Business & Corporate Tax Archives

Sales Tax Guide for Canadian Businesses

As a small business owner you may be responsible for filing a Canadian sales tax return in addition to your business income tax return. To help you better understand your GST/HST filing responsibilities, I have created this concise Sales Tax Guide for Canadian Businesses. This guide is broken down into 5 parts: 1. Who needs … Continue reading

Why Should Corporations Consider Amalgamation or Merger?

An amalgamation, or merger, involves combining two or more corporations into one entity. Amalgamations are sometimes performed during purchase of a business and also often as part of reorganization. This article discusses the many advantages of amalgamation. Advantage #1: Synergy Amalgamation of multiples companies into one entity can result in greater success due to increase … Continue reading

What You Need to Do For Personal Service Business

The Final Nail in the Coffin for Personal Service Business? What You Can Do to Fight Back Tax advantages and deferrals amongst corporations is nothing new, so it is no surprise that Bill C-48 which received royal assent on June 26, 2013 would have looming implications for many businesses including personal service businesses (PSB). This … Continue reading

Unique Tax Ideas for Small Businesses

Every serious entrepreneur understands that cash is the bloodline of their business. While they look at all areas of operation for ways to cut costs and protect their cash flow, they should be aware that smart tax planning can greatly assist their business. Below, I have explained unique tax ideas that you, as a small … Continue reading

Minimizing Capital Gains Tax

A lot of people pay way more tax more than they need to on net capital gains. Most people do not realize there are a few ways to reduce and sometimes eliminate capital gains altogether. In this article I will talk about a few different, but simple ways you can reduce your capital gains tax … Continue reading

Toronto Small Business Accountant – Reducing Taxes and Saving $$$

Has your small business accountant Mississauga actively helped in the reduction of your taxes? Have you been able to save your small business any money? If not, then according to the advice of Allan (expert and small business accountant Mississauga) you should have a candid conversation with your business accountant and ask the following mandatory … Continue reading

Tax Deductions for Small Business Owners

What are the tax write-offs available to small business owners in Canada? If you are a small business owner in Canada, it’s important to be aware of all possible tax writes offs for your business. Tax write offs will significantly reduce your business’ taxable income and taxes payable.

Leasing vs. Buying a Car for Your Business

If you are a business owner or an employee who needs a car for work, you should know whether it’s more tax efficient to buy or lease a car in Canada There are several steps involved in answering the question, “Is it better to lease or buy a car for a business in Canada?”

How the Self Employed Can Reduce Taxes

How can the self employed in Canada save taxes? The answer to this question can be daunting and difficult to understand. However, I’ve created a simple list of the Top 5 Tax Savings Strategies for self employed persons, which are listed below. I’m sure you’ll be very pleased with these tips, once you see how … Continue reading

Can Naturopath Doctors and Dental Hygienists incorporate in Ontario?

Dental hygienists and naturopaths can incorporate in Ontario because of new laws passed. Incorporation can lead to many benefits, such as tax savings and reduced liability. Incorporation of Hygienists and Naturopaths after 2006 Hygienists – changes to laws for incorporation In 2006 the Ontario government created Bill 171, the Health Systems Improvements Act. This bill … Continue reading

Planning on Selling a Business?

Français Selling your business can be a long thought-out process. Having a plan of attack and understanding the different approaches can help save valuable time and money. How do I sell my Business? You can sell your business using sale of asset or sale through stock. Depending on which method to use, certain taxes can … Continue reading

Small Business Accountant Mississauga Answers -What to ask your local small business accountant and save more on taxes.

Has your small business accountant Mississauga actively helped in the reduction of your taxes? Have you been able to save your small business any money? If not, then according to the advice of Allan (expert and small business accountant Mississauga) you should have a candid conversation with your business accountant and ask the following mandatory … Continue reading

Do It Yourself Tips on Corporate Tax Return Preparation

Would you like to prepare a corporate tax return for your company on your own? If yes, then this article is for you. Corporate Tax Return Preparation Tips See the following steps to assist you with preparing a corporate tax return: 1. Complete the T2 The T2 can be downloaded from the Canada Revenue Agency’s … Continue reading

Demystifying LLCs for Canadians

With the housing costs at an all time low in the U.S., you are certain that this is your once in a lifetime opportunity to invest in a rental or a commercial property south of the border. From general research online, you discover about the Limited Liability Corporation (LLC) and all of its benefits: liability … Continue reading

Sole Proprietorship vs corporation

The topic sole proprietorship versus corporation for medical practitioners is discussed in this article, to serve as an aid in choosing the right structure. Each alternative has its own benefits, and an analysis of both options is offered below. Control of income timing and amount As a sole proprietor, all income earned in the medical … Continue reading

Category: Business & Corporate Tax