Small Business

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 […]

By |September 4th, 2013|SmallBiz Builder, Tax Tips|0 Comments

Do You Have to File a Tax Return?

A tax return must be filed if:

You have to pay income taxes;
You have not repaid all amounts withdrawn from your RRSP under the Home Buyers Plan or the Life Long Learning Plan;
You have to pay CCP because your pensionable income exceeds $3,500;
You received working income tax benefit advance payments;

Other reasons to […]

By |August 1st, 2013|Tax Tips|0 Comments

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 […]

By |April 21st, 2013|SmallBiz Builder|0 Comments

2013 Tax System Indexation

On January 1, 2013, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.0{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39}. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2013.

For 2013 the federal tax bracket thresholds are:

22{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for taxable income above […]

By |February 13th, 2013|Tax Tips|0 Comments

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 […]

By |March 25th, 2012|SmallBiz Builder|0 Comments

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 […]

By |March 11th, 2012|SmallBiz Builder|0 Comments

Canadian Business Meals – The Receipts Puzzle

So you have just landed the largest contract ever over lunch. Your customer is happy, you are happy, everyone is happy. You merrily pick up the check thinking all is well. The waiter hands you your credit card back along with your receipt. You then leave the restaurant confident that all is well.

A few days […]

By |March 2nd, 2012|SmallBiz Builder|0 Comments

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 […]

By |February 19th, 2012|SmallBiz Builder|0 Comments

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 BUSINESS SERVICES now offers a solution – PADGETT CONNECT
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 […]

By |December 4th, 2011|Tax Tips|0 Comments

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 […]

By |December 4th, 2011|Tax Tips|0 Comments