |December 9th, 2013|SmallBiz Builder, Tax Tips|

Hiring Credit for Small Businesses – Extended to 2013

The 2013 federal budget extended the hiring credit for small business (HCSB), a credit intended to stimulate new employment and support small businesses. The HCSB provides small businesses relief from the employer’s share of employment insurance (EI) premiums paid in 2013. The credit does this by paying up to $1,000 based on increases in an Read More

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By |November 8th, 2013|SmallBiz Builder|

Door Prizes at Company Functions

In a 2013 Technical Interpretation, CRA was questioned about door prizes received by all attendees at a company social function.
CRA commented that their tax-free $500 gifts and awards policy would apply to all attendees including the employee, the employee’s spouse, and all other non-arm’s length individuals that received a gift.
It was suggested that gift cards Read More

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By |October 7th, 2013|SmallBiz Builder, Tax Tips|

Stop International Tax Evasion Program

The 2013 Federal Budget introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15% of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be excluded.
Persons requesting rewards will Read More

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By |October 1st, 2013|Tax Tips|

Should You Incorporate Your Business?

If you own a business, you may have wondered if you should incorporate. Historically the income tax system in Canada has benefited incorporated Canadian small businesses. Although the income and deduction calculations are almost identical to an unincorporated business, the major differences are in the corporate taxation structure and tax planning opportunities. When developing the Read More

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By |September 4th, 2013|SmallBiz Builder, Tax Tips|

To Incorporate or Not to Incorporate? – That is the Question.

So you are thinking about incorporating your small business in Alberta.  Maybe you have just started the business or maybe it has been around for a while.  If you are like most others, someone that you trust, like Uncle Sid or your sister Jane, has told you that you need to incorporate.  So what do Read More

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By |March 25th, 2012|SmallBiz Builder|