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Dec 12, 2018 hi

It’s time to celebrate your business

Holidays –‘tis the season to be jolly. But it may seem there is little to celebrate with all the grim global events so prominent in the news and the constant pressure of running your business. The Canadian men’s basketball team certainly have something to celebrate with their recent qualification for the 2019 FIBA World Cup. And looking at their journey as a team might help you to find something to celebrate in your business despite all the doom and gloom. But first

Cost saving tips for businesses

Amidst thеѕе сhаllеngіng есоnоmіс tіmеѕ, managing еxреnѕеѕ hаvе grаduаllу аnd іnсrеаѕіnglу bесоmе a priority fоr mаnу buѕіnеѕѕ owners bе it lаrgе, medium оr ѕmаll ѕсаlе buѕіnеѕѕеѕ. In rесеnt times, many hаvе taken inventory оf their еxреnѕеѕ аnd аrе implementing nесеѕѕаrу steps to соntrоl costs. Crеаtе periodic rероrtѕ to еxаmіnе bоth уоur соѕtѕ аnd іnсоmе. Mаkе сhаngеѕ аѕ required, especially when you nоtісе that you аrе ѕреndіng mоrе thаn уоur budgеt аllосаtіоnѕ. Identify high variation items, brainstorm alternatives, make a comparison and

Is your business an old dog that refuses to learn new tricks?

It’s no exaggeration to say we live in uncertain times and disruption is constantly changing the face of the business world. When faced with such unsettling changes people all too often cling to the old ideas and traditional way of doing things but that resistance to change can strangle your business vitality and growth. One small town in Northern Ontario threatened by severe population loss has decided to turn its fortunes around by investing in new ideas. It raises the question;

You Incorporated Your Company, What’s Next?

You took that first step and incorporated your start up but what comes next? The various tax terminologies out there and not knowing where to start can be over-whelming. Once again stressing on our favorite line, not starting out right in the initial stages can lead to future compliance issues with the tax-man. This post summarizes various obligations a company may have given the model and the type of business. Sales Tax If you sell a good or provide a service

Do You Have To Charge Sales Tax On Your Online Sales To Canada?

As the e-commerce platform continues to grow, and more independent business owners join the loop, deciphering the laws surrounding sales tax for online transactions can be puzzling. As an overview, there are three types of sales tax in Canada. -Federal Sales Tax, Goods and Services Tax (GST) is applied at 5% to sales anywhere in Canada -Harmonized Sales Tax (HST) is charged on sales to provinces that have integrated their provincial sales tax system with the Federal GST.

Recent Changes to Tax on Passive Income in Canada

The Federal Budget brought about a major change on how passive income earned by corporations is taxed. With the new rules, the government aims to uphold its promise to ensure tax fairness and equality. Prior legislation and the perceived unfairness  Canadian Controlled Private Corporations are entitled to a small business tax rate on taxable income earned up to $500,000. Whereas, the same amount of income earned by an individual is taxed at the individual’s marginal rate. Therefore, corporations had an advantage

Reducing Paper Consumption: Healthier Budget, Healthier Planet

As we become more aware of the fragility of our global environment, people and businesses are looking for new ways to do their part in conserving our natural resources. There has been a huge shift in consciousness regarding the effect that our daily decisions have on the planet. Citizens everywhere are recycling more, driving less, and reducing consumption in an effort to mitigate our carbon footprint. While these efforts are noble and effective, there’s no doubt that we

2018 TOSI Changes: Highlights for Small Business Owners

Not only did January 1 usher in the new year, it also brought about a major change in Canada’s tax law, which is especially impactful for small business owners. The government released new tax requirements for split income received from private corporations. Income splitting has traditionally allowed entrepreneurs to include family members as part of the corporation’s ownership structure. Through utilizing either share holdings or family trusts, dividends can be paid out to different family members, typically in lower tax

AI: Helping us to Work Smarter, not Harder

The term “artificial intelligence” still brings science fiction to mind.With connotations of chatty robots and malevolent supercomputers, the concept of artificial intelligence still seems strange, foreign, and distant. As you may know, however, the future of AI is already here, albeit in more mundane, practical forms. Across professions, we are seeing a revolution in how we do work, assisted and enhanced by increasingly “smart” computers. While we are not yet able to chat with these machines about the

Key Takeaways from the ‘2018 Federal Budget’

In late February, the Liberal-mandated Parliament passed the budget for FY 2018, entitled Growth and Equality. It features some notable changes from last year, both in content and tone. The Budget puts focus on gender equality, provides greater benefits for lower-income households, and seeks to advance the quality of life among other historically disenfranchised groups, such as indigenous Canadians. To pay for this, it seeks to close up tax loopholes and raise taxes, ostensibly on the wealthiest individuals and companies.