Bookkeeping is an important part of your business! The information in your bookkeeping system tells you how your business is performing and helps you make informed decisions. Without an effective bookkeeping system, you can easily lose track of you cash flows and potentially get in some hot water with the CRA. Bookkeepers Save Time As a busy business owner, it’s…
Whether you buy and sell homes as a business or hold real estate for rental purposes, knowing the tax consequences can save you from costly surprises. Business Income or Capital Gains If you are in the business of buying a home, making some changes and then reselling it for a profit then all of your gains are taxable and losses…
Perhaps you moved out of the country for a few years and then decided to make it permanent or you have purchased property in Canada as an investment to generate income. No matter the reason, you should be aware that Canada imposes a withholding tax on the rents and sale of real property. Knowing the highlights can help you avoid…
Ontario allows regulated health practitioners to incorporate and reap the benefits of operating through a corporation. This means that Physicians, Dentists, Surgeons, Audiologists, Dental Technicians, Psychologists, Nurses, Midwives, Chiropractors, Physiotherapists and Massage Therapists to incorporate their practices. In addition, other professionals such as veterinarians, social workers, and lawyers are also permitted to incorporate and take advantage of the same tax benefits explained…
The shareholders agreement is an important part of your business. It addresses many common situation business owners may face when they have partners in the business. Your shareholders agreement is also part of your succession plan and deals with what happens on your death. If you have a shareholders agreement, does it provide enough flexibility for your executor and the…
If you are an IT consultant or work on a contract basis, you should be aware that in October 2012, the government increased the tax rates for personal services corporations by 13%! This change in the tax rate and the recent focus on IT contractors by the CRA can have a dramatic effect on your business if you fall into…
