Heads up, subcontractors! If you work in an industry that normally issues a T4 slip, you might be paying more taxes than necessary. Common T4 issuing industries include massage therapy, instructional institutions, sales people, among others. If you’re commission...
For better or worse, we humans are adept at making assumptions and trusting others, including when it comes to our tax preparer. On a daily basis, we not only interact with dozens of other people doing their jobs, but we rely on the job they do. We automatically...
Owing the CRA happens when you’re in business. No brainer, right? It is, once you learn that this is how the system works. For new, inexperienced solopreneurs in particular – such as those with home-based side businesses- it can be a shakeup to realize that you don’t...
It’s a lesson that every business owner has to learn. For some, it comes after the first year in business when the realize they weren’t prepared, or after a few years of struggling to stay afloat. For others, it’s something they take time to learn early...
A common dream of many entrepreneurs is one day buying their dream home. A status symbol for some, it’s the manifestation of years of hard work, determination and success. Others just want a little corner of the world to call their own. At last,...
The Income Tax Act is A HUGE act. At its core, it stipulates that what you claim on your business taxes must be reasonable. Also, that you are responsible for being honest with your submissions, and that by claiming deductions, you not only understand why...
