tax-strategies Archives
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End-of-Year Tax Planning Tips
The end of the year is rapidly approaching, which commonly brings about a time when business owners reflect on taxes. There are a few considerations that owners can contemplate to help maximize tax efficiency. Below are some immediate things you can contemplate and
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Tuition Savings Strategies for Business Owners
No matter how you slice it, paying for college or university tuition is costly. A 2018 survey of 23,000 students by MacLeans Magazine put the average annual cost of college or university at close to $20,000. For families with young children, the cost will only get
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CRA Prescribed Rate Rising – What Does it Mean for You?
The impact of rising interest rates by the Bank of Canada are being felt in many places, including the Canada Revenue Agency. Effective October 1st, the CRA prescribed base interest rate will be rising to 3% (currently at 2%) for the fourth quarter of 2022. The
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Independent Contractor vs. Employee
Determining whether you’re an employee or a contractor is a critical decision with important consequences for both the worker and payer (the company, employer or individual paying for the work). Employee or contractor? It might sound like an easy distinction to make,
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How to Avoid CRA Audits: Staying Under Their Radar
There are ways to stay below the Canada Revenue Agency’s (CRA) radar and, aside from correct and iron-clad calculations on tax returns, being proactive is chief among them. The trick, through proper planning and review, is to avoid sending them an invitation to do
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Personal Services Business – Avoid the Trap
The last thing you want when you incorporate your business is for the Canada Revenue Agency (CRA) to label you a personal services business (PSB). If CRA determines an incorporated individual working as a contractor is just an employee of the company they are
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