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|

Home Office Expense – Self Employment Perk?

In general, every business starts out of someone’s home.  Even if the business will eventually grow to a multi-million dollar business, it has to start somewhere.  The home office is usually one or two rooms in the home that are used for record keeping, storage and meetings.  The office typically has a desk, a few Read More

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By |April 8th, 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|

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|

Estate Planning

Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages:

Probate fees can be avoided because the funds transfer direct to the beneficiary.
The funds are not exposed to the liabilities of the deceased’s estate.
No elections are required for the “refund of premiums” status.
Premium refunds allow a tax-deferred transfer Read More

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By |October 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|