When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable… {Read more}
Category: Small Biz Advice
Withholding Information from the CRA
If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities. If you are audited by the… {Read more}
Employer-Paid Disability Premiums
If you think that paying for your employee’s disability premiums is always a good thing, think again. As a non-taxable fringe benefit, payments they receive upon their disability will be, in most cases, FULLY taxable to them! Payments received due… {Read more}
RRSP Home Buyer’s Plan
The Home Buyer’s Plan (HBP) allows you to borrow funds from your RRSP to buy or build a qualifying home, under the following conditions: you or your spouse or common-law partner have not owned a home which you occupied as… {Read more}
Employees vs. Independent Contractors
It’s crucial to know whether your workers are employees or independent contractors. Big dollars may be at stake in the form of Federal and provincial assessed penalties resulting from mis-classification. The validity of your company’s pension plan may also be… {Read more}
Claiming Automobile Expenses
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as van, bus, pickup truck, station wagon, SUV or other truck). Many individuals use their automobile for work or business and incur… {Read more}
Non-Pensionable Earnings and Underpaid CPP Contributions
There are some types of employment payments and other payments from which CPP or QPP contributions do not have to be deducted. Also, if a person has more than one employer in the year and earns total employment income which… {Read more}
2012 Sales Tax Rates in Canadian Provinces and Territories
2012 Sales Tax Rates in
Alternative minimum tax on Canadian dividends
Dividends eligible for the enhanced dividend tax credit
RRSP Contributions Deadline
Deadline for RRSP