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|

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|

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|

Maintaining Automobile Expenses

One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and incur personal expenses in doing so. It is important to note that only expenses of Read More

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By |April 9th, 2013|SmallBiz Builder|