Business Management

December 21, 2012

As a small business owner, should you pay yourself a salary or dividends out of your company?

By Webmaster|2017-01-02T20:23:17-07:00December 21st, 2012|Business Management, Corporate Taxation, Payroll and Taxable Benefits, Personal Taxation|

In Canada, many small business owners don't realize that they have some options in terms of the type of remuneration they can receive from their company. Each type of remuneration has its advantages as well as disadvantages. Due to the unique circumstances of each business there is never a right answer as to which type of remuneration is best. To you the owner, the type of remuneration you would like to receive depends on your short and long term goals [...]

Tax Implications of Employee Christmas Bonuses and Gifts

By Webmaster|2017-01-02T20:23:17-07:00December 14th, 2012|Business Management, GST/HST, Payroll and Taxable Benefits, Personal Taxation|

Now that the Christmas season has arrived, one issue that many employers have is how to give those sought after yearend bonuses to their employees. No matter what type of Christmas bonus you give to your employee, there are tax consequences to either your company or to your employee. We will discuss some of these options and their tax implications as follows. Please note that you may be required to withhold CPP and(or) EI on some of the options below [...]

Setting up your company payroll

By Webmaster|2017-01-02T20:23:17-07:00December 7th, 2012|Business Management, Corporate Taxation, Payroll and Taxable Benefits, Personal Taxation|

Many new owners are sometimes not aware that even though they have incorporated, there is a liability to the government with regards to company payroll. As an employee, what you do know is that you receive your pay cheque each month with CPP, EI, and tax withholdings. However, what many don't know is what the employer has to do with those withholdings. To comply with CRA, if you have monthly payroll, you must remit the paycheque withholdings to CRA by [...]

November 30, 2012

GST/HST reporting and options for the small business

By Webmaster|2012-11-30T10:36:49-07:00November 30th, 2012|Accounting, Bookkeeping, Business Management, GST/HST|

When it comes to registering for GST there are a couple of items that will need to be addressed. Firstly, if you are a small business you don't actually have to register for GST nor collect any GST on your invoices until you reach an average of $30,000 in sales annually. That is of course assuming you don't voluntarily register. Technically, even if your sales are below the $30,000 level as discussed above, you can voluntarily register. The advantage to [...]

Setting up your company books and recommended accounting software

By Webmaster|2012-11-23T10:06:05-07:00November 23rd, 2012|Accounting, Bookkeeping, Business Management|

When it comes to record keeping, bookkeepers have many options that are available to them. Trying to pick the right one is one part of the challenge and assessing the cost versus benefits can become the biggest obstacle. The second challenge is how to set up your system and accounts. For small business, the biggest challenge is finding the time because they are too busy making money to worry about the books. Today, most accounting systems are computerized. This approach [...]

How to incorporate in Alberta, Canada

By Webmaster|2017-01-02T20:23:17-07:00November 16th, 2012|Business Management|

If you have decided to take the next step and decide to incorporate your business, the following are some suggestions as to how to begin this process. After reading the below, we can show you how to appropriately structure your company in terms of who should own shares and the tax advantages to doing so. Please note that overall fees relating to incorporation can be as low as $100 up to an average of $2,000, depending on the complexity of [...]