Tag: business and corporate tax

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 Watch Video

Are you looking for tax tips for sole proprietors? Sole proprietorships

How to Save Money with Salaries and Dividends in 2014 Watch Video

Deciding on the right compensation strategy between salary and dividends can be quite tricky.

INCOME TAX TIPS FOR SOLE PROPRIETORS

Do you own your own company? Are you interested in how you can save taxes on a one-person business? In this article, I will show you several real-world management tips. I will explain how using these sole proprietorship hints can help save you money and reach your goals. Before we do that, however, let us … Continue reading INCOME TAX TIPS FOR SOLE PROPRIETORS

Zappers

TAXATION New federal legislation is now in place to punish users of electronic sales suppression software. The federal government is getting tough with businesses that use electronic sales suppression (ESS) software (commonly called “zappers”) to delete or modify point-of-sale (POS) transactions for the purpose of evading taxes. E?ective January 1, 2014, zapper users will, of … Continue reading Zappers

Tax credits for Hamilton’s manufacturing & processing firms.

SR&ED Tax Credit Program Manufacturing and processing companies that have qualified expenditures  related to research and development activities may be eligible for the very lucrative scientific  research & experimental development tax credit.  Incorporated Canadian-controlled private corporation (CCPC) can generally claim an investment tax credit (ITC) of 35%, a 100% refund on qualified SR&ED current expenditures … Continue reading Tax credits for Hamilton’s manufacturing & processing firms.

SR&ED Tax Credits for Technology Companies in Waterloo, Ontario Watch Video

Many technology companies in Waterloo do not realize that they may be eligible

How do I amend my HST return?

If you’ve made an error in your HST filing, you will need to correct your HST return. You can do so by writing a letter to the CRA stating the corrections and the line numbers that needs to be corrected. Please note that you should not refile an HST return.  

Tax Saving Strategies for Small Business Owners and Households Watch Video

Small business owners with families can utilize a number of different tax savings strategies

Does HST have to be collected/paid on acupuncture treatment?

HST does not have to be charged/paid if the acupuncture treatment is performed by a qualified medical practitioner.  

I incurred meals expense that were reimbursed by my client. Is this expense 50% deductible to me or 100%?

If you received reimbursement for meals expense that you incurred, the meals expense will be fully deductible to you. However, you will also have to report the reimbursement that you received as income. In effective, the income will cancel out the expense.  

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.

Is Monthly Company Membership Fee a Taxable Benefit?

If a company is willing to pay money per month for an annual membership, both golf dues and sports clubs dues paid by your employer will be considered as a taxable benefit to you, unless you can establish that the dues paid were primarily for the advantage of the employer. This is a sticky area … Continue reading Is Monthly Company Membership Fee a Taxable Benefit?

If a company leases a car for me, is it a taxable benefit? Is there a way for me to have my company simply pay for it?

Yes, there is a taxable benefit to you should your employer lease a car for you. These benefits are knows as the stand-by-charge and the operating cost benefit. The stand-by-charge means that you derive a benefit simply because the leased car is available for your use. The operating benefit is calculated based on the personal … Continue reading If a company leases a car for me, is it a taxable benefit? Is there a way for me to have my company simply pay for it?

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