Category: Business & Corporate Tax

Explore tax benefits of life insurance for business owners.

There are many benefits that a corporation can gain from getting life insurance. It provides lump sum cash for the family members of the deceased. Another benefit is that it can also be used to protect profits from investments from tax.

Disadvantages of a Corporation

While corporations have many benefits, there are also some drawbacks. Generally, losses incurred by your business can be offset by personal income. If you’re incorporated then these losses cannot offset.

What are the Advantages of a Corporation?

If you have a business then it might be a good idea to consider incorporating into an corporation otherwise known as a limited liability corporation. There are a number of different benefits for corporations such as the low corporate tax rate and limited liability protection.

Canadian Corporate Shareholder Loans

Are you an employee looking for information on Canadian Corporate Shareholder Loans? Look no further! All corporations need a capital base to run. Without one, it cannot operate, acquire assets, or conduct business. Known as capitalization, shareholders can provide a capital base in the form of either debt or equity. We call capital provided in … Continue reading Canadian Corporate Shareholder Loans

Money-saving tips for your business to reduce expenses.

No matter what type of business you’re running, one of the key things you often look out for is how to save money. Even the biggest companies in the world follow a few frugal tips to make the profits stretch further. The good news is there are plenty of ways to cut back. Below you’ll … Continue reading Money-saving tips for your business to reduce expenses.

How to Save Money for Sole Proprietors

Are you looking for tax tips for sole proprietors? Sole proprietorships can utilize a number of different strategies to save money and reduce their tax obligations. These include taking advantage non-capital losses, paying wages to family members for income splitting, claiming relevant business expenses and incorporating your business.

How to Save Money with Salaries and Dividends in 2014

Deciding on the right compensation strategy between salary and dividends can be quite tricky. There are advantages and disadvantages with each approach and this also varies depending on one’s situation. So the best strategy in order to save money involves a combination of both tailored to the individual’s situation.

SR&ED Tax Credits for Tech Companies in Waterloo, Ontario

Many technology companies in Waterloo do not realize that they may be eligible for the SR&ED tax credit. This tax program provides them with an enormous credit for expenditures related to research and development.

Tax Saving Strategies for Small Business Owners and Households

Small business owners with families can utilize a number of different tax savings strategies to maximize their financial well-being. This consists of incorporating their business, claiming business related costs, allowing the lower income spouse to pay for household expenses, and using the employee home purchase loan to purchase a house.

Guide to tax-free cash from shareholder loans.

Shareholder Loans As a shareholder, there are a number of ways to withdraw funds from your corporation, i.e.: you can declare dividends, receive salary, or take bonuses. However, each of these remuneration strategies has personal income tax implications. An alternative method of withdrawing corporate funds is to have the corporation issue a loan to the … Continue reading Guide to tax-free cash from shareholder loans.

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 Sales Tax Guide for Canadian Businesses

Christmas Savings Tips

Christmas and the winter holidays are both fun and expensive at the same time.  This video provides you with the best Christmas Savings tips, which will certainly lessen the financial stress that you’re facing.  Watch to learn more.

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 Why Should Corporations Consider Amalgamation or Merger?

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 What You Need to Do For Personal Service Business

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 Unique Tax Ideas for Small Businesses

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