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Information For Business Owners
Small business - start, buy or forget it?
What books and records must be kept for a business?
How does a self-employed person choose a year-end when starting a business?
Should you incorporate your small business?
Are you an employee or a self-employed independent contractor?
Free taxation videos and recorded webinars for small business owners
Competing for federal government contracts - assistance for small businesses.
Elimination of the Penny - businesses and consumers
Provincial Web Sites for Business Information and Services - most of these websites have information on how to incorporate.
Bringing personal assets into your business - from Canada Revenue Agency
Shareholder Loans and Their Tax Implications
Ceasing Business - some of the things that must be done if you are closing down your business
Disability Insurance - make sure you have it for yourself, and if you have employees, get them to pay their own premiums.
Tax Tip: We can't stress this enough - get advice from a CPA experienced in business income tax when you start your business!
COVID-19 Financial Relief Resources
New: Highly Affected Sectors Credit Availability Program (HASCAP) - low interest business loans guaranteed by the federal government, flexible terms up to 10 years. Applications open Feb 1,2021.
Forgivable Loans (CECRA and CEBA) - Tax and Accounting Treatment
Canada Emergency Wage Subsidy (CEWS) - included in income in the period to which it relates, not when later received!!
Canada Emergency Business Account (CEBA) - up to $60,000 interest-free loan, with up to $20,000 forgivable
Canada Emergency Rent Subsidy (CERS) - applications by business tenants - included in income in the period to which it relates, not when later received!!
Canada Commercial Rental Assistance (CECRA) - applications by landlords
Provincial/Territorial COVID-19 Supports and Information
Business Income Tax
My Payment - an online service from CRA to make payments to them directly from your bank account.
My Business Account - an online service from CRA that allows you to manage tax-related information for your business.
T2 Corporate Income Tax Returns - links to forms, GIFI return, information on filing and payment deadlines
Are both personal and business tax returns needed if I have a small business?
Deadline for filing a tax return for a self-employed person.
Audits - Tax Chick Tips on Surviving an Audit
Reporting foreign income and expenses on your tax return
Personal Services Businesses (incorporated employees) pay higher corporate income tax rates
Specified Investment Business - Corporate Income From Property
Corporate Taxation of Investment Income
Specified Investment Businesses (principally earning property income) pay higher corporate income tax rates
Small Business Deduction, Business Limit Reductions based on Taxable Capital and based on Investment Income
Taxable Capital Employed in Canada
Self-employment losses can be carried back 3 years, and can be used to offset other income.
Small business financial statements - do they have to be audited?
Business losses - can I write them off against other income?
$800,000+ Lifetime Capital Gains Exemption (LCGE)
Employee and partner GST rebate for employees or partners who have deductible employment or partnership expenses
What expenses can I write off against my business income?
Capital or Expense - which costs should be capitalized, which should be expensed?
Disability Insurance Premiums Paid by a Business
What meal and entertainment costs can I deduct?
Penalties and fines are no longer deductible business expenses.
Eligible capital property, eligible capital expenditures, and cumulative eligible capital deduction, including incorporation costs
Automobiles, Passenger Vehicles and Motor Vehicles - expenses, taxable benefits, GST/HST
Employees and Payroll
Should I pay myself a salary from my business? What deductions would apply?
Minimum wage rates and other employment standards in Canada
Private Health Services Plans - a tax-free benefit for employees and/or shareholders
Employee loans and loan subsidies may result in a taxable benefit to the employee
Tax-free motor vehicle allowances
Tax-free (or reduced tax) employee benefits
Canada Revenue Agency (CRA) T4001 Employers' Guide - Payroll Deductions and Remittances
TD1 forms - make sure they are up to date.
Calculating payroll deductions and automobile taxable benefits.
Late payroll remittances - will I be penalized?
T4 slips - requirements and filing
Don't pay unnecessary employment insurance (EI) premiums
Canada Pension Plan (CPP) and Employment Insurance (EI) Premiums
Recovering overpaid CPP contributions and EI premiums
Foreign firms paying employees or self-employed contractors in Canada - what taxes must be withheld?
Revised: May 15, 2023
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