Do You Know About These Changes to the SR&ED Tax Incentive?
The Scientific Research and Experimental Development (SR&ED) Tax Incentive program allows businesses to claim tax credits or refunds on eligible research and development work conducted in Canada. Qualifying for SR&ED can mean a sizeable difference in the amount of tax your company pays.
Make the Most of Your Tax Appointment
Entrepreneurs entering tax season have several choices when it comes to preparing tax returns. Those options include completing the tax returns manually, using do-it-yourself tax software or enlisting the help of a qualified tax preparer.
What to Do With Your Tax Refund
News that you will be receiving a tax refund – or finding out that you need to pay less tax than you expected – will probably come as a pleasant surprise. Once you receive a cheque from the government, however, the hard part begins: now you’ve got to decide what to do with it.
Options to Complete Your Tax Return: DIY, Software or Hire a Pro
It’s nice to have choices, because every situation is unique when it comes time to prepare your business or personal tax returns. Some people have more time than money, and may choose to tackle their taxes on their own. Others may be running complex businesses that require the assistance of a qualified tax specialist such as an accountant. Or, an accomplished do-it-yourselfer may enjoy the challenge of learning how to use software to get the job done.
Canadian Tax Resources for 2012
There are a number of resources providing Canadians with crucial information to complete their tax returns. In addition to the resources discussed below, to prepare your 2012 tax return you may find it helpful to read the Get Growing for business primer on getting organized for tax season.
Choosing a Tax Preparer? Keep These Tips in Mind
You’re not alone if you’re feeling anxious about doing your taxes: it’s a common sentiment among millions of Canadians sitting down to sort through their receipts, invoices and pay slips on a quest to figure out if they’ll owe money or enjoy a refund.
During the Good Times, Keep an Eye on the Future
The phone is ringing off the hook and your sales numbers are acting like they’re filled with helium – they just keep on rising. Your business outlook has never been better.
The Importance of RRSPs for Business Owners
Entrepreneurs are an incredibly hard-working lot. We choose to endure long work weeks, endless multi-tasking and lots of stress – not to mention the additional hours spent thinking about the business during downtime.
Check your eligibility for SRED
Most business owners will welcome a 35% tax credit for expenses such as wages, materials, machinery, equipment and overheads.
Re-structuring your company for savings & protection
Canadian business owners work hard for their money – so naturally they want to keep as much of it as possible.
Tax time: What’s new for 2011?
Across Canada, business owners (and their tax preparers) are racing to complete the paperwork required to file 2011 tax returns on time.
Tax deductions for home-based businesses
Running a business from your home offers numerous advantages. You can work when you want, you can blend your personal and business life as you wish, and you can deduct some of your household expenses against your taxes.
Tax issues and the Personal Services Business designation
If you’re supplying services as an independent contractor, consultant or project manager through a small corporation, it may be worth your while to learn more about the issues surrounding Personal Services Business (PSB) designations.
Don’t forget these 2011 tax deductions
Reduce your tax burden by investigating these popular deductions. The Canada Revenue Agency (CRA) makes it fairly easy to understand the various deductions and tax rules affecting your business.
Do you need a bookkeeper, tax preparer or accountant?
As we race toward the 2011 tax filing deadline of April 30, 2012 (or June 15 if you’re self-employed without a balance owing), you may be thinking about letting someone else handle all that paperwork for you. Hiring a professional to process and remit your financial information may help you to sleep better at night.
Invest beyond your business
By Roger Pierce
Are all of your retirement eggs in your business basket?
Don’t pass on RRSP contribution
By Roger Pierce, Small Business Expert
This time of year can be financially stressful.
The months of January and February catch many Canadians struggling to pay off their holidays bills, while at the same time fretting about taxes due in April.
Tax season preparation
Are you ready for tax season? Getting organized before you prepare your return will help you save time and possibly money. Here are a few tips to make sure you apply for all of the deductions and benefits for which you are entitled.
Make the most of holiday downtime
If you are closing your office or having shorter hours over the holidays, consider using some of that quiet time to wind up your 2010 bookkeeping. Getting the data early means you can get started on tax preparation. More importantly, knowing the numbers is crucial to making decisions for next year, such as whether you can increase your marketing budget or hire more staff.
Tax-savings Strategies for Business Owners
Tax-savings strategies for business owners
Here are some straightforward ways to aid your tax preparation throughout the year.
Hold onto every receipt. Your accountant will know better than you if a certain travel, meal, clothing or subscription is a deductible business expense, so get in the habit of hanging on to every receipt.
Record what the receipt was for. Get in the habit of annotating your receipts as you receive them. If you or your bookkeeper uses an electronic record-keeping system, having clear receipts will make the process easier.
Create a filing system. Those tiny slips of paper end up everywhere: in wallets, purses, briefcases, shoe boxes. Create a simple filing system that works for you — and then use it. Come tax time, these few steps will save lots of headaches and time.