Income from the rental of seasonal and extended seasonal campsites and the storage of RVs (Specified investment businesses) are not eligible for the small business tax rate. Instead, they are taxed at over 50% in all provinces and territories, although 20.67% may be refunded when dividends are paid.
I do remain my own boss. And this is worth taking the challenge!
First things first, grab a cup of tea.
Don't worry, the tips are here!
One of the exceptions from TOSI occurs when the income recipient is actively engaged in the business and works an average of 20 hours per week. Where the 20-hour test is not met, the ongoing nature and labour requirements of the business must be considered.
The ATO has stopped short of making its small business independent review service a permanent feature as it expands and extends the pilot program until the end of the year.
CRA commented on whether a CPP/EI ruling triggers follow-up assessing and review. A referral to the Trust Accounts Examination Division (often leading to a payroll audit) is not automatically sent. However, it is sent in situations such as..
Check out the latest updates for small businesses and advisors, plus a peek at what’s coming soon!
Rеgulаr busіnеss dеаls wіth ехреnsеs, rеvеnuеs, рrоfіts, аnd lоssеs.
CRA released the promised guidance for employment expenses incurred by shareholder-employees to be deductible:
There will be times when circumstance will test your integrity and honesty. Never waver. Stick to your values and keep pushing on.
Are you ready to become a happy and successful small business owner?
Join weekend bazaars, meet-ups, and forums.
Here are some tips on the technology that will have an immediate effect on your business.
A deduction can be claimed for salary paid to an assistant. Any deduction must be for salary, requiring it be paid to an employee.
Hyperconnectivity is hurting your creativity. Reset with some solitude.
Produce a T2200 which indicate that motor vehicle expenditures were requirements of employment with records that support total kilometres traveled such as repair receipts, employment/business travel logs
On September 6, 2019, the IRS announced Relief Procedures for Certain Former Citizens, a new process to facilitate eligible individuals in becoming compliant with their U.S. tax obligations, in conjunction with renouncing their U.S. citizenship (IR-2019-151)
The good news: You don’t have to burn a ton of cash during your redesign and rebranding.
To find financial success, you need to invest in your support system.
Accountants and bookkeepers will need to closely track the trends to stay ahead of changes in industry, regulation and policy.
Why the right people, assets and revenue predictions will matter most to investors.
Marketing is crucial for the growth of any company, and if used well, the sky is, no doubt, the limit.
Legally adopting the child of a common-law partner may be eligible to claim the costs under the adoption expense tax credit ($16,255 @ 15% for 2019)
The Department of Finance announced the climate action incentive payment amounts for 2020. The following amounts may be claimed on the 2019 personal tax returns:
Recent changes include rise in tax free Basic personal income to $13,229, 100% immediate write-off for zero-emission vehicle used in a business etc.
There are many ways to get funding for your business.
Self-confidence is your biggest weapon and tool when it comes to entrepreneurship or a startup. Wear it proudly!
Once you have your feedback organized, you’ll have a goldmine of ideas for improving every facet of your products and customer experience.
If you know what type of positions to advertise for you’ll empower your company to become more effective in the long run.
Something to consider: Business owners who meet with their accountants monthly tend to view them as their most trusted advisors, consulting with them for business advice more often than family, friends, and even their lawyers.
King was a visionary. He was a man who had a dream bigger than the times in which he lived.
A look into how and what sustainable businesses look like
Everything you need to know about how to start a business.
Emails. Phone calls. Meetings.
Inefficient processes exist at nearly every company, regardless of size or turnover.
There are situations in which you value the best-of-the-best.
By investing in enterprise management systems and intelligent apps, buildings can become more than just a workplace
2020 holds numerous victories for your business.
Tips and tricks for your interview
Pick a thing from your personal to-do list and accomplish it, it helps a lot.
Every good party needs some core elements to be a success
I have some of my own ideas about this, but I polled some of my smart friends and they came through for me with some great perspectives. Let’s get into this fascinating debate.
Staying diligent, no matter what includes taking time to implement these small measures.
If you discover that the customer didn’t complain about a specific thing but instead was ranting about nothing in particular, that could be a ticket to the bin.
The insights from these discussions will help our teams manage workplace stress, better support one another, and encourage individuals to prioritize their own personal wellbeing
Commuting to work, no matter how far, is considered personal. However, there are some exceptions to this rule, such as where the individual travels to a temporary special work site, or a remote work location
CRA released various suggestions to safeguard tax information, including the following:
Operating activities, investing activities and financing activities.
Don't start with too much money. (Yes, really.)
Do you know how to design a functional, well-fitting logo?
In as much as emotional intelligence is a fundamental skill, you must possess, the way and manner various individuals choose to attain this feat is variant.
Before any talk, I know my material cold. I don’t read from slides. I don’t talk from notes or a script.
At the end of 2018 approximately 2 million unclaimed balances, valued at $816 million, were held by the bank, with $11 million being paid out in the year. Of interest, the oldest balance dates back to 1900..
The quote “awareness brings progress'', is not a cliché; but however, a general rule of thumb.
Being cautious and disciplined with your finances can be the difference between maintaining your project so that you can eventually succeed and be completely bankrupt.
It's time to stop worrying about what other businesses are up to.
This faster delivery of internal IT systems would also give us more credibility and currency.
A Henson trust may benefit a disabled relative..
If the motive for the sales were not personal but, rather, in pursuit of profit (sold on account of income) it is not eligible for capital gains treatment. As the gains were not capital in nature, the principal residence exemption could not apply.
The most important personality traits to look for in remote employees are self-motivation and discipline.
When it comes to making sure your business is doing better for the sake of the planet, it can all feel a little overwhelming.
The Court upheld the previous Tax Court decision which classified an employer-provided parking pass as a taxable benefit..
A leader plays an active role in the realisation of set goals and objectives
Read our tips on gaining self-confidence, so you can achieve the dreams and goals you have created.
Changes to the Canada Business Corporations Act, which came into force on June 13, 2019, incorporated discussions in respect of increased disclosure and tracking requirements of beneficial owners (those who may be considered owners even if not on title) of various types of property
Special rules apply to loans advanced from a corporation to a shareholder or any related person which require an income inclusion in the hands of the borrower..
Taxpayers may be entitled Employment insurance benefits when working outside Canada. A new Government of Canada report shows shocking statistics on tax actually paid and collected in 2014
Your subject line is crucial if you want your emails to be opened & read by your prospects.
You’re just starting out, which means you need money. And quickly. Trust me, as a former small business owner, I get it.
Always remember to address the root cause of the problem; stop beating around the bush
Radiating warmth and friendliness will help your new employee feel relaxed and excited to start working.
Stress makes us stronger, and rest makes us last for longer
CRA intend to continue and increase the use of information gathering methods to get information about other taxpayers
If receiving full salary even after being injured, consider whether some of it could be classified as Worker Compensation and therefore tax-free.
It usually takes several touchpoints for anyone to decide to purchase, so we need to hit potential customers from different angles.
A taxpayer may be eligible for the Disability tax credit (DTC) if the impairment(s) represents a marked restriction in the ability to perform a basic activity of daily living
Transport Canada released details on the purchase incentive of up to $5,000 for zero-emission vehicles as originally proposed in the 2019 Budget...
The best way to stay in tune with your customers is to understand your customer; a way to do that is by being your own customer.
Nobody can act you more than you! If you would be making huge financial decisions, you might have to consider several factors- both personal and financial.
When trying to find ways to engage new generation workers, consider these two thoughts; first, are millennials, and the older generation needs different?
Clothing reimbursements - consider including distinctive visual markings such that it would be considered a uniform and therefore not subject to tax for the employee.
You can become famous through luck. But becoming known and a trusted a personal brand requires consistent work over many months, and perhaps even years.
Because we all know any conference day is a long one.
SPECIAL WORK SITE ALLOWANCE planning to sell your residence because most of your time is spent at a special work site, note that your allowance may become taxable.
Stress is an unavoidable consequence of our everyday work lives. There are going to be times where we’re going to deal with it, and there are going to be times where all it seems like it’s doing is piling up and finding its way into our personal lives.
No matter how strong your passwords are, chances are that sooner or later they can be breached.
In May and June of 2019, the provincial courts of appeal in Ontario and Saskatchewan ruled that the Greenhouse Gas Pollution Pricing Act (the Carbon Tax) was constitutional.
Having a certification would not only give you an edge in the accounting labour market, but it would also increase your earning capacity.
One of the most common issues seen when businesspeople find themselves in trouble with debt, is that they don’t actually know what they might actually be liable for.
Being able to see the world from others point of view is such a beautiful talent- don’t waste it.
Not everyone understands how to appropriate the use of social media when it comes to marketing.
Your small business can make a big carbon-cutting impact! The 6 steps to running a carbon neutral business and why it’s the must-make business move of 2019 – all explained here
On average, business people receive about 90 emails each day and send about 40
Email has been around since the ‘70s but it’s still our favourite form of online communication. Because of that, email newsletters are a great marketing tool and offer some of the best returns on investment in the industry. So how do you do it well?
A fifth of small businesses don’t have an accountant. As they grow, they’ll eventually want to get one. So how do you welcome those fresh young businesses into your practice?
Bruce Earle’s clients might not recognise the beanie wearing, craft-beer drinking, fan of “the Boss” (singer/songwriter Bruce Springsteen) outside of work days at his accounting practice. But Bruce has always been one do things a bit differently.