How to avoid being penalized by the CRA

How to avoid being penalized by the CRA

Owing taxes is bad enough (and unfortunately an inevitable part of doing business), but being penalized by the Canadian Revenue Agency (CRA) and having to make additional payments definitely makes your financial pain even worse. So, how do you avoid paying the CRA more than necessary? It’s simple: don’t be late. When it comes to […]

How to know if your business needs to file U.S. taxes?

How to know if your business needs to file U.S. taxes?

Whether you want to think about it or not, tax time is coming — soon. And over the years, we’ve spent some time writing on the high cost of filing your business taxes late, on how to avoid a tax audit and (gulp) tips for surviving a CRA audit. Each one of these blogs focused […]

How to avoid a tax audit

How to avoid a tax audit

For a business owner, we know that there are few things more panic-inducing than the thought of receiving a tax audit. You’re probably scared that dealing with the audit will be timely and costly, but if you follow our tips for surviving a tax audit, the process can be relatively pain-free. But how can you […]

Top 3 payroll mistakes SMBs make

Top 3 payroll mistakes SMBs make

Payroll is one of the most important processes of your entire business. Simply put, if your small business has employees, you have to pay them — and you have to pay them regularly and correctly. Sounds like a no-brainer, but it can be more complex than it first seems. There is no room for error […]

There’s a heavy price tag to being late

There’s a heavy price tag to being late

In Canada, it’s rumoured that up to 90% of small-to-mid-sized businesses have paid Canada Revenue Agency (CRA) penalties and/or interest within the last two years. Quite frankly, 90% seems absurdly high to us; but the actual number is probably not far off.  Why is that? The answer is simple – being late. And when it […]

The pros and cons of incorporating your business

The pros and cons of incorporating your business

Anyone can start a sole proprietor business. You don’t need permission to do so (though you may need a licence depending on the business); you just do it. Give yourself a name, generate interest in your products or services and go. Any business income or loss is reported directly on your personal taxes. It’s a […]

Tax Season a Perfect Time for Data Security Check-Up

Tax Season a Perfect Time for Data Security Check-Up

Tax Season a Perfect Time for Data Security Check-Up   As a small business owner, tax season can be…taxing. Between filing deadlines, issuing important tax documents to employees, and regular warnings from the CRA (Canada Revenue Agency)  about scams and phishing attacks meant to trick you into revealing personal information about yourself or your business, […]

What You Should Know About Digital Currency

What You Should Know About Digital Currency

What You Should Know About Digital Currency   What is digital currency? Digital currency is virtual money that can be used to buy and sell goods or services on the Internet. Bitcoins are an example of digital currency. Bitcoins are not controlled by central banks or any country, and can be traded anonymously. Bitcoins can […]

Important New T3 Information for Trust Administrators

Important New T3 Information for Trust Administrators

Important New T3 Information for Trust Administrators   Did you know? The Canada Revenue Agency (CRA) has opened a second centre of expertise at the Summerside Tax Centre in Prince Edward Island to process T3 trust income tax and information returns for testamentary and “inter-vivos” trusts. This new location joins the Ottawa Technology Centre in […]

CRA Announces Maximum Pensionable Earnings for 2014

CRA Announces Maximum Pensionable Earnings for 2014

Canada Revenue Agency Announces Maximum Pensionable Earnings for 2014   Ottawa, Ontario, November 1, 2013… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2014 will be $52,500—up from $51,100 in 2013. The new ceiling was calculated according to a CPP legislated formula that takes into […]

Interest Rates for the Fourth Calendar Quarter

Interest Rates for the Fourth Calendar Quarter

Interest Rates for the Fourth Calendar Quarter   Ottawa, Ontario, September 23, 2013… The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable […]

Tax Avoidance: Canada-Barbados Tax Deal Loopholes Revealed

Tax Avoidance: Canada-Barbados Tax Deal Loopholes Revealed

Tax Avoidance: Canada-Barbados Tax Deal Loopholes Revealed   An exclusive CBC News hidden-camera investigation into the world of offshore banking found professionals in Canada and Barbados willing to help hide business profits in Barbados by exploiting loopholes in a long-standing tax saving arrangement between the two countries. “My advice to [the Canada Revenue Agency] would […]

Harper Government's Improvements to Foreign Trade Zones Helping Canadian Businesses Compete Globally

Harper Government's Improvements to Foreign Trade Zones Helping Canadian Businesses Compete Globally

Harper Government’s Improvements to Foreign Trade Zones Helping Canadian Businesses Compete Globally   The Honourable Kevin Sorenson, Minister of State (Finance), announced measures that will improve Canada’s marketing of its foreign trade zone (FTZ) programs to attract international investment and will reduce red tape and costs for Canadian businesses, allowing them to compete globally. The […]

Ministers Findlay and Paradis Announce Taxpayer Relief Measures for Canadians Affected by the Disaster in Lac-Megantic

Ministers Findlay and Paradis Announce Taxpayer Relief Measures for Canadians Affected by the Disaster in Lac-Megantic

Ministers Findlay and Paradis Announce Taxpayer Relief Measures for Canadians Affected by the Disaster in Lac-Megantic   Ottawa, Ontario, July 25, 2013…The Honourable Kerry-Lynne D. Findlay, Minister of National Revenue, and the Honourable Christian Paradis, Minister of International Development, Minister for La Francophonie, and Member of Parliament for Mégantic – L’Érable, announced today that taxpayers […]

Charitable Donation Tax Credit Calculator: First Time Donor's Super Credit

Charitable Donation Tax Credit Calculator: First Time Donor's Super Credit

Charitable Donation Tax Credit Calculator: First Time Donor’s Super Credit   For first-time donors, the budget proposes to introduce a temporary supplement to the existing non-refundable tax credit for charitable donations by individuals. The new credit can be claimed once from the 2013 to 2017 taxation years.    Q1. How is the existing non-refundable tax […]

Harper Government Takes Further Action on Red Tape Priorities of Small Business

Harper Government Takes Further Action on Red Tape Priorities of Small Business

Harper Government Takes Further Action on Red Tape Priorities of Small Business   Toronto, Ontario, July 4, 2013… The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today announced a number of improvements to services offered by the Canada Revenue Agency (CRA) based on consultations with small businesses […]

Canada Revenue Agency: Beware of Fraudulent Communications

Canada Revenue Agency: Beware of Fraudulent Communications

Canada Revenue Agency: Beware of Fraudulent Communications   Occasionally, taxpayers may receive, either by telephone, mail, or email, a communication that claims to be from the Canada Revenue Agency (CRA) but is NOT. In all these cases, the communication requests personal information, such as a social insurance, credit card, bank account, and passport numbers, from […]

Taxpayer Relief Measures Available to Canadians Affected by Spring Floods

Taxpayer Relief Measures Available to Canadians Affected by Spring Floods

Taxpayer Relief Measures Available to Canadians Affected by Spring Floods   Ottawa, Ontario, April 30, 2013… The Canada Revenue Agency (CRA) would like to advise taxpayers who have been affected by spring flooding that they will have access to the CRA’s taxpayer relief provisions if they were unable to meet their tax obligations. The CRA […]

Minister Shea Highlights Harper Government's Improvements to Tax Debt Collections

Minister Shea Highlights Harper Government's Improvements to Tax Debt Collections

Minister Shea Highlights Harper Government’s Improvements to Tax Debt Collections   Ottawa, Ontario, April 30, 2013…The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today highlighted that the Canada Revenue Agency (CRA) has made satisfactory progress on improvements to tax debt collections, according to the latest report from […]

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Recent posts from our blog

How to plan for seasonal variances in your cash flow

Have you noticed unexpected seasonal variances in your company’s cash flow? If your business is seasonally-based (a lawn care or snow removal company, for example), it’s normal for your cash flow to vary depending on the time of year. Unfortunately, many companies who shouldn’t be affected by the seasons still experience peaks and valleys in […]

Organizational growth and restructuring: Is your business ready to take the next steps?

Are you planning to take your business to the next level? Before you start growing your company, you need to ensure that your organizational structure is prepped for this major shift. Don’t just jump in head first – make sure you follow our key prep tips to keep your growth sustainable and successful.   3 […]

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