When you run a small business, the day-to-day challenges and sales and production targets often keep you so occupied that the only time you really think about taxes is when they are due.
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To Incorporate or not to Incorporate? That is the question. For most small businesses, the question of if and when the company should be incorporated is one that should be considered at regular intervals.
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This is another bookkeeping and accounting question that we’d like to use this blog to address. The simple answer is no. The government has decided to allow “point of sale” rebates on certain products or services. What this means, is that on some items you can provide your customer with a rebate on the provincial […]
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This week, the federal government released the 2014 federal budget, and businesses across the country are wondering how it will impact them. I’ve never been a big follower of the budget in the past, until I became a business owner. Now, I’m on several subscription feeds to give me an analysis of what the budget […]
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The holiday season is now over and so we launch into January and April, which for business owners is T4 time. It’s certainly not a fun time for a lot of employers, especially if they are calculating payroll manually throughout the year with the help of Canada Revenue Agency (CRA) calculators. Even if you are […]
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There are a lot of frequently asked questions that we receive as a bookkeeping firm, but one of the most common by far is, “Why do I need a bookkeeper?” (There’s also the runner-up, “What’s the difference between a bookkeeper and an accountant?”, but we’ll save that for another blog post).
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February is the month of T4’s and T5’s for most employers. If you had any employees during the 2012 calendar year, then CRA (Canada Revenue Agency) requires you to file T4’s and T5’s by February 28, 2013. There is no flexibility on the deadline and the penalties and interest start adding up on March 1st. […]
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T4 Slips and T4 Summaries can be filed in a number of ways: Traditional Paper Method (for only up to 50 T-slips) Sample T4 Slip Sample T4 Summary Information Return Electronic Media – CD, DVD – (again only for up to 50 slips) Internet – (If you file more than 50 T4 slips for a […]
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If you have ever had a job in Canada you’ve likely received a T4 slip at some point in your life, whether it was for a summer student job or as a full-employee in your career. But what exactly is a T4 slip and why is it important that it is prepared? (You can download […]
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Here is the next tip in our series of Tax Tips. There is usually an added benefit if payments for charitable donations for two years are grouped into one year. This is due to the fact that the first $200 of donations is eligible for a 15% federal non-refundable credit in 2010 while the excess [...]
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