Every year, small business owners must deal with the process of filing income tax. There are some great tax deductions available for small and home businesses. The following list is not complete, but it contains a number of items small business owners sometimes overlook.
Deductions Allowed for Home Office
The home office and its contents must be […]
Canadians file more than 26 million individual income tax and benefit returns each year, and all are electronically analyzed. Based on this analysis, CRA selects certain returns for review because they are high-risk. Other returns are selected based on a random sample used to measure non-compliance for all taxpayers. CRA has four main review programs:
1. […]
As a small business owner, you may find certain aspects of your job glamorous. A speaking engagement, recognition by an industry heavyweight, a television appearance, etc. It’s a pretty safe bet that “bookkeeping” will never make that list. While it’s not sexy, a commitment to bookkeeping and a reputable bookkeeping service is an essential component […]
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000(plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.
The limit on deductible leasing costs remains at $800 per month(plus […]
If you are doing your tax planning for 2015, you may find the following tax rates and maximums helpful from the Canada Revenue Agency (CRA).
Did you know that if you reach the maximum CPP or EI in 2015 before the end of the year, you will see an increase in the amount of your net […]
A Calgary business owner cannot survive without adequate cash flow, even if it makes a profit at the end of the year. Almost 50 percent of small businesses are affected by occasional cash flow problems, while a further 20 percent have a continuing problem with cash flow, according to a report released by American Express […]
Should you launch your new business from your coffee table, or is your startup money better spent by renting office space somewhere in Calgary?
Working from home can be detrimental or beneficial to your budding business. It all depends on the type of business you plan on running, not to mention your lifestyle goals. Here are […]
Are you considering doing something special for your employees over Christmas? If so, pay attention to what you actually do as it could end up costing your employee money. Some typical Christmas gifts or bonuses need to be declared as taxable income by the employee.
First, here is a typical rule of thumb on what’s taxable […]
Every corporation incorporated under the Alberta Business Corporations Act, Small businesses to large corporations, are required to file an Annual Return to maintain their status as a legal entity.
NOTE: This is not to be confused with the Corporate Tax Return.
Annual Returns
Corporations must submit an Annual Return each year
The Annual Return contains information about […]
According to an Industry Canada study, the main reason small businesses fail is inexperienced management. About half of all businesses fail within their first five years. Fortunately, many of these failures are preventable. Here are some things that Calgary small business owners can do to turn a business around and save it from closure.
Finding the Problem
Find out […]
