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|

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|

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|

Small Business Success:  Be a Bookkeeping Rock Star

As a small business owner, you may find certain aspects of your job glamorous.  A speaking engagement, recognition by an industry heavyweight, a television appearance, etc.  It’s a pretty safe bet that “bookkeeping” will never make that list.  While it’s not sexy, a commitment to bookkeeping and a reputable bookkeeping service is an essential component Read More

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By |February 17th, 2015|Small Business Tips, SmallBiz Builder|

Registered Educational Savings Plan (RESP)

A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although there is no tax deduction, the interest and income earned within the plan is sheltered, Read More

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By |March 7th, 2014|SmallBiz Builder|

2014 Tax System Indexation

On January 1, 2014, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 0.9%. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2014.
For 2014 the federal tax bracket thresholds are:

22% for taxable income above Read More

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By |February 6th, 2014|Tax Tips|

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|

Eligible Deductions & Credits

If you pay the following expenses by December 31, 2013 they will be eligible for the deductions of credits:

Childcare expenses
Deductible support payments
Charitable donations
Union and professional dues
Moving expenses
Political donations
Accounting fees
Medical expenses
Investment counsel fees
Interest paid on loans used to purchase investments
Tuition fees
Children’s Fitness Expenses
Children’s artistic, cultural, recreational or developmental fees

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By |December 4th, 2013|SmallBiz Builder|