The Government of Ontario has launched a new online program to help make managing your business and non-profit corporation easier. This program is the Ontario Business Registry and it will allow you to do over 90 transactions online.
When filing for your most recent wage subsidies you may have noticed that there are now two sources of funding – the previous Canadian Emergency Wage Subsidy (CEWS) and the new Canada Recovery Hiring Program (CRHP). So, which is best for your business?
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.
