CORPORATE TAX POSTS

Year End Preparation

Wednesday, June 15, 2016
Year End Preparation What do we need and why? A copy of bookkeeping records whether it be manual synoptic, Sage Simply Accounting, Quickbooks etc. All bank statements for the year and reconciliation reports Asset listings Receipts for purchases of depreciable assets greater than $5...
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PROPOSED CHANGES TO THE SMALL BUSINESS DEDUCTION FROM THE RECENT BUDGET

Monday, June 13, 2016

Proposed changes to the Small Business Deduction from the recent budget: What is the Small Business Deduction “SBD”? The Small Business Deduction provides a reduced rate of tax on the first $500,000 of active business income for any Canadian Controlled Private Corporation “CCPC” in Canada. What ch...

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Employee or Self-Employed Worker

Wednesday, May 18, 2016
Employee or self-employed worker? It is important to decide whether a worker is an employee or a self-employed individual. Employment status affects a person’s entitlement to employment insurance (EI) benefits while also having an impact on how a worker is treated under other legislation such as th...
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Proposed Liberal and Implemented NDP Tax Policy Implicat

ions

Wednesday, December 02, 2015

Rates 1. Personal Tax a) Federal: The Liberals have proposed that they will cut the income tax rate for middle class Canadians, and increase the marginal rate on higher earning income individuals. The following rates highlighted in yellow represent the only
changes to the personal federal tax ...
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T5018 STATEMENT OF CONTRACT PAYMENTS

Wednesday, December 02, 2015

T5018 Statement of Contract Payments A T5018 is issued when payments are made to subcontractors where at least 50% of your primary source of business income derives from construction activities. If the total payments made to a subcontractor are less than $500 there is no need to issue a slip. Is...
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Wages vs Dividends

Tuesday, July 14, 2015
Wages vs Dividends We are often asked by small business owners if it is better to pay dividends or wages. The answer is that it depends on how you want to build your retirement income. Wages The advantages of wages are: a) Wages increase the individuals RRSP contribution room. The idea ...
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