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Home  ->  Business

Information For Business Owners

Business Income Tax

Business Expenses

Employees and Payroll

Payroll Taxes

COVID-19 Financial Relief Resources

Information For Business Owners

Small business - start, buy or forget it?

What books and records must be kept for a business, and for how long? The answer may surprise you!

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!

Business Income Tax

Corporate income tax rates

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.

Dividend tax credit

T2 Corporate Income Tax Returns - links to forms, GIFI return, information on filing and payment deadlines

Schedule 88 Internet Business Activities - does your corporation have a web page or website?

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

Foreign asset reporting

Reporting foreign income and expenses on your tax return

Taxation of Government Assistance and Forgivable Loans

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?

Non-capital losses

Business investment losses

$1 million+ Lifetime Capital Gains Exemption (LCGE)

bulletQualified small business corporation shares
bulletQualified farm property
bulletQualified fishing property
bulletCumulative net investment loss (CNIL)

Employee and partner GST rebate for employees or partners who have deductible employment or partnership expenses

Business 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

Amortization and Depreciation

Capital cost allowance

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

Employee-owned motor vehicles

Tax-free motor vehicle allowances

Auto taxable benefits

Tax-free (or reduced tax) employee benefits

Payroll Taxes

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?

COVID-19 Financial Relief Resources

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

Revised: January 11, 2024


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