By Liz O'Dowd on October 5, 2016 
Leave a comment
If you own a business, you may have wondered if you should incorporate. Historically the income tax system in Canada has benefited incorporated Canadian small businesses. Although the income and deduction calculations are almost identical to an unincorporated business, the… {Read more}
By Liz O'Dowd on March 24, 2016 Leave a comment
Canada Revnue Agency announces winding down of the political activities audit program for charities The Honourable Diane Lebouthillier, P.C., M.P., Minister of National Revenue, today announced the winding down of the review by the Canada Revenue Agency (CRA) of registered… {Read more}
By karen on March 24, 2016 Leave a comment
On Tuesday March 22, 2016 the Liberal Government announced their federal budget 2016. There are changes for individuals and businesses that you should be aware of. We have included for your information a commentary on the budget and how it… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
The difference between tax deductions & credits and whats eligible. Although there’s a substantial difference between a tax credit and a tax deduction, it’s easy to get the two confused. A tax deduction reduces your taxable income, with the actual… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Whats new for the capital gains exemption deduction The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $813,600, or $1,000,000 for a qualified farm property or qualified fishing property. If you… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Capital losses and deductions You can use your 2015 capital losses to reduce your current year’s income taxes by applying such losses against your 2015 capital gains. You must however be careful of the superficial loss rules preventing you from… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
3.5 Fixes To The Cash Flow Problems Killing Your Business When your small business suffers from cash flow problems, you risk having your financial problems spin out of control. You may miss payments to important vendors or even make critical… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
The #1 Problem New Small Business Owners Keep Making Starting a small business is not only an incredible accomplishment, but also the start of a journey with great responsibility. As most successful entrepreneurs know, running a successful business requires help… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Are Hidden Costs Decimating Your Bottom Line? As a small business owner, you work tirelessly every day to keep your business afloat and, hopefully, see it grow. You seem to be making headway – attracting new customers, finding better ways… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Get answers about your tax and benefit information online at the CRA – it’s easy and quick Did you know? If you have a question about your income tax or the benefits you are currently receiving, you can log into My… {Read more}