If you are a small business owner, you might be running your business from a personal bank account. You also might be asking yourself, “Should I use a business account or a personal account?” In this week’s YouTube video, we talk about the differences between the two and if/when you Read more…
Every year there is a basic personal amount, which is the amount of income you can make tax free. It increases over time to account for inflation. This year, there have been some changes regarding this amount. The amount is still increasing by about $1,000. However, this increase will not Read more…
We’ve talked about the benefits of filing your taxes early. Now let’s talk about filing taxes late and what happens in that situation… It’s not good! Filing taxes late results in major interest in penalties. The interest for filing late changes with the going interest rate. At the time of Read more…
Happy tax season! As you’re preparing your things to file your taxes (or maybe you haven’t started yet), we wanted to go over some awesome benefits of filing early! RRSP Benefits If you’re not sure how your RRSP can help with tax savings, check out our RRSP blog here. The Read more…
As we near the cut-off for depositing to your RRSP for the 2020 tax season, let’s talk about what an RRSP actually is and how you can use it to maximize your savings. What is an RRSP? An RRSP something many people overcomplicate, but really it’s just a bank account Read more…
Time to go over what a TFSA is, how you can use one to maximize your savings, AND what the 2021 updates are!In our previous post on emergency funds, we talked a little bit about the TFSA. You can check that video out as well. A TFSA, or Tax Free Read more…
The third instalment of our series on the benefits of incorporating covers the ability to pay yourself in dividends. If you are shareholder and work for the corporation, you can pay yourself a combination of dividends and wages. The first two videos covered incorporating when you’re taking on large debt 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…
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…
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…
It’s the most wonderful time of the year! Time to start thinking about how you’re going to reward your employees for all the hard work they’ve done this year. And this year more than ever, spreading the holiday cheer is so important! So, we thought we’d do a video all Read more…
Going into this video, I knew very little about HST or when business owners need to register to collect it. The only thing I really knew was that there is a $30,000 business income threshold and once this threshold reached, you’re required to register for HST. Maybe you know that Read more…
A few weeks ago we did a video all about debt and which debt to focus on paying first. If you missed it, be sure to check it out and then come back here for this one! In that video, we talked about how sometimes the loans/debt you should focus Read more…
Many businesses have been making the move to online platforms in recent years. Especially this year, moving businesses to an online space has been more important than ever. The COVID-19 global pandemic has led to a need to speed up this process in order to keep business running. Maybe you’d Read more…