Starting a Business: The Business Plan, Part II

creating a business plan and figuring out the finances

Welcome back to our series for first-time business owners; today, we’ll analyze the rest of the business plan. To get the most out of this post, it’s important that you read Part I, where we analyzed the Executive Summary, Business Strategy and Marketing Strategy portions of the plan. Now, we will analyze the Operational Plan and Financial Forecasts, as well … Read More

Starting a Business: The Business Plan, Part I

starting a business creating ways to use your finances responsibly

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

creating a business you will need someone to keep your finances on check

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?

claiming your taxes on your rent

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?

saving for your retirement, saving every penny counts

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?

calculating tax deductions

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?

canada revenue agency, it's important to file your taxes on time and accurately

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 Long Do I Have to Keep My Business Tax Records?

accountant is working on a client file

The Canada Revenue Agency (CRA) sets some record retention standards for tax records. Below are basic record retention regulations to consider for your company. Business Tax Returns and all Supporting Documents Keeping business documents such as pay stubs, tax records, and other supporting documents is important. Business owners need to hold on to these documents for a specific period of … Read More

How Does Rental Property Affect Your Income Taxes?

canadian tax return forms

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 I Keep My Payroll Records?

keeping track of employee payroll

Maintaining good records on your employees should be considered essential to running your business. At the end of the fiscal year, you want to have copies of all the records you have on each employee right at your fingertips. However, most businesses find that they really only use these records at the end of the current year. They very rarely … Read More