When pulling money from a corporation for personal use, many business owners will pay themselves a salary or dividend. There is, however, another tactic that many have used over the years to pay themselves money from the corporation, with mixed results, and that is using a loan.
The Canadian 2022 Federal Budget was released back in the spring. No changes were made to the tax rates, however, tax changes were announced for corporations and businesses.
In this blog, we take a look at some of the Budget highlights:
Your business’ income statement (also referred to as a statement of earnings, statement of operations, statement of income or profit & loss P&L statement) is one of the most important statements for you to understand.
As a business owner, getting paid and getting paid on time is a critical part of running a successful business. And to do that, you need to provide your client with a well-formatted professional invoice that includes all the information your client needs.
Some things never change, but the compilation standard isn’t one of them. The Auditing and Assurance Stands Board (AASB) has revised the standard for compilation engagements. The changes are effective for periods ending on or after December 14, 2021. Under these standards, a new compilation engagement report will replace Notice to Reader (NTR).
Since 2020 the Canadian government has been helping business owners across Canada with benefit programs to help cover fixed costs during lockdowns, as well as to boost rehiring as the country begins to reopen.
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 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.
