Buying an established business can be an attractive alternative to starting out from scratch: The business may have an established client base, the location may be successful, or provide an opportunity for growth. If you are looking to buy a business, be sure to carefully evaluate all aspects of the business before you jump in feet first. Know The Market And Reason For Selling…
If you run your consulting business through a corporation you should be aware of the tax rules surrounding personal services businesses. Small business corporations are afforded preferential tax treatment on their income by means of the small business deduction. However, certain types of corporations are specifically excluded from claiming this deduction and can have many of the other benefits afforded a…
The Income Tax Act allows you to deduct certain expenses directly related to your rental property such as property taxes, interest, insurance, accounting fees, and advertising. While you can’t deduct the full cost of the property itself, you are permitted to claim an amount every year as “capital cost allowance” (CCA). CCA appears to be an attractive way to reduce their…
