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|

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|

7 Simple Methods for Increasing Your Business Productivity

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 Read More

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By |June 8th, 2015|Small Business 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|

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|

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|

Salaries Paid to Family Members

When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable and having the expense being disallowed. On the other side, there is the benefit of Read More

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By |May 6th, 2013|SmallBiz Builder|

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|