Small Business and the CRA

Ensure your books are always in order for the CRA.

Owner-managers work hard in their businesses but are often overwhelmed by the reporting requirements for the Canada Revenue Agency.
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Changes to Income Tax Rules for 2017

Be aware of changes to the income tax rules that will affect your 2017
filing.

For those already thinking about their 2017 income taxes, the following summarizes some of the changes from 2016.
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The Tax Refund Myth

A “tax refund” is really just the CRA giving you back your own money.

“The government gave me money back” is a common phrase often heard after the April 30 or June 15 filing deadline. The truth is that the government is…
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Consider the Taxes

Develop a strategy for distributing earnings and reducing corporate income taxes.

For most owner-managers, their goal is to create personal wealth through the operation of a successful business. Unfortunately, corporate and personal tax liabilities (among other things) stand in the way. Owner-managed businesses must struggle with tax on two fronts…
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2017 Federal Budget Commentary

The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution. Budget 2017 outlines only $200 million in net new spending, but also an increase to the deficit of more than $5 billion for 2017–18, partly due to commitments from the previous budget, reduced revenues and increased general expenses.

The projected deficit for 2017–18 is $28.5 billion, declining to $18.8 billion by 2021–22 (including an annual $3 billion contingency fund). However, if the government’s strong growth scenario plays out…
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Income Tax Filing Alert: Important Changes Beginning in 2016

Be aware of the changes that affect your 2016 income tax filing and beyond.

As you gather your 2016 tax data together for your CPA, take a few moments to read about the following changes and assess the impact they may have on you and your family’s filing for 2016 and after.

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Management – Life is a Gamble

An insurance plan today can support your business and family tomorrow.

No one, with the possible exception of a professional gambler, expects to build a reserve of funds by gambling. Nevertheless, purchasing or not purchasing life insurance is a gamble in itself. If you buy life insurance, you only win if you die early because the insurance pays off your debts; if you don’t purchase life insurance, you only win if you live a very long life and pay off your debts without having paid life insurance premiums. What you must decide is whether you want to gamble that you…

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Taxation – Available for Use

Operating an Automobile for Business and Personal Use Has Tax Consequences

Purchasing or leasing an automobile in the company name and allowing employees to drive the automobile has tax consequences that may require owner-managers to add a taxable benefit to the employee’s T4.

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Moneysaver – Penny-Pinching Pays

Playing Scrooge is not just for Christmas any more.

Even though penny-pinching is harder to do today without any pennies, the concept remains valid and is especially applicable to the expenses incurred by small businesses. Here are a few ideas to improve the bottom line.

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Trademarks for Your Business

Protect your business by registering proprietary names as trademarks.

If you want to protect the unique name of your business, website or domain name, logo, product or service name, or company slogan, you may wish to apply for a trademark.
What Is a Trademark?
According to the Canadian Intellectual Property Office:

“A trademark is a combination of letters, words, sounds or designs that distinguishes one company’s goods or services from those of others in the marketplace. A trademark is unique. It is important to a company because over time, a trademark comes to stand not only for the actual goods…

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