Aug
07

Day to Day Operations of a Business: Paying yourself from a Corporation

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There are many things and activities involved in the day to day operations of a business. One of the many activities that you would need to figure out is how you will pay yourself from your corporation. Paying yourself from a sole proprietorship is mostly irrelevant as you and the business are considered as one. However, paying yourself from a corporation is also simple. The first and most important step you must take in paying yourself from your corporation is determining what your personal closed circle is on a monthly basis. Once you have determined this amount based on your family/household’s...
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Aug
06

Public Consultations on Draft Proposals to Improve Tax System Launched

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The Government of Canada has recently launched public consultations on proposed changes to the tax system. A set of draft legislative proposals to implement tax and other related measures announced in Budget 2019 that have not been legislated were released for public comment. Here are the proposals that would implement Budget 2019 measures: - Improve consistency of the tax treatment of owners of multi-unit residential properties with that of owners of single-unit residential properties; - Provide greater flexibility in the managing retirement savings by permitting two new types of annuities under the tax rules for certain registered plans; - Modify the...
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Jul
31

Do you need to register for a payroll program account?

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You must register for a payroll program account if you meet the following conditions: - Pay salaries or wages - Pay tips or gratuities - Pay bonuses or vacation pay - Provide benefits or allowances to employees - Need to report, deduct and remit amounts from other types of remuneration such as pension. If you need to register for a payroll account and you already have a business number, you only need to add a payroll program account to your existing business number. If you don’t have a business number yet, they you must ask for one and register for a...
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Jul
30

Who can Claim Day Care Expenses?

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Generally, the individual with the lower net income must claim the child care expenses. However, if your spouse or common-law partner has the higher net income and one of the conditions below apply, that person can make the claim for child care expenses. 1. You are enrolled in an educational program that is offered by a secondary school, college, university or other designated educational institution. An eligible program has to last at least 3 consecutive weeks. 2. You were not capable of caring for children because of impairment in physical or mental function. You must have been confined for a period...
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