Tax season in Canada is approaching rapidly, and for business owners, this period can be particularly stressful without proper preparation.
Tax planning is a crucial aspect of running a successful small business. By employing strategic tax planning techniques, small business owners can optimize their tax liabilities, reduce financial burdens, and ultimately improve their bottom line.
On June 23, the Select Luxury Items Tax Act received Royal Assent and came into effect on September 1 of this year.
When you get into the ebb and flow of the day to day - buying supplies, selling goods and services, fulfilling customer orders, getting more business – there are a lot of things that fall by the wayside. And staying up to date with company records is one of them for many business owners.
If you own a corporation in Canada, one record you are required to keep is an up to date company minute book. Which is something that some business owners aren’t aware of.
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.
