Incorporating your business means you will be required to spend more time on your record keeping. Accurate record keeping will be so important because usually more government regulations means more record keeping.
It is important for you to maintain your records, always keeping in mind they could be reviewed any time by Canada Revenue Agency (CRA).
It is also worth mentioning that you must complete an annual Federal Income Tax Return. Along with your Continue reading
Are you in business for yourself? If you have not incorporated your business, you are a proprietor. Today we’re going to talk about proprietorships.
A proprietor is defined as someone who has the legal title to something. A proprietor is an owner. In terms of business, a proprietor is one who owns or owns and manages a business or other Continue reading
Partnerships work much like sole proprietorships. Really, the only difference is that there is more than one business partner. In a partnership there can be two or more partners.
A partnership is a business arran Continue reading
Today we’re going to talk about ways to achieve tax deferral and savings if you hold a Canadian corporation.
A small Canadian corporation is referred to as a CCPC which stands for Canadian Controlled Private Corporation. Most small Canadian Controlled Private Corporations (CCPC) are entitled to an attractive rate of tax on the first $500,000 of active business income. By active business income I am referring to income earned as a direct result of the operation of the business, as opposed to passive income earned, for example, by holding other invest Continue reading
What is a corporation in Canada? In Canada a corporation is considered to be a separate legal entity. It is actually treated like a “person” for tax purposes. A corporation must file its own tax returns (T2) & financial statements with CRA (Canada Revenue Agency). To tell if a business is incorporated you’ll see terms such as: Continue reading
I love the fall! And with the change in colours comes a ton of sports to watch. There’s baseball playoffs, NFL/CFL football, BPL English soccer and of course hockey. When it comes to hockey, I say Go Leafs!
So you know I am an avid sports fan. Who’s your team? Cheering them on with passion is fun and shows your personality with whom others Continue reading
You’ve thought of a new business start-up idea and you’ve taken action. You’ve worked hard to get things going and now you’re the owner of a new small business. You are an entrepreneur. This is awesome stuff. Congrats!
During the start-up phase you learn to do everything yourself. You do a little plumbing, some flooring and other manual tasks to get your business ready to open. You put in long hours. You can hardly wait. As the excitement mounts, so does Continue reading
We know Fairfax made an offer of $4.7 Billion ($9 per share) and now it appears Cerberus, US equity group, wants in on the action. Why not? To me BlackBerry (BB) looks like a great deal. In my opinion it would be a steal with over 50 million current users of its smartphone. Not bad for an Ontario-based Canadian company, eh!
As a business owner, I still love my BB Bold, mostly for its keyboard which is great for typing emails and Continue reading
What do you think happened to BlackBerry (BB)… RIM, I mean Research in Motion? What are your thoughts on the dramatic ‘demise’ of this Canadian tech start-up gem? Do you think Blackberry can rebound after an offer by Prem Watsa and the Fairfax group?
This news is hard to take; a one billion dollar Blackberry loss caused by a write-down of its inventory. We’re talking mostly about the Continue reading
Does Do-It-Yourself Accounting Stress You Out?
Doing your own tax return? Keeping the books for your own business? Are you also looking after your own investments? Do you need advice from a professional when it comes to your family finances?
Today you would have seen me taking Phil (the cute dog in the video below) for a long walk through Harris Park down by the Thames River. Today the river was overflowing its banks. I mean it’s been raining cats and dogs for a few days now. Perfect weather for the gaggle of ducks I watched having lots of fun, feeling right at home. Having lots of fun that is, until Phil and I showed up, lol!
Most of the time our daily life is great, but we all Continue reading