The tax man cometh for small businesses, too. How to be ready
Operating a business can be especially expensive, so don’t be afraid to use the legal deductions you have coming, but know what you can claim, keep records, know your deadlines and do it correctly. For instance, business expenses can offset tax liability, but this can also draw CRA’s attention to a small business. Any expenses […]
Read MoreFive ways to prepare to sell your small business to reap the biggest reward
Even if your plans to sell you small business are several years away, you need to start planning now in order to get a great price when the time comes. Begin by documenting all business deals to show business connections. Also, ensure that any deals on paper are reviewed every year or so for accuracy. […]
Read MoreWhen is the best time to take your pension?
As we get closer to retirement, we often start to wonder when we should start to withdraw from sources of income like pensions. Depending on your situation and your other retirement savings, like RRSPs, when you start will be different from someone else. What you want to do with your pension money may also influence […]
Read MoreIt pays to know what you can claim in work-related tax deductions
As an employee, it can be quite difficult to take advantage of tax deductions. Regardless, you may still be entitled to make a claim. Here are just some of the deductions you should investigate. One area is your vehicle expenses provided you didn’t receive a reimbursement or a tax-free allowance, then you may be able […]
Read MoreSnowbirds be warned: Spending too much time in the U.S. can trigger double tax
If you spend your winters in the United States, you might be subject to paying U.S. taxes to the IRS. The common belief that spending 182 days or less makes you safe is wrong. The reality is that the IRS applies the Substantial Presence Test, which looks at a three-year period. If you overstay, you […]
Read MorePersonal Investor: 3 risk-free ways to boost your net worth
Many of us assume that investment goes hand in hand with risk; that you have to be willing to take on the possibility of losing it all for the chance of higher investment returns. However, for many people, there are other ways to make or keep more of their money without incurring risk. For instance, […]
Read MoreReality cheque: Will paper cheques soon be a thing of the past for small business?
The old ways of making payments is not just shrinking; they’re often vanishing entirely. Consider cheques, printed slips of paper your bank issues to you, tied to your account, and filled out by you to pay for a purchase or bill. Electronic means of payment, like Apple Pay, PayPal, and Interac, are taking over where […]
Read MorePersonal Investor: Tax perks for home offices
You might call your home your workplace if you’re one of the nearly 3 million self-employed Canadians or those working for larger companies from home. Like any business-related expense, your home office will work in the same way on your annual tax returns with these expenses being deductible. Expenses that are exclusively used for business-purposes […]
Read MoreThis updated rule of retirement saving has you working longer, running out of money sooner
With the global economy having gone through tremendous upheaval in the past decade, some of the principles used to calculate what we need to save for retirement need to be adjusted to better account for today’s investment environment. A common rule was to assume $20 of savings would generate $1 of investment income in retirement. […]
Read MoreNavigating taxes in the emerging sharing economy
Everything old is new again, eventually, so to the barter system, albeit with a new millennium twist. Today, there is what some experts dub the sharing economy, whereby a person profits by sharing an asset. This can consist of a room for the night, use of a car, etc. If this goes on as a […]
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