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, 2017|Small Business Tips|

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|

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|

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|

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|

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|

The Canadian Home Office – What Is It?

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 21st, 2013|SmallBiz Builder|