business and corporate tax Archives

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 naturopaths and 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

Questions to ask small business accountant in Mississauga.

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

Self-preparation tips for effective corporate tax returns.

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

I purchased a computer for employment purposes. As an employee, can I deduct this as employment expense?

In order to claim employment expenses incurred to earn employment income, you need to request a signed T2200 from your employer. However, the CRA has specifically mentioned that if you buy a computer or other capital assets, you cannot deduct this cost. Further, you cannot capitalize and depreciate (claim CCA) on capital purchases.

What are the different variations in which I can claim the vehicle expenses if I have a corporation?

Either you, or your corporation can claim the vehicle expenses directly or indirectly, depending on which name the vehicle is registered under. If the vehicle is under the corporation, the corporation can claim the vehicle expenses, including fuel, maintenance, repairs, insurance, interest, etc. If the vehicle is under your name, and you are employed by … Continue reading

How does the government grant affect my SR & ED claim?

If you receive a grant from a federal, provincial or other government body that is assistance for a SR & ED expense, the grant will reduce the claimable SR & ED expense amounts on the tax return. This can, in effect, increase your tax payable.

How do I add or remove a director, or change information about existing directors?

The Ministry of Government Services needs to be informed always, of any changes made to the directors of a corporation. This includes appointing or removing a director or even changing information about an existing director. Your professional accountant or legal counsel will need to file an Initial Return/ Notice of Change form for your corporation … 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

Cross-Border Tax Tips for Online Business in Canada

Cross Border Taxes- Tips on Doing Online Business in Canada By: Allan Madan | Aug 18th, 2013 | Tax, US Tax, Canadian Tax Cross Border Taxes are often overlooked by online business in the U.S., even when they sell to customers north of the border. However, you can bet that sooner or later, you will … Continue reading

Hobby or Business

Do you want your business to be more profitable? Do you want your financial forecasting results to be favorable? There is one way to help with that, by keeping your tax costs as low as possible. Read on to find legal ways to reduce business tax in Canada. Hobbies are a most human aspect of … Continue reading

Sales Tax for Online Businesses

Do you want your business to be more profitable? Do you want your financial forecasting results to be favorable? There is one way to help with that, by keeping your tax costs as low as possible. Read on to find legal ways to reduce business tax in Canada. Sales Tax in Canada for Online Businesses … Continue reading

Quick Method of HST Collection Watch Video

Calculating HST payable in Ontario is a requirement for most small businesses.

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