When you work for yourself, taxes are no longer taken off your paycheque before the money reaches you. You receive the business income first, which means you also have to make sure enough is set aside for the tax bill later. Depending on your situation, that can...
Which business expenses can you actually deduct? It sounds like a simple question, but the answer depends on why you incurred the expense, how much of it was used for business, and whether any special tax rules limit the deduction. This becomes particularly important...
A growing business ultimately reaches a point where its legal and tax structure deserves another look. When profits become more consistent, the question is no longer just how much the business is earning. It also becomes important to consider how much of your profit...
How should a small business owner take money out of a corporation? Salary and dividends are two main options, but they are not taxed in the same manner. They also affect CPP or QPP contributions, RRSP contribution room, and the amount of tax paid personally and by the...
Every expanding business eventually reaches a stage where filing taxes becomes a true strategic variable rather than a yearly formality. Decisions made in one quarter begin to impact your debt two or three quarters later, revenue is increasing, and the organizational...
