One of the most common questions we get asked is how to fix mistakes on past or previous tax returns. It’s an issue that is definitely worth exploring to ensure you’ve received the maximum available return and to avoid problems,…
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Most of the time when a person starts a business, the start-up phase of the business is very expensive and this is when much more money is spent as opposed to when the business is up and running. Most businesses…
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You have taken the plunge and started a business or are considering starting a business. At this point, you should seriously consider how your business’s bookkeeping will be accomplished. There are two options for this: Hire a bookkeeper/accountant Do it…
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Running a home daycare is a common business. When it comes time to complete your taxes, there are certain guidelines and rules that should be followed in terms of reporting the income from your daycare. The first distinction you must…
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How much will I have to spend on my business taxes at tax time? This is a question most people ask when they start a business. Most of the time, when a person starts a business, they will start the…
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At the end of the year, regardless of how involved you are in the accounting aspect of your business, how much the accounting fees for your business’s year-end cost is something every business owner is aware of. Many business owners…
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This is a question faced by many owners of a corporation which is carrying on an active business. First off, let’s address the basic concepts. A holding company is a legal corporation which owns the shares of the business corporation…
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One of the most common types of corporations is a business operated by one person (the owner of the corporation). This is common for tradespersons operating their own corporation, consultants of various fields such as oil-field consulting or I.T. consulting,…
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If you have grown your business to the point where you would like to incorporate it or if you would like to create a new corporation for tax planning purposes, the actual mechanical process of incorporating a business is not…
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Many taxpayers wonder when their tax returns can be no longer re-assessed or audited by the Canada Revenue Agency (CRA). In other words, the taxpayer is home-free and the tax years closed– although there are always exceptions to a rule,…
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