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December 14, 2012

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 9, 2012

Advantages and Disadvantages of Incorporating Your Business

By Webmaster|2017-01-02T20:23:17-07:00November 9th, 2012|Accounting, Corporate Taxation, Personal Taxation|

One of the most common questions that the small business owner has is whether they should incorporate their business. It is question that is difficult to answer as it depends on your individual needs, financial capacity, and the size of your company. The following are some of the advantages and disadvantages to incorporating your business. ADVANTAGES 1. Tax Deferrals & Access to the Small Business Deduction Arguably the best reason to incorporate is because of the tax deferrals it brings. [...]