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

By |March 25th, 2012|SmallBiz Builder|

Canadian Retail Inventory – The Cost of Goods Sold Challenge

This is the story of Backstop Bob. Backstop Bob owns and operates Backstop Bob’s Baseball Emporium. Backstop Bob sells baseball bats. He thinks that he has been very successful.

Every month, Bob reviews his financial statements with his accountant. Each month, he is told that he is making money. At the end of the year, he Read More

By |March 11th, 2012|SmallBiz Builder|

Canadian Business Meals – Stuff to Know

There are three different variations that are accepted business meals. In the first variation, a meeting is held between two or more individuals to discuss business topics. A perfect example of this type of business meal would be if you and a potential customer went to a restaurant to discuss doing business together. Another example Read More

By |February 19th, 2012|SmallBiz Builder|

Balancing the books isn’t always easy

Business owners understand the importance of keeping records up-to-date. Unfortunately, pa-perwork has a habit of piling up – quickly!
PADGETT CONNECT is an easy-to-use business software applications package that is customized for your business. You don’t need to be a com-puter whiz or an accountant to use Read More

By |December 4th, 2011|Tax Tips|

Do you have to file a tax return?

A tax return must be filed if you have to pay income taxes. A tax return must also be filed if you have not repaid all amounts withdrawn from your RRSP unde the Home Buyers’ Plan or the
Lifelong Learning Plan.

Other situations may warrant the filing of a tax return. They are:

You want to claim a Read More

By |December 4th, 2011|Tax Tips|

Employment Insurance Benefits for Self-Employed People

Since January 2011, self-employed Canadians will be able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits:

Maternity benefits (15 weeks maximum) available to birth mothers. It covers the periods surrounding birth. A claim can be submitted up to 8 weeks before the expected date of birth;
Parental / adoptive Read More

By |December 4th, 2011|Tax Tips|

Early CPP

Normally, you would start your retirement pension the month after you reach 65. However, you can begin the CPP as early as your 60th birthday or as late as your 70th.

The amount of the pen-sion is adjusted by 0.5% for each month that you start to receive your pension ei-ther before or after your 65th Read More

By |December 4th, 2011|Tax Tips|

Keep The Invoices

Improper input tax credit (ITC) documentation is one of the main reasons for GST/HST reassessments. Proper invoices to support ITCs are required by Canada Revenue Agency auditors. For example, the input tax credit may be disallowed if only the credit card slip is provided rather than the actual invoice.

The supplier’s GST/HST registration number should be Read More

By |December 4th, 2011|SmallBiz Builder|