Disability Income Insurance

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. Read More

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By |September 6th, 2018|Tax Tips|

Per Diem Meal Allowance

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 Read More

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By |September 3rd, 2018|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 |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

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By |July 2nd, 2018|SmallBiz Builder|

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

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By |May 3rd, 2018|Tax Tips|

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|

How to Protect Your Business from Identity Theft

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 Read More

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By |August 11th, 2015|Small Business Tips|

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|

4 Ways To Reduce Your Small Business Expenses

One of the best ways to improve your small business’s profitability is to decrease expenses. It is important that you keep your expenses at a minimum to maximize efficiency. Thankfully, this is an aspect of your business where you have control. Here are four simple ways to cut back on your business expenditure.
Office supplies
Businesses spend Read More

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By |August 12th, 2014|SmallBiz Builder|