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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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CRA recently announced that they will be rolling out over 50 action items that will improve services for small and medium businesses. These service improvements are included in the CRA’s 2017-2019 Serving You Better Action Plan. Here are the top 10 service improvements for businesses: 1. Receive a CRA security code by email.2. Call a new dedicated telephone service for tax preparers that helps with more complex technical issues.3. Request a Liaison Office visit.4. Provide T4 information slips to their employees in electronic format (certain conditions apply).5. Use T2 Auto-fill through commercial software.6. Create their own filing and balance confirmation letters...
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Starting your own business can be an exciting and rewarding experience.  It is, however, full of challenges.  Not everyone has what it takes to start, build and maintain a successful business. There are many challenges to overcome and many sacrifices to make to be able to transform a business idea into reality.  So what does it take to succeed in starting, building and maintaining a business? First of all, your level of commitment in pursuing your business idea cannot be underestimated. Your full commitment and more is needed to be able to get your business idea off the ground.  It is...
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