Payroll Obligations to the CRA

The following is a brief guide for employers so you can better understand your payroll obligations Although payroll obligations are fairly complex and nuanced, we’ll break down these obligations into three sections: payroll obligations, CPP obligations, and EI obligations.   Payroll Obligations   First, determine whether or not you are considered an employer. Are you paying salaries and vacation pay? … Read More

Canadian Tax Strategies for Business Professionals

canadian-tax-strategies-for-business-professionals

  We’re going to talk about how to minimize your income tax owed when you’re a business professional but talking about such a broad topic requires a brief caveat. The advice that we’re going to give here is general – there are deductions a dentist might be able to take that a general contractor could not, just as there are … Read More

HST, Explained

One of the key challenges facing any government is to try to find efficiencies without disrupting markets. This is arguably the best way of “making money out of nothing”; without having to create new revenue streams or increase taxes, when the government can decrease bureaucracy without sacrificing services, there are net savings. That’s one of the goals behind HST, the … Read More

Provincial Sales Tax Rates in Canada

There’s a lot of advantages to dividing power between governments; it allows individual regions to cater more carefully to the needs of their population. The disadvantage to multiple parties splitting power, however, is inconsistency. Look at the conflict between Alberta and British Columbia over pipelines, for an example of how provincial powers, both under a greater federal power, can lead … Read More

Lowering Property Taxes in Winnipeg

I’m going to level with you right off the bat – you can’t actually lower the property tax rate unless you get elected to the municipal council with enough like minded citizens. That means the efforts we’re going to describe in this post all relate to how much property tax you’ll end up paying – not the rate at which you … Read More

Manitoba Tax Credits

Paying taxes is an important part of creating a vibrant, sustainable place to live. Our taxes contribute to infrastructure, social programs, incentives for new business owners, and more. That all said, the fewer taxes a person has to pay, the more money they have in their pockets. This has created a scheme by which governments will provide tax relief in … Read More

The Right Kind of Audit

  There are words that can strike fear into the heart of any business owner. Claim denied. Slow season. Business tax increase. Tariffs. All of these things can make you want to run for the hills, but none are likely to ruin your day quite so much as two simple words: “Tax audit”. Being audited can take a lot of … Read More

What is Accounting?

  Accounting has been called “the language of business”. We vaguely understand what accounting is; we hire accountants to take a look at our financial transactions, to help us understand the tax code, and to help establish permanent systems for recording transactions. What is accounting, exactly? The question is somewhat hard to answer because it can mean so many different … Read More

The Impact Fee

  In 2017, Winnipeg introduced a new by-law, the impact fee. This by-law introduces a fee on new developments in the City – presently, it only affects residential developments in certain areas, but it may be expanded to commercial developments and new zones soon (more on that later). In this brief post, we’ll go over the current cost of the … Read More

Accounting Before Tax Season

For most Canadians, we’re well away from tax season at this point, and everyone has breathed their collective sigh of relief. A lot of folks only think of accounting when tax season comes around, but accountants can be useful year round, for a number of different reasons. Whether you want an accountant for personal reasons, or for your business, there’s … Read More