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When you are running a small business or pursuing an entrepreneurial enterprise, tax breaks can help to provide a buffer for your bottom line. The government hopes to enablethe success of Canadian small businesses by providing, at times substantial, tax incentives. Below, we discuss a variety of tax breaks that Canadian small businesses can take
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ObamaCare is another name for the Affordable Care Act. ObamaCare is a program in place in the United States set up to provide and to increase the quality of health care services for American citizens. The aim of the Affordable Care Act is to eliminate discrimination among individuals and to make health care services available
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On December 30, 2013, the Canadian Minister of Finance announced that the automobile expense deduction limits and prescribed rates for the automobile operating expense benefit will remain unchanged for 2014. This announcement means that, in regards to the capital cost allowance that may be claimed on a company vehicle, the current $30,000 ceiling (plus applicable
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Unless you’re a dedicated tax accountant, thinking about business tax liability is probably something you’d rather avoid until the next year-end rolls around. For individuals’ tax returns, year-end is December 31. Subsequently, individuals must file by April 30th. However, if you operate a sole proprietorship or partnership, then year-end is still December 31, but you
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Many business owners make the mistake of combining business and personal finances, using personal funds to pay for business expenses or business funds to cover personal expenditures. While it may not seem like a big deal when you’re doing it, commingling business and personal finances can leave you with a tangled mess to unravel at
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In 2014, the Ontario Personal Income Tax Brackets and Tax Rates Before Surtax were increased by an indexation factor of 1.010. Additionally, the Federal Tax Brackets and Tax Rates including Surtaxes were increased by an indexation factor of 1.009. This is great news for everyone because it means that you may be eligible for a
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Hogg, Shain & Scheck is proud to be a longtime member of MSI Global Alliance (MSI), a flourishing global association of legal and accounting firms. According to the Accounting Bulletin World Survey, released on 3 February 2014, MSI’s annual member growth is 12%. When compared to other professional services associations that have seen an average
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Applying for a business loan can be a daunting endeavor, however it is often a first step towards obtaining the necessary funds to support business growth. Below is a list of factors which are likely to be considered by your bank’s credit department when determining the risk profile of your business and ultimately whether to
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Professional corporations (PCs) are used by a variety of professionals including physicians, dentists, lawyers, engineers and accountants. Generally, only professions governed by a professional body or association are allowed to form a PC. In Ontario, PCs are incorporated as regular corporations, however they are subject to a number of special rules and restrictions. The following
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An annual review of your customer list to rank them is a valuable management task. Knowing when you should eliminate customers from your base can be difficult but is important to ensure your business is operating efficiently and profitably. Some indicators to keep in mind when assessing your customers are: Negative attitude or low profit
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If you’ve been handling the accounting for your business for a while, you may feel you’re pretty good at what you’re doing. The scary fact is most entrepreneurs who think they can simply pick up a piece of software to handle minor and major accounting tasks wind up losing money or even leaving themselves open
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The success of your business is dependent on the time and effort that has been invested by you—however, funding is also a critical factor which allows you to provide the fuel for your business. The following are some financing options available to start-ups and small-to-mid size businesses: Personal Savings Obtain the finances from your personal
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