Charge GST to Customers?
When you first start selling goods or services to customers you will want to be onside with your responsibilities for charging GST on what you sell. Generally, most goods and services are taxable for GST. So if you’re unsure, it is best to contact a professional accountant for advice specific to what you are selling. Items which […]
When to Charge PST In BC British Columbia
With the abolishment of the HST (Harmonized Sales Tax) back in 2013, businesses now have to navigate the rules of both the GST (Goods and Services Tax) and the PST (Provincial Sales Tax) sales tax systems when selling goods and services to customers. GST is relatively straight-forward in that it contains much fewer exceptions/variations and special rules than PST […]
Meals & Entertainment – What Can I Write Off?
If you’re operating as an incorporated or unincorporated business, determining if you can deduct an expense for meals isn’t based on a definitive and clear-cut rule. This is a very subjective or grey area that depends on your specific business situation and the situation at the time the meal expense incurred. My hope is that […]
Intercompany Loans And The CRA
If an individual owns multiple corporations, he or she will commonly transfer money from one corporation to the other. If one business makes more money, then it will loan funds to another corporation that could use the money. Intercompany loans are useful and common in a family of companies that are related to each other […]
Court Case Reveals Tax Tips & Tricks on Income Splitting
What is Income Splitting and Why Should You Care? As you may know, Canada operates under a progressive tax system. In simple terms, the more you earn, the more you pay in taxes. Seems fair, right? But what if there was a legal and straightforward way to distribute your family’s income more efficiently, potentially saving […]
20 Biggest Tax Mistakes That Trigger A CRA Audit.
After working with hundreds of self-employed or incorporated business owners in Ontario — we’ve noticed a pattern that These are the most common tax mistakes that trigger a CRA Audit. All of these business owners were making the same BIG tax mistakes that would cost them their hard- earned money. Mistake #1. Choosing the wrong […]