Understanding the CCA’s Framework The CCA framework is designed to accommodate the practical reality that capital assets used in the business, such as machinery, vehicles, and equipment, depreciate over time. The Canada Revenue Agency (CRA) acknowledges this by allowing businesses to deduct this depreciation from their taxable income, thereby reducing 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…
Tracking expenses and keeping receipts organized is one of the number one things people struggle with when it comes to business. It can be time consuming and tedious, and people just seem to not like doing it! (We don’t blame them, but it needs to be done). It comes time 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…