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There are 3 basic types of business records: Income records, Expense records and Property records. Income records:  Income records keep track of the gross income your business earns. Gross income is your total income before you deduct any expenses including those associated with goods sold.  Your income records must show the following information with regards to your income: -      Amount and date received -      Source of the income It is also important that you record the income whether it was received as cash, property or services.  Original documents must support all income entries.  These documents include sales invoices, cash register tapes,...
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As a business owner, you have to be aware of the many important dates that apply to your business activities such as when to file income returns, when to file information returns and make payments, including installment accounts.  On this blog, we’ll take a look at the important dates that you have to know with regards to making payments.  Please note that if the due date for making a payment falls on a Saturday, a Sunday, or a public holiday, the CRA will consider the payment to be made on time if it is received on the next open business day....
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If you run a small business in Canada, you may be eligible for the small business deduction.  Eligible businesses can claim the 17.5% small business deduction for the first $500,000 of income, with some limitations.  As mentioned, the Small Business Deduction or SBD is 17.5% (17% before 2016) of whichever of the following amounts is less: -      The income from active business carried on in Canada; -      The taxable income; -      The business limit; or -      The reduced business limit. For tax years ending after 2016, the SBD will remain at the 2016 level of 17.5%, resulting in a small business...
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Buying a business will most likely change the way you file your income tax return.  It may also change the number and types of returns and forms you will have to complete and file.  When buying a business, you will need to know how it will affect your current business number, payroll and GST/HST as well as how the change of ownership will work. It is possible that you may need a new Business Number. Consult with your accountant or check the CRA website to register for a business. You will want to review the relevant information on GST/HST for the...
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