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Capital Cost Allowance (CCA)

Capital Cost Allowance (CCA)

Capital cost allowance (CCA) is one of several methods to lower your business's taxable income in Canada. The Canada Revenue Agency (CRA) describes it as "a tax deduction that Canadian tax laws allow a business to claim for the loss in value of capital assets due to...

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Motor Vehicle Expense Claims on Income Tax in Canada

Motor Vehicle Expense Claims on Income Tax in Canada

Did you use a vehicle for your business last tax year? This article outlines the motor vehicle expenses you can claim on your income tax in Canada and details the necessary documentation to support your expense claims. The examples provided here illustrate how to...

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Canada Pension Plan (CPP)

Canada Pension Plan (CPP)

The CPP, also known as the Canada Pension Plan, is a national program that aims to assist Canadians in securing income for their retirement or in the event of disability. It was instituted by Lester B. Pearson's Liberal government in 1965, except in Quebec where a...

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Independent Contractor vs Employee in Canada

Independent Contractor vs Employee in Canada

Understanding whether you are classified as an independent contractor or an employee is crucial for your Canadian income tax, especially if you believe you are a contractor but the Canada Revenue Agency (CRA) later decides otherwise after you have filed multiple tax...

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Red Flags That Will Get Your Small Business a CRA Audit

Red Flags That Will Get Your Small Business a CRA Audit

Receiving a letter from the Canada Revenue Agency (CRA) announcing an audit is something every business or individual fears. Tax experts say about 35,000 such letters were issued in 2023. Business tax returns undergo intense scrutiny, and although there is no...

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How to Manage Business Expense Records in Canada

How to Manage Business Expense Records in Canada

Imagine if you were to create a comprehensive list of all the responsibilities necessary for running your business, and then arranged them according to your personal preference. Where would managing business expense records fall within that hierarchy? Would it be...

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Can I Claim Expenses on Income Tax Without Receipts?

Can I Claim Expenses on Income Tax Without Receipts?

If you're considering claiming expenses on your Canadian tax return without having the receipts, it's crucial to reconsider your decision. In general, it's not permissible to make tax claims without providing receipts. When you report your business expenses on your...

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Incorporation in Canada

Incorporation in Canada

When you decide to start your own business in Canada, one of the first steps you might consider is incorporation. Incorporation involves creating a legal entity that is separate from its owners. This process is recognized across Canada and comes with a host of...

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Incorporate Your Business in Canada

Incorporate Your Business in Canada

Curious about the process of forming a corporation in Canada? We're going to break down the main stages required, ranging from deciding on the location of incorporation to selecting a name for your corporation and submitting the necessary paperwork. Keep in mind that...

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Claiming Business Expenses in Canada

Claiming Business Expenses in Canada

Canadian taxpayers have the opportunity to reduce their tax bills by deducting business expenses when filing their tax returns. Those interested in taking advantage of these deductions should know that the Canada Revenue Agency (CRA) permits the deduction of any...

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Starting a Business Out of Your Home in Canada

Starting a Business Out of Your Home in Canada

Running a home business offers the best of both worlds. It provides all the advantages that come with owning a small business. However, by operating from your home, you also get to enjoy flexible working hours, no commute, and some tax benefits. In essence, running a...

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Canadian Income Tax and Your Small Business

Canadian Income Tax and Your Small Business

Running a small business in Canada requires you to submit an annual business income tax return. A key element to managing a thriving business involves comprehending the process of filing and preparing Canadian income taxes, enabling you to secure the most favorable...

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Advantages and Disadvantages of Incorporation in Canada

Advantages and Disadvantages of Incorporation in Canada

Numerous owners of small enterprises contemplate at some juncture the prospect of incorporating their businesses. Incorporating in Canada comes with its share of benefits, yet it’s not without its drawbacks, which we'll delve into throughout this piece. It’s important...

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Contracts for Business Owners 101 in Canada

Contracts for Business Owners 101 in Canada

Every business transaction is based on a contract – whether written, verbal, or by conduct. The presentation discusses various aspects of business agreements, what should be included, and which details should be reviewed by business owners, and addresses the main...

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How to Register a Trademark in Canada

How to Register a Trademark in Canada

If you've thought about obtaining a trademark for a certain element of your Canadian company, it could prove beneficial in safeguarding vital aspects of your business or products. Although not obligatory, understanding the nature of trademarks and the involved...

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How Much Does It Cost to Incorporate in Canada?

How Much Does It Cost to Incorporate in Canada?

  The cost of incorporating in Canada varies based on the type of business incorporation and the location where you choose to incorporate. Depending on your intentions of operating nationwide or within a specific province or territory, you can opt for either...

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The Steps to Closing a Business in Canada

The Steps to Closing a Business in Canada

  Closing a business in Canada is a straightforward task, although it involves more than just notifying customers, selling off remaining inventory, and settling debts. Additionally, it is necessary to formally terminate your business name or dissolve your...

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