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Incorporation: The Pros and Cons of Incorporating Your Small Business

Should you incorporate your business? Is your small business growing rapidly and you’re starting to wonder about incorporation? No problem – here are some advantages and disadvantages of incorporation. Advantages: Limited Liability As a sole proprietorship, you as the business owner assume the liability for the company. Therefore, your personal assets such as your own home…

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Department of Finance Proposed Changes for Canadian Entrepreneurs

Department of Finance Proposed Changes for Canadian Entrepreneurs ​​​​​On July 18, 2017, the Honourable Bill Morneau released proposed changes to the following three areas of tax planning using private corporations: Income Sprinkling The proposed changes significantly expand the current rules targeting income splitting among family members.​ ​Holding Passive Investments Inside a Private Corporation The Government…

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Small Business: How to pay yourself

Dividend or Salary As the owner of a Canadian small business corporation, you generally have two methods when it comes to paying yourself: Dividend – an investment return paid out of the corporation’s retained earnings Salary – an employment return paid out of the corporation’s net income The Canadian personal and corporate income tax structure is designed to…

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CA, CGA, CMA, CPA?

Accounting is a world of acronyms. CA, CGA, CMA, CPA, what do they all mean? Jibe Accounting is here to help you understand ASAP, OK? As of January of 2013, Chartered Accountants (“CAs”) adopted the Chartered Professional Accountant (“CPA”) designation. The three accounting bodies in Canada, CA, Certified Management Accountants (“CMAs”), and Certified General Accountants…

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