Business Management

January 17, 2014

Staff meals and social events – What you need to know

By |2017-01-02T20:23:16-07:00January 17th, 2014|Bookkeeping, Business Management, Corporate Taxation, Payroll and Taxable Benefits|

Alot of people ask me about whether or not they can write off in full their Christmas parties or other social events thrown for their employees. In short, the answer is yes. In general, all meals and entertainment provided, whether they are for clients, subcontractors, or employees, are 50% deductible. However, there are certain exceptions to this rule. There are about 8 other special situations this could apply but for this posting we will just talk about your employees and [...]

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Self-Employed? You can still get access to some Employment Insurance (EI) benefits.

By |2017-01-02T20:23:16-07:00January 3rd, 2014|Business Management, Payroll and Taxable Benefits|

Many people think that because they are self-employed, that they cannot access any EI benefits. However, recent changes made by the government has allowed these types of individuals some access to EI benefits. In order to qualify, you must first assess whether you are self-employed or not and whether any of the benefits listed to you is of interest. For some people, this may be a good option. For example, if you operate a company by yourself and you become [...]

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December 18, 2013

Get your business online

By |2017-01-02T20:23:16-07:00December 18th, 2013|Business Management|

One of the first question's I ask to my client's when they are looking to get more revenue streams is whether or not they have an online presence. An online presence is huge in today's world that is full of tablets, iPad's, iPhone's, Android's, Blackberry's, Windows Phones, and other smart technologies. Recent polls suggest that more and more users are using mobile devices as their primary connection to their daily internet needs. So now the attention turns to how do [...]

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January 21, 2013

Create a retirement plan out of your company by investing excess cash within your corporate accounts

By |2017-01-02T20:23:17-07:00January 21st, 2013|Business Management, Personal Taxation|

One of the many advantages of incorporating your business are the long-term benefits that can come with investment of excess assets. You spend a lifetime try to make your company worth something, and when you finally do, you now have excess cash to work with. What many people don't realize is that you can essentially create a retirement plan out of your company. The norm these days is to invest in an RRSP, which brings down your taxable income each [...]

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TD1 – 2013 Personal Tax Credits Return(s) and why you should get these filled out by your employees

By |2017-01-02T20:23:17-07:00January 14th, 2013|Business Management, Payroll and Taxable Benefits, Personal Taxation|

Before you embark on your first payroll of the year for your employees, it would be of interest to you to get your employees to fill out a TD1 form for both their federal and provincial portions of their tax withholdings. A TD1 form is a Personal Tax Credits Return. When filled this form can allow your employees to get larger net cheques as their payroll cheques will factor in some tax credits that they will usually receive when they file their [...]

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Choosing a tax advantageous fiscal year end for your company

By |2017-01-02T20:23:17-07:00January 7th, 2013|Business Management, Corporate Taxation, Personal Taxation|

If you have just incorporated, a fact you may not be aware of is that you can choose when your fiscal year ends. A lot of companies choose a December 31st year end without really thinking about some of the advantages that choosing an alternative fiscal year end can bring. For tax planning purposes, hands down, choosing a fiscal year end between July 1st and December 31st is the best fiscal year end you could choose. Your tax planning options [...]

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