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As mentioned in part 1 of our blog series, paying for business and personal expenses separately will not only ensure that you have accurate records but will also save you money on your bookkeeping and corporate year end! Another way to save money as a small business owner is to establish and maintain a good relationship with your bank. You will be depositing funds, writing cheques and paying for expenses regularly so ensure that you are on the right banking package. Bank service charges add up and it is important to be on the right package for the number of transactions...
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A small business owner typically pays for expenses in 4 ways: cash, cheque, debit card or credit card. It is important to keep your business and personal expenses paid separately and with proper records (receipts, invoice, and statements.) Paying for your business and personal expenses separately will not only ensure that you will have accurate records, but will also save you money on your bookkeeping and corporate year end. Remember, keep it simple. Have a business debit or credit card and a personal debit or credit card in your wallet. And when you make a purchase, ensure that you use the...
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The Federal Government recently announced that it intends to lower the small business tax rate in the next couple of years. Effective January 1, 2018, the small business tax rate will be lowered to 10% from 11%. And on January 1, 2019, it will go down further to 9%. Note that this small business tax rate applies to the first $500,000 of active business income. As a result of this change, Canada’s combined federal – provincial – territorial average tax rate for small business would be lowered from 14.4% to 12.9%. This average small business tax rate across the country would...
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As an employer, do you give your employee a benefit, an allowance or an expense reimbursement? You have given an employee a benefit if you as an employer pay for or give something that is personal in nature directly to your employee or to a person who does not deal at arm’s length with the employee (such as the employee’s spouse, child or sibling). What is a benefit? A benefit is a good or service you give or arrange for a third party to give, to your employee such as free use of property you own. It also includes an allowance...
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