Don’t pay personal expenses with corporate income Here’s a great article from the Financial Post on why you shouldn’t pay personal expenses with corporate money. Not only does it make your accounting difficult, it can make your life difficult. CRA really frowns on this one – when they find things like this it encourages auditors […]
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Incorporating a Rental Business One question I get is “should I incorporate”. Well if it’s about incorporating a rental property business, the answer is almost always no. Although the small business corporation tax rate for active business income is 13.5%, for rental property it’s 50%. That’s usually higher than your personal tax rate. The fundamentals
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Buying a Business Who do you know who wants to buy a business? This week I had a couple in my office who wanted to buy a service business. They sent me the financials, which I analyzed, then we met for an hour. There were so many danger signs in this deal I don’t know
To Incorporate or Not to Incorporate A common question from clients is “should I incorporate my small business?” The short answer is “well, it depends”. In this week’s blog we’ll look at the different structures of a small business and the pros/cons relating to your business. So, what are the options for my small business?
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Why do people change accountants? This is a great question. Maybe you’re wondering if you should? A number of calls I get from people looking for an accountant are because they already have one and they’re not happy. Why? There are a number of reasons that come up ranging from un-met expectations to new requirements
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Business owners and disability insurance Who do you know who has a small business and has disability insurance? If so, I can almost guarantee it’s not being taxed correctly. If the company is paying the DI premiums, then the benefits, when you need them, will be taxable. That’s a huge difference when you’re sick and
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Small business owners… are you a US citizen? Who do you know who is a US Citizen in Canada? And perhaps owns a small business? The tax bill just passed in the US Senate has provisions for repatriating assets from Controlled Foreign Corporations, like the ones owned by US Citizens working in Canada as consultants
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Saving for retirement in your business corporation? Who do you know who is saving for retirement by leaving money inside their small business corporation? This is a great way to build up funds since you get to invest 85% of your hard earned money instead of 50% after personal tax. Yes it’s taxed when you
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Direct selling? Maybe you should register for HST… What do Arbonne, Empower, Stella and Dot, LifeVantage, and Younique all have in common? These are some of the many companies that have Network Sellers Agreements with Revenue Canada. That means they pay the HST on the full retail price of their products so that their reps
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