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In our last blog, we mentioned the following tax changes to expect in 2019. • Further reduction of the Small Business Tax Rate from 10% to 9. • Replacement of the Working Income Tax Benefit with the Canada Workers Benefit. In this blog, we would like to focus on the key tax measures that took effect this 2019 for businesses. • As mentioned, the Small Business Tax Rate has been reduced to 9% this year. Note that the new Alberta Small Business Rate (up to $500,000) is now 11%. • The taxation of non-eligible dividends (generally distributed from corporate income taxed...
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Here’s what to expect in 2019:- Small Business Tax Rate: Last January 1st, 2018, the federal government cut the small business rate from 10.5% to 10%. Starting January 1st, 2019, there will be a further reduction of the small business tax rate to 9%. Because of this tax rate cut, the combined federal-provincial-territorial average income tax rate for small businesses will be 12.2%. - Replacement of the Working Income Tax Benefit: Starting 2019, the Canada Workers Benefit will replace the Working Income Tax Benefit. According to the federal government, the CWB will put more money in the pockets of low-income workers...
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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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