When you start a small business in Canada, you have the option to structure your business in one of three ways. You can be a sole proprietor, enter into a partnership or run a corporation by incorporating your business.
If you have set up shop in Ontario and only sell to customers in Ontario, sales tax is straightforward. But what happens when you start shipping goods to other provinces that have different rates of HST or use GST and PST instead? Your business tax starts to become more complex!
When an employee gets paid, deductions are taken at the source and remitted to the government. This includes CPP contributions that entitle them to the Canada Pension Plan in their senior years, income tax, and Employment Insurance (EI).
Canada’s Employment Insurance program provides regular benefits to individuals who lose their jobs and can’t find a new one but are still available and able to work.
This program is funded by contributions you and your employee make. Employees pay 5/12 of the total contributions and employers pay 7/12 (or 1.4 times the employee contribution).
Earlier this year, on June 29, Bill C-208 was made law, allowing tax relief for the intergenerational transfer of small businesses and family farms.
As businesses open up again, there’s still a lot of economic uncertainty. In response, the Government of Canada has extended COVID-19 support for individuals and businesses to help support those who continue to need it.
Summer is still going strong, but the school year is also fast approaching and that means many post-secondary school students and their families are looking at ways to cut the costs of further education.
While certain costs (like personal and living expenses) aren’t eligible for any tax breaks, there are tax deductions and credits still available to students and their families. The most beneficial, and substantial, is the tuition tax credit.
You’ve probably heard that the real estate market has been booming this year, maybe you’ve even made a big move yourself, or are planning to shortly.
If that’s the case, we’ve got news for you - you may be able to deduct your moving expenses from your 2021 tax return, even if you moved to a rental property.
