The most common post-secondary non-refundable tax credits that apply to students are interest paid on student loans, the tuition, education and textbook amounts (prior to 2017), the public transit amount (prior to July 1, 2017), and the Canada employment amount.
Interest on Student Loans
To be eligible for the credit, interest must, in fact, have been paid. The […]
The most common deductions that apply to students are moving expenses and child care expenses.
Moving Expenses
You can deduct moving expenses if you move to attend courses as a full-time student or if you moved to start a new job, including summer employment, or to start a business. Your new home must be at least 40 […]
One of the most significant expenses on invoices is the cost of supplies. It follows that any opportunity to save on supplies can have a dramatic effect on the final cost of a project. While labor and time charges can be altered by increased efficiency or at the contractor’s discretion, supply costs are not as […]
Every business owner should be concerned about creditor proofing his assets. Consider these suggestions:
1. Transfer assets out of the company
Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Lease the assets in the holding corporation back to the operating […]
If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount […]
In a Tax Court of Canada case, a mother had guaranteed the business loans for her son’s corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans. The mother claimed business investment losses for the amounts repaid.
Her only motivation for the guarantee was to assist her son’s business. She did not charge […]
As a business owner, you wouldn’t survive long without the protection afforded by business insurance. It insulates you from a wide range of financial losses, such as a customer suing you, employee theft, and widespread damage to your business structure caused by severe weather. These situations are unpredictable and out of your control. However, that […]
Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits:
Maternity benefits (15 weeks maximum) available to parents of a new born or newly adopted child. It covers the periods surrounding birth. A claim can be submitted up to 8 weeks before the expected date of birth, and […]
The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death.
There are three types of CPP benefits:
Disability benefits (which include benefits for disabled contributors and for their […]
Running a business can be tough. You will experience growing pains as you start and expand the business. You will become impatient with the slow progress as the business progresses. There will be days where developing your small business may be far from the dream you expected it to be.
The unpredictability of business also means […]
