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|

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|

Voluntary Disclosure Program

If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will be assessed. You have to make a complete disclosure. The information can be less than Read More

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By |May 2nd, 2018|Tax Tips|

Employer-Paid Disability Premiums

If you think that paying for your employee’s disability premiums is always a good thing, think again. If you provide your employees disability as a nontaxable fringe benefit, payments they receive upon their disability will be, in most cases, FULLY taxable to them!

Payments received due to disability are not taxable if:

Your employees paid the Read More

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By |March 6th, 2018|Small Business Tips|

Expense Tracking Tips for Your Home Business

One of the greatest things about owning your own business is it puts you in control of your life. Instead of relying on the boss to give you a raise, you can create your own opportunities by landing new clients and cross-selling different products to your existing base of customers. This level of control is Read More

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By |July 15th, 2017|Small Business Tips|

Employer-Paid Disability Premiums

If you think that paying for your employee’s disability premiums is always a good thing, think again. If you provide your employees disability as a nontaxable fringe benefit, payments they receive upon their disability will be, in most cases, FULLY taxable to them!

Payments received due to disability are not taxable if:

Your employees paid the premiums Read More

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By |March 5th, 2015|Small Business Tips|

Interest rates for the third calendar quarter

The CRA interest rates for the 3rd quarter are unchanged from the 2nd quarter 2014.

The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from July 1, 2014 Read More

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By |June 13th, 2014|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|