As mentioned in our last post regarding incorporating, a main reason to incorporate is that the corporate tax rate is lower than the personal tax rate. We talked about how this is especially useful when taking on large debt. In this post we will talk about the benefits of incorporating Read more…
The main reason many business owners decide to incorporate, is because the corporate tax rate is less than the personal tax rate. Paying less tax allows owners to put more money back into their business.One situation in which this can be extremely beneficial is if the company is taking on Read more…
So many people have been working from home this year. For that reason, the CRA has implemented a flat rate work from home tax deduction. This is a simplified process for writing off home office expenses. Anyone who worked from home for more than 50% of the time for at Read more…
The Canada Pension Plan is obviously important to take into consideration when planning for retirement. However, as a business owner, it is even more important because, depending on how you pay yourself from your business, you may or may not pay into it. As an employee, you pay half of Read more…
In a year with more people working from home than ever, many might be questioning if or how they can deduct home office expenses. Yes, if you’ve been working predominantly from home, you can deduct some home office expenses against your income. However, there are some things to consider and Read more…
When reading through the information that the Canadian government has released regarding the CEBA loan, we noticed how the language is aimed primarily at product-based businesses. We, however, do think that there are some service-based businesses that may be eligible for CEBA. We think it is worth the required time Read more…
The Canadian government announces a while back that they would be implementing a $20,000 extension to the CEBA loan. It took a while before the extension actually came to be, but applications are officially open. The original CEBA loan was $40,000, $10,000 of which was forgivable. The extension puts the Read more…
Many business owners may have forgotten about the 10% Wage Subsidy (TWS) Program. The Canadian government announced the program in March, near the beginning of the COVID-19 pandemic. Soon afterward, they announced CEWS (Canada Emergency Wage Subsidy). Who Can Apply? CEWS is tied to income, so businesses without a large Read more…
This time of year, many businesses make donations to charities. This is a great way to support causes you believe in, while simultaneously getting a tax deduction. But, there are a couple of ways you can do this… One of them allows you to make free money (not pay tax Read more…
Skipping right to the end here… Who makes sure you stay on track financially? YOU DO! (Sorry to be the bearer of bad news). This topic came up for us at The TaxForce a couple of weeks ago. One of our clients told us about how she had outsourced a Read more…