Canadian small business tax tips

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Many people whose small businesses qualify them for a home office deduction are afraid to take it because they've heard it will trigger an audit. But if you deserve it, take advantage. These tips can help you determine if you qualify and rest easy when you do. · Business Income & Expenses · Personal Tax T1 Checklist · Motor Vehicle Expenses · Home Office Expenses · Real Estate Worksheet In addition to the above Canadian tax tips, tools, and templates, you may find the following Canadian tax websites to be useful: · Canada Revenue Agency · Certified General Accountants of Ontario No matter what kind of small business you have, what size it is, or how quickly it’s growing, you need to reap all the benefits of legitimate personal and business deductions come tax time. Evelyn Jacks, Canada’s best-selling and most trusted tax author, cuts through the jargon with the third edition of Make Sure It’s Deductible . In 1997, Olympia Benefits was created with a mission to provide Canadian small business owners with affordable and easy to use benefit plans. Since then, Olympia has established itself as the market leader for small business Health Spending Accounts. Buy or Lease a Vehicle? Now that you've decided it's time for a new vehicle, should you buy or lease? "The one big advantage of buying a vehicle is that you can say, ‘this is my asset', says Chartered Accountant Anil Chawla, a Partner with Deloitte & Touche LLP in Mississauga.
 

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Every Canadian resident is eligible for a $750,000 lifetime capital gains exemption; therefore if you bought shares in a business for $1 and sold them for $20,000, you would pay no tax on the sale. The hard part will be to find an unrelated buyer willing to assume the history that comes with the shares of a company. Business Expenses for Tax Deduction Canada As a rule, you can deduct any reasonable expense you paid or will have to pay to earn business income. The announced it will ease the tax burden on small businesses in sectors other than the primary and M&P sectors by standardizing the small-business rate so that it is reduced to 4% by 2021. Effective 28 March 2018, Quebec reduced the small-business rate from 8% to 7%, resulting in an effective rate of 7.24% for the 2018 taxation year. Business Services. Canadian Tax. ... Canadian Tax Succession, Retirement & Estate Planning ... tax tips and industry insights directly to your inbox! Meet Jamie, a Web Designer Who Uses Cloud Accounting to Master Organization and Grow a Profitable Business Accounting and Financial Jargon You Need to Know [Free eBook] Your Guide to Mastering Cash Flow in Your Small Business [Free eBook] Meet Media Suite, a Web Design and Development Studio That Uses Accounting Software to Save Time and ... 10 Tips For Small Business Owners For Keeping Canada Revenue Agency Collections Officers Happy. August 16, 2016. Recently, I was contacted by a small business owner who had an unpleasant conversation with a Canada Revenue Agency (“CRA”) collections officer about an outstanding goods and services tax/harmonized sales tax (“GST/HST”) assessment against his small company (of which he was ... May 18, 2018 · The new passive income measures for Canadian Controlled Private Corporations eliminate five dollars of the small business limit for each dollar of passive income over $50,000 earned by a corporation or its connected corporations. Mar 17, 2017 · A mileage reimbursement program can be critical to your business’ success. Make sure you know the rules and best practices. With this in mind, we’ll walk you through mileage reimbursement best practices for employers and employees. Each year, the IRS sets the rate each mile driven for work is ...
 

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May 20, 2015 · If you’re a business owner or entrepreneur, you want to have a good understanding of how S corporations save small business owners tax. Accordingly, the paragraphs that follow describe the big benefit of an S corporation (which is that an S corporation minimizes employment taxes).

Aug 29, 2016 · Download 167 Tax Tips for Canadian Small Business Beat the Taxman to Keep More Money in Your Free Books. Anaeslamsemse22. 0:08. Read 167 Tax Tips for Canadian Small ... Check availability of the proposed business name. Register the business name. Apply for HST number (former GST number) Apply for Payroll Account (if you are planning to have employees) Apply for Import/Export Account (if you are planning to trade with other countries) Apply for WSIB Account.

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Access guides and checklists for starting different types of businesses. Business planning Find out how to write a business plan and access templates, sample business plans, market research information and statistics. Financing your new business Find out about available sources of financing for your start-up business. Naming your business Mar 08, 2013 · The average tax refund is now more than $1,660. ... Take control and be proactive with this updated list of tax tips for your 2012 ... Get the business news and analysis that matters most every ...