Starting a Business: The Business Plan, Part I

You’ve decided that the dynamic world of entrepreneurship is for you; congratulations! Modern society was built on the backs of aspiring entrepreneurs who wanted to provide goods and services that were more efficient, less costly, or filling a niche that was theretofore unserviced.  Your grand ideas in mind, it’s now time to flesh your business out into something more concrete; … Read More

Starting a Business: The Joys of Entrepreneurship

Starting a Business is a series we’re running on the steps you need to take in order to begin your entrepreneurial journey. An entrepreneurial spirit is essential to succeeding in the business world; if you want to create change, critically question your environment, and use facts and intuition in conjunction to achieve your goals, then you’ve got what it takes … Read More

Do I Get Taxed on Rental Income?

Investing in a new property can be very exciting; there are many ways you can use a house to generate money. You might do renovations on the house and sell it in a few years; others purchase properties as bed and breakfasts. A popular way of using property for income is by renting it out to tenants; but does collecting … Read More

What is the Definition of Pensionable Salary?

There are a wide variety of social security schemes which help the most vulnerable members of our society. Employment Insurance (EI) helps those who have lost work through no fault of their own, and Old Age Security (OAS) is there for those who are over the age of 65. The Canada Pension Plan (CPP) is somewhere between a social security … Read More

What are Tax Deductible Business Expenses?

Running your own business is a thrilling, ambitious and complex proposition. The joy of being your own boss and contributing something substantial to society, be it a service or good, is something amazing, and North America was built on the back of the entrepreneurial spirit. The age old adage that you have to spend money to make money is true, … Read More

CRA Audit – Can I Be Selected?

We’re oftentimes asked how the CRA chooses taxpayers subject to audit. With experience we know specific taxpayers, specific claims and specific industries tend to trigger audits. With this in mind, we’ll list here what we’ve seen and how we think the Canada Revenue Agency chooses specific businesses and individuals for audit. Reasons that are specific to individuals We see more … Read More

How Does Rental Property Affect Your Income Taxes?

Filing your taxes at the end of the year is already a tricky endeavor for most people. It becomes even more difficult when you must add in unique scenarios such as rental properties to your return. Most people believe that rental properties are a great way to generate wealth, but they forget about paying tax on this income. This can … Read More

How Long Should You Keep Tax Records?

Filing your taxes comes with its own set of stressors, but what do you do with the paperwork when you’re finished? Most business owners already know that they should hold onto their tax returns and supporting documents for a set period of time. However, very few people know just how long to keep that paperwork available. They also aren’t sure … Read More