By Liz O'Dowd on May 11, 2017 
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As a self-employed person, you and your spouse or common-law partner have until midnight on Thursday, June 15, 2017, to file your 2016 income tax and benefit returns. The legislated date for paying an income tax balance owing is April… {Read more}
By Liz O'Dowd on May 11, 2017 Leave a comment
Protecting Personal Assets of Small Business Owner’s from CRA Collections Never use your home address as your business address. If you have a business location outside of your house use that location. If CRA collections issues a direction to the… {Read more}
By Liz O'Dowd on October 20, 2016 Leave a comment
Get organised for the next tax season No one looks forward to the tax season, and it can be especially difficult for small businesses. In order to make the filing of your income tax return as painless as possible, it… {Read more}
By Liz O'Dowd on October 20, 2016 Leave a comment
Corporations that own specified foreign property over $100,000 can now Efile Form T1135 online Did you know? Starting May 16 2016, corporations that own specified foreign property over $100,000 can Efile Form T1135, Foreign Income Verification Statement, electronically for the… {Read more}
By Liz O'Dowd on October 20, 2016 Leave a comment
How are you processing your online tax payments? Did you know you can use online tax payments to pay your business taxes? It’s faster, easier, and cheaper than mailing a cheque to the Canada Revenue Agency (CRA), especially if you’re… {Read more}
By Liz O'Dowd on October 20, 2016 Leave a comment
The CRA’s new online services have contributed to the increase in the number of returns filed electronically The Government of Canada is committed to making the Canada Revenue Agency (CRA) an agency that is more client-focused and online focused. In… {Read more}
By Liz O'Dowd on October 18, 2016 Leave a comment
If your small business tax bill is too high, try the following tips to bring it down in subsequent years. We all want to pay as little income tax as possible without breaking the law. 1. Keep impeccable records. Most… {Read more}
By Liz O'Dowd on October 18, 2016 Leave a comment
Borrow to Invest in Stocks and Exchange Traded Funds (ETFs) – Outside of an RRSP You should not consider this strategy unless you have owned stocks for at least 2 years. Taxtips.ca recommends this because investing is a learning experience,… {Read more}
By Liz O'Dowd on October 17, 2016 Leave a comment
Salaries paid to a family member. When deciding as to whether a salary should be paid to a family member, or more specifically to ones spouse, numerous questions arise. On one side, there is the question of the risk involved… {Read more}
By Liz O'Dowd on October 12, 2016 Leave a comment
Tax-Free Savings Account (TFSA) vs Registered Retirement Savings Plan (RRSP) calculator TaxTips.ca’s Tax-Free Savings Account (TFSA) vs Registered Retirement Savings Plan (RRSP) calculator will help you decide which type of account is better for you. This will depend on your… {Read more}