Nearly 75% of entrepreneurs will exit their businesses in 10 years. Who will fill their shoes?
Business owners who own and run successful businesses do so because they have put in the time, energy, as well as finances to make it successful. Business owners looking to retire by handing over their business to a family member may find themselves paying more taxes than just selling to a non-family member. If the […]
Read MorePaying income taxes is bad enough. Canada’s brutally complicated system makes it worse
A detailed examination of Canada’s system is long overdue. The Canadian tax system is complex and has become more so over the years. The original document was 4,000 words, and is now 1.1 million words. The tax guide includes complex tax codes and is further complicated by an increased number of tax credits and exceptions. […]
Read MoreTax benefits of being your own boss
One of the perks of being your own boss is a later tax filing deadline. Canadians employed by someone else needed to file their taxes by April 30th with the Canada Revenue Agency (CRA), but self-employed individuals have until June 17 to file their returns. Currently, one in 10 Canadians is self-employed, but it is […]
Read More1.6 million Canadian banking records shared with IRS
Since an information sharing agreement was made with the U.S. in 2014, 600,000 Canadian bank accounts in 2016 and again in 2017 was shared, which is up from 300,000 records in 2015. In this reciprocal agreement, the CRA shares account information for account holders from the U.S., and the IRS sends information on Canadians, who […]
Read MoreUSMCA’s new duty allowances a heads up for Canadian e-tailers
The new North America trade deals present a challenge (and an opportunity) for Canadian retailers. The recent changes have increased the minimum transaction necessary to pay online duties and sales taxes on imports (“de minimis” rules), which makes online purchases at U.S. sites more attractive to Canadian shoppers. These changes should also serve as a […]
Read MoreHow CRA treats you depends on where you live, auditor reports
Although the taxpayer bill of rights guarantees equal treatment of all taxpayers, a new report has shown that is not how the CRA actually functions. Different cases take longer to be resolved, depending on where the taxpayer lives. Certain agents are also ore lenient in waving fees and penalties, while other agents refuse to waive […]
Read MoreScammer calls off duty cop and gets a response he never expected
Phone scammers have been preying on people for years and a common scheme (especially this time of year) is to pose as CRA agents to attempt to extract money or personal information from their victims. An off-duty cop decided to give the scammer a piece of his own medicine after receiving a scam call. After […]
Read MorePersonal Investor: Time for a post-deadline RRSP tax strategy – BNNBloomberg
Canadians often contribute to their RRSP specifically for the purpose of reducing their income to receive a tax refund. However, it’s important to look at the bigger picture to determine whether those contributions would be better placed in a TFSA rather than an RRSP from a retirement tax perspective. Investing too much in an RRSP […]
Read MoreMore than 40 Albertans went broke every day for the past year on record
Bankruptcy and consumer proposals lead to 14,696 consumer insolvency cases in Alberta for last 12 months ending in January. That’s a a ten percent increase from the previous year. Job loss or business failure as well as improper use of credit and budgeting have lead more and more people into a debt spiral. A surprising […]
Read MoreHow to build your small business credit score — and keep it high
If your small business needs a line of credit, it’s important to have a high credit score. There are ways to build your score to make your business more attractive and get the money you need. First, maintain a good personal credit, but keep it separate from your business credit. Second, make sure you are […]
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