A business plan is a valuable tool for every business owner, whether you are starting up, have been in business for years, or are ready to grow. Think of your business plan as a sales document. It must convince readers… {Read more}
Category: Small Biz Advice
Employment Insurance Benefits for Self-Employed People
Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits: Maternity benefits (15 weeks maximum) available to birth mothers. It covers the periods surrounding birth. A claim can be submitted… {Read more}
Line 8523 – Meals and Entertainment
The maximum amount you can claim for food, beverages, and entertainment expenses is 50% of either the amount you incur or an amount that is reasonable in the circumstances, whichever is less. These limits also apply to the cost of… {Read more}
Becoming a Multipreneur
Having a small business as your main source of income can often create financial challenges. If you own a seasonal business, for example, you may be trying to generate a year’s income in a short amount of time. If you… {Read more}
Things to Consider before Expanding your Business
Expanding your business usually involves dedication and hard work. Before moving ahead, consider whether you and your team are fully committed to making the effort and if your operation is ready to support growth before investing your time and money…. {Read more}
What books and records must be kept for a business?
Any person (individual, partnership, corporation, trust, etc.) carrying on a business must keep books of accounts and records which provide the ability to calculate taxes payable. These books and records must be supported by “source documents” which substantiate the amounts… {Read more}
Economic Action Plan 2013’s Strong Support for Charitable Organizations
Jim Flaherty, Minister of Finance, on May 27, 2013, urged Canadians to take advantage of the Harper Government’s new First-Time Donor’s Super Credit and donate to a charitable organization. Speaking at Lutherwood, a not-for-profit health and social service organization serving… {Read more}
Apprenticeship Job Creation Tax Credit
The Apprenticeship Job Creation Tax Credit (AJCTC) is a non-refundable tax credit equal to 10% of the eligible salaries and wages payable to eligible apprentices in respect of employment after May 1, 2006. The maximum credit an employer can claim is $2,000 per… {Read more}
Minister Menzies Promotes Canada as a Global Economic Leader
The Honourable Ted Menzies, Minister of State (Finance), attended the annual meeting of the European Bank for Reconstruction and Development (EBRD), that took place May 10-11 in Istanbul, Turkey, and met with key political and business leaders to promote trade… {Read more}
Self employed individuals – Choosing a year-end
You can choose a year-end after December 31, so that you can defer tax on your first fiscal year until the calendar year in which the first year-end occurs. However, you will still have to pay tax based on a… {Read more}