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.

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 Technology 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.

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.

Quick Method of HST Collection

Calculating HST payable in Ontario is a requirement for most small businesses. Thankfully, there is a simple way to do this – the Quick Method.

How to Prepare GIFI – Tax Financial Statements for T2

Are you a do-it-yourself kind of person, and want to prepare the T2 Corporate Tax Return on your own? If yes, then watch this video on “How to Prepare the GIFI (i.e. tax financial statements) for the T2 Corporate Tax Return.” This video starts from where we left off at the end of my previous … Continue reading How to Prepare GIFI – Tax Financial Statements for T2

Legal Ways to Reduce Business Taxes in Canada

This short article will take you through the best legitimate methods to save business taxes in Canada.

Small Business Deductions – BNN Interview with Allan Madan

Watch this short interview with Allan Madan on small business deductions. Allan shares the best 5 tax deductions for small business owners with Mike, host of BNN, a leading Canadian business news agency.

Top Changes Small Business Should Be Aware of from the Federal Budget

What are the top changes in the 2013 Federal Budget that business owners should know about? Read this article to find out.

What are the federal budget tax consequences?

Are you wondering about the federal budget tax consequences? This short article discusses how the 2013 federal budget affects small business owners and individuals like yourself, so if you wish to learn about how the latest Canadian budget increases taxes for small business owners and individuals, this is the place to be. Let’s get started.

What are the Tax planning tips for business owners?

This article is about tax planning tips for self employed individuals, and if you are a sole proprietor or an individual who is self employed and owns his/her corporation, then these tax tips for self employed individuals are for just you, so let’s get started.

How to avoid Independent contractor rules when doing business?

This article will take you through how to avoid the personal services business rules for IT contractors and independent consultants. If you are an IT contractor or independent consultant you should certainly read till the very end.

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