Market research is essential to constructing a viable business; before you open your doors, be they physical or virtual, it’s important to understand what your potential consumers want. The research that can be done is varied and complex, so consider this a succinct first step to understanding how good research can give a business a competitive edge. The first thing … Read More
Starting a Business: The Business Plan, Part II
Welcome back to our series for first-time business owners; today, we’ll analyze the rest of the business plan. To get the most out of this post, it’s important that you read Part I, where we analyzed the Executive Summary, Business Strategy and Marketing Strategy portions of the plan. Now, we will analyze the Operational Plan and Financial Forecasts, as well … Read More
Starting a Business: The Business Plan, Part I
You’ve decided that the dynamic world of entrepreneurship is for you; congratulations! Modern society was built on the backs of aspiring entrepreneurs who wanted to provide goods and services that were more efficient, less costly, or filling a niche that was theretofore unserviced. Your grand ideas in mind, it’s now time to flesh your business out into something more concrete; … Read More
Starting a Business: The Joys of Entrepreneurship
Starting a Business is a series we’re running on the steps you need to take in order to begin your entrepreneurial journey. An entrepreneurial spirit is essential to succeeding in the business world; if you want to create change, critically question your environment, and use facts and intuition in conjunction to achieve your goals, then you’ve got what it takes … Read More
Do I Get Taxed on Rental Income?
Investing in a new property can be very exciting; there are many ways you can use a house to generate money. You might do renovations on the house and sell it in a few years; others purchase properties as bed and breakfasts. A popular way of using property for income is by renting it out to tenants; but does collecting … Read More
What is the Definition of Pensionable Salary?
There are a wide variety of social security schemes which help the most vulnerable members of our society. Employment Insurance (EI) helps those who have lost work through no fault of their own, and Old Age Security (OAS) is there for those who are over the age of 65. The Canada Pension Plan (CPP) is somewhere between a social security … Read More
What are Tax Deductible Business Expenses?
Running your own business is a thrilling, ambitious and complex proposition. The joy of being your own boss and contributing something substantial to society, be it a service or good, is something amazing, and North America was built on the back of the entrepreneurial spirit. The age old adage that you have to spend money to make money is true, … Read More
CRA Audit – Can I Be Selected?
We’re oftentimes asked how the CRA chooses taxpayers subject to audit. With experience we know specific taxpayers, specific claims and specific industries tend to trigger audits. With this in mind, we’ll list here what we’ve seen and how we think the Canada Revenue Agency chooses specific businesses and individuals for audit. Reasons that are specific to individuals We see more … Read More
How Long Do I Have to Keep My Business Tax Records?
The Canada Revenue Agency (CRA) sets some record retention standards for tax records. Below are basic record retention regulations to consider for your company. Business Tax Returns and all Supporting Documents Keeping business documents such as pay stubs, tax records, and other supporting documents is important. Business owners need to hold on to these documents for a specific period of … Read More
How Does Rental Property Affect Your Income Taxes?
Filing your taxes at the end of the year is already a tricky endeavor for most people. It becomes even more difficult when you must add in unique scenarios such as rental properties to your return. Most people believe that rental properties are a great way to generate wealth, but they forget about paying tax on this income. This can … Read More