In several industries, it can be common to travel to conduct business, whether that is to gain clientele or expand your training/education etc. However, there is some strict criteria when it comes to travelling as to what is an eligible business deduction and is not. See below some of the criteria below: Conventions When it…
If you require additional help to operate your business, you may have questioned whether to hire on employees or contractors and what the benefits of each are. Below we have included some information on what the responsibilities of the business are when hiring on an employee versus hiring on a contractor. Employees: The relationship…
In light of one of the more threatening and deadly pandemics of all time, the Canadian government launched the COVID-19 Economic Response Plan on March 18th, 2020. As non-essential services were closed to slow the spread of COVID-19, many businesses temporarily, or permanently shut their doors and let their employees go. Since Canada’s COVID-19 Economic…
With the COVID-19 pandemic, many Canadians have resorted to working from home and operating online. E-commerce businesses have become a popular industry for Canadians looking to start their own businesses, as opposed to a brick and mortar location. Depending on your business model, many of these E-commerce businesses would not even require you to leave…
In addition to Canada’s COVID-19 Economic Response Plan, there have been some changes to Alberta’s economic response. The Alberta government will provide immediate funding and supportive measure for local businesses, employers and employees. Corporate income tax deadline extension Corporate income tax balances and installment payments will be deferred from March 19 until August 31, 2020…
In light of the recent threat of COVID-19 to the livelihoods of employees, families and self-employed individuals, the Prime Minister announced on March 18th, 2020 the Government of Canada’s COVID-19 Economic Response plan which will provide up to $27 billion in direct support to Canadian workers and businesses. Here are some of the main highlights…
In light of the recent threat of COVID-19 to the livelihoods of businesses, business-owners and employees, the Prime Minister announced on March 18th, 2020 the Government of Canada’s COVID-19 Economic Response plan which will provide up to $27 billion in direct support to Canadian workers and businesses. Here are some of the main highlights for…
Meals and entertainment can be a great deduction for many businesses. But what is considered a valid meals and entertainment expense? And to what extent can you claim this deduction? See below! Generally, the meals and entertainment expense are food, beverage and entertainment expenses incurred by the business. To qualify, these outings must be with…
Reality is most people whether employed, self-employed or business owners have an office space in their home they use for work. However, CRA has strict guidelines as to whether or not this space is deductible under certain conditions. In general, CRA requires your home office to be a place in which you meet clients and incur…
As the owner of a corporation, there are several options as to how you could pay yourself. This is advantageous to you because it allows you to tax plan to result in the best outcomes for both your personal tax and corporate taxes. See below the advantages and disadvantages to each method: Dividends Dividends are…