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Tax audits are Canada Revenue Agency’s (CRA) way of ensuring that your tax return accurately represents the taxes you owe the government. There are two levels of severity when it comes to tax audits that a Canadian enterprise may face. One is a desk audit, which is when Canada Revenue Agency simply wants to look
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Sole proprietors cannot leave their businesses to someone. The taxation and legal structure of a sole proprietorship makes it so that technically, the business dies with its owner. In their will, sole proprietors may transfer their personal and business assets to beneficiaries. However, this process is fraught with a variety of legal and accounting considerations
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Entrepreneurial couples make up a large portion of the small businesses in North America. Spouses can make a potent team, as they share a variety of common goals and interests. But, if you are going into business with your spouse, there are several tax considerations that will directly affect your tax deadlines (and throughout the
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Filing and Payment deadlines for individuals Generally, the filing deadline for individuals is April 30th of the following year; The filing deadline of an individual who carries on a business or whose cohabiting spouse or common-law partner carries on a business is June 15th of the following year (for example, self-employed and partners); Payment deadline
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If you own a private corporation and plan on selling your business, it is better for you to start planning 3 years in advance rather than planning a few months before the sale as your choices will be limited if you are thinking of reducing your taxes. Options for Selling your Business There are two
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Your company should prioritize a strategic accounting audit to ensure that the procedures you have in place are complying with a strategy for long-term success. Long-term success will differ from company to company. However, if you ever want to make your success a reality, it needs to be well defined within a strategic plan. Schedule
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As an entrepreneur, you know that one of the keys to your business’ success is being able to make educated judgments about the future. In order to drive your business and your dream forward, you need to offer investors, partners and employees a clear vision of your company’s future to spur both innovation and investment.
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What is a Sole Proprietorship? Entrepreneurs can structure their businesses in a variety of ways, one of which includes a sole proprietorship. A sole proprietorship is established when business owners do not seek limited liability status or incorporation for their business. Instead of seeking a legal separation between personal and corporate entities, a sole proprietor
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Good business fuels the Canadian economy. Canadian start-ups and small businesses provide jobs and re-distribute income back into our country. The Canadian government leverages Investment Tax Credits to encourage innovative citizens to launch businesses and adhere to financial best practices, enhancing our Canadian landscape. Investment Tax Credits (ITCs) reduce the amount of tax that a
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Proper accounting practices can make or break a growing business. Business owners need to be aware of current government regulations when filing their taxes. From expense management and deductions to maintaining proper documentation, working out how taxes will affect your business is integral to your success. Here are ten tips that will add value to
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Leveraging the Wrong Legal Identity When establishing your business, you need to decide what legal identity will best suit your company now and down the road. There are five legal identities that Canadian businesses can choose from. Know the different tax laws that apply to each to ensure that you make an effective choice. Consult
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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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