Traveling expenses can account for a considerable portion of your business expenses. The cost of fuel, vehicle maintenance, depreciation, and more can all take away from your profit margins. But what if we told you that you could deduct these expenses against your income tax? Yes, you read that right. What you consider a […]
Business Use of Personal Vehicle CRA Read More »
The Canada Revenue Agency (CRA) treats a real estate mogul and the owner of a single rental property much in the same way. Hence, any property owner within Canada receiving rental income must report their earnings to the CRA. The CRA determines exactly how much tax will be applied to your total rental
Our Guide To Rental Property Tax Deductions In Canada Read More »
The traditional and proxy methods are two ways to file an SR&ED claim. The traditional method is the default method to file SR&ED claims for businesses who qualify for the SR&ED program. An organization can choose the proxy method to file a claim, on their T661 form on Line 160, if they do not want
What is the Difference Between Filing a Claim in the Proxy or Traditional Method? Read More »
No one likes paying exorbitant amounts of tax. Seeing those tax dollars being deducted from your paycheque or yearly profits can seem unfair given the hard work you have put into earning it. But paying taxes is extremely important and binding by law. Canada being a parliamentary democracy and a constitutional monarchy places the highest
How To Save Tax Dollars Using The GST/HST Quick Method Read More »
One of the biggest sources of tax for the Canadian government is sales tax, which is charged on pretty much every transaction in Canada, with a few exceptions. In most Provinces, businesses charge and pay HST, which stands for Harmonised Sales Tax. If you’re going to do business in Canada, you need to understand what
When To Start Charging HST Read More »
Being a small business owner, entrepreneur, or independent contractor, is challenging enough as you have so many added responsibilities and usually a small staff to take care of it all. This means that most small business owners have to handle almost every aspect of their business themselves including major departments such as sales, purchasing, customer
What Tax Deductions Are Applicable To You As A Small Business Owner In Canada Read More »
Whether you’re calculating your own taxes or collaborating with an online accounting firm, you won’t want to overpay by forgetting to claim what you deserve. If you’re overlooking any of these common small business tax deductions, you may be shortchanging yourself. Home-Based Business Expenses If you’re running a home office, you should be entitled to
Tax Deductions for Businesses in Canada – Our Guide Read More »
If you are a business owner, you have probably heard peers, accountants, lawyers, and bankers talk about this thing called a holding company. Lots of them have probably told you “hey – you NEED to setup a holding company! It’s way better.” We get this question from our clients all the time, “should I use
Should I use a holding company? Read More »
Deducting a business expense is a phrase used all the time among entrepreneurs and business people. It’s framed like this magical thing that is always “good” and is going to “save you money” at tax time. I’ve seen many business owners make irresponsible purchases or outright waste money, based on the justification that it’s a
What does it mean to deduct business expenses Read More »
Introduction There are 4 key things to think about when talking about how work vehicles are taxed in Canada Employee-Owned Vehicles: The employee owns a vehicle they are using for work purposes Employer-Owned Vehicles: The employer owns the vehicle that the employee uses for work purposes Luxury Vehicles: Vehicles classified as luxury vehicles under the
How work vehicles are taxed in Canada Read More »
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