Deciding whether a sole proprietor should incorporate in Canada depends on various factors, including tax considerations, liability protection, business growth plans, and administrative responsibilities. Here are some key points to help make that decision:
Justinjay Tax, Accounting & Advisory Services Blog
Justinjay Tax, Accounting & Advisory Services is pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.
If you have any questions, simply contact us by email or call 905-328-1549. We will be happy to meet with you for a free, no-obligation consultation.Choose the easiest accounting procedure for a small business.
For small businesses in Canada, simplicity and efficiency are key when choosing an accounting procedure.
Sellers May Have Taxable Income from Online Sales
In Canada, income from selling goods on eBay, or similar platforms such as Kijiji, Etsy, or Amazon, can be taxable, depending on the nature and frequency of the sales. Here are the key factors to consider:
10 Points on Income Tax Installments in 2024
Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30th of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.
What Business Entertainment Expenses Are Deductible
The Canada Revenue Agency (CRA) allows businesses to deduct certain entertainment expenses from their taxable income. However, there are specific rules and limitations on what can be deducted. Here is an overview:
Can I save Money on My Accounting Fees?
The cleaner the job is coming in, the less expensive the job is going out. This step will reduce the time and cost associated with completing your annual financial statement and allow us time to add value to your business. Our usefulness is often in helping you with simple strategies to ensure success.
Are There Tax Benefits for Couples in Canada?
Are There Tax Benefits for Couples in Canada?
Curious about the tax advantages that come with getting married or living in a common law relationship? In Canada, there are indeed significant tax perks for couples. The following will begin to outline them.
Filing Your Personal Tax Return Benefits - Part 3
Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:
Filing Your Personal Tax Return Benefits - Part 2
here are five more benefits of filing your personal Canadian income tax return:
Filing Your Personal Tax Return Benefits - Part 1
Filing your personal Canadian income tax return offers several benefits, including:
Tax Planning - Start Now to Create Wealth
Engaging in tax planning from the beginning of the year means that you can enjoy the benefits at tax time.
Tax planning is the broad concept of tax efficiency. Tax efficiency considers the larger financial picture incorporating individual age, goals, tolerance for risk and investment timeline. By incorporating tax planning, you uphold long-term wealth creation and protect your capital.