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 Business
Tax Articles |
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| Canadian
Income Tax FAQ for Small Businesses: Answers to common income tax questions such as which income tax forms to use, claiming business expenses, reporting income from other countries, and what happens if you file your taxes late or can't pay what you owe. |
Grappling With
The GST or HST Not all businesses have to register for the GST/HST, but you may want to do so voluntarily so you qualify for Input Tax Credits. Here's how to register for the GST/HST, Input Tax Credits, and the filing and refund procedure. |
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| Gifts
To Employees Are Tax Deductible: Giving your employees gifts or awards instead of cash bonuses has tax benefits for both employers and employees. Here are the rules. |
Splitting
Your Income Paying too much tax on your small business earnings? Splitting your income by hiring your spouse or children as employees can lower your tax bracket and give you significant tax savings. |
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| Maximize
Your Income Tax Deductions
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| Keeping Track of Your Business Expenses: Tips for gathering and looking after all the business expense receipts you collect throughout the year, and the importance of backing up your business expenses with receipts. |
Business Expenses Related to Automobiles: Deducting the cost of fuel and motor oil, borrowed money to buy or lease an automobile, the CCRA's 3 classes of automobile, and using more than one vehicle for business purposes. |
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| Don't Forget the Cost of Doing Business: Deducting business taxes, annual membership fees, the interest on borrowed money, insurance and administrative expenses, maintenance and repair, and office supplies. |
Travel Related Business Expenses: Deducting the cost of accommodation or transportation, the rules for handling meal and entertainment expenses, and deducting the cost of attending conventions. |
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| Income Tax Deductions for Home-Based Businesses: The CCRA's definition of a home-based business, home maintenance expenses and how to calculate them, and expenses related to home ownership. |
Employing Your Child or Spouse: Deducting your child or spouse's salary as a business expense, the CCRA rules about how much to pay your child or spouse, and paying your family employee "in kind" with your product. |
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| Who Wants To Be On The Right Side of Revenue Canada?: Test your knowledge of business related income tax deductions with this "Who Wants to Be a Millionaire?"-style quiz. Toss around terms such as REOP when you're done and impress your friends. |
Advertising and Other Business Expenses: Which advertising expenses qualify as income tax deductions, deducting disability-related modifications, Private Health Services Plan, small tools, accounting and legal fees. |
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| More Tax Information On Small Business: Canada |
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Corporate Tax For Canadian Businesses: This library includes information on the GIFI, filing corporate income tax, and corporate efile. |
GST And HST - Goods and Services Tax: Information about the GST and HST and how the GST and HST apply to Canadian small businesses. |
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Small Business Tax Deductions: Information about small business tax deductions to help you track your business expenses and maximize your business tax deductions. |
Canadian Tax Software: Information about Canadian tax software, including tax preparation software and payroll tax software, to make keeping track of your small business taxes easier. |
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| Useful CCRA Links |
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| Guide for Canadian
Small Businesses: Besides explaining how each form of business pays taxes, this guide covers the basics of the GST/HST, payroll deductions, importing and exporting, audits, and income tax and business expenses. |
Corporate Income Tax: This page provides links to information about the T2 return and schedules, GIFI (General Index of Financial Information), Corporate EFile, and FAQs on the Corporation Tax redesign. |
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| Meal and Entertainment Expenses Search Map: Can you can deduct 100% of these expenses? This page outlines the conditions and links to a search map that locates your selected site and will let you know how far it is from the boundary of the closest urban area. |
Business and Professional Income Guide: Detailed income tax information for all businesses and professional activities, including those conducted as partnerships. |
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