When you are looking to buy or sell a business, there are really only two options: to buy or sell the assets of the business; or to buy or sell shares in the company that runs the business. There are tax advantages to both.
Unless you are an accountant or you enjoy working with numbers, it’s unlikely that you look forward to keeping track of your company finances. However, establishing good habits and routines can save you time and help keep your finances on course.
As a home based business in Canada, claiming your home office expenses as a tax deduction is one money saving opportunity you don’t want to miss when filing your taxes this year.
With a tax system based on trusting the individual to report all the income earned, take only the relevant deductions, and pay the correct taxes due, it is a system that needs to be carefully monitored. Find out the four main reasons for being audited.
Having a good relationship with your accountant is essential. Knowing that you can contact them regularly for advice through the year, not just at year end, will make a lot of difference to the relationship you have between your business and your money.
As of March 31, 2013, small business owners across BC will face a big change as the HST system will be reverted back to PST/GST. The loss will be felt by many businesses, however there is also a tax planning opportunity that should not be missed.
According to Statistics Canada, 75% of BC’s small businesses are service-based, up 5% from 10 years ago. Find out more about 2011’s hot business ideas from Small Business BC’s Mark Eversfield.
January is the start of a New Year and a good time to start planning for your taxes. The better you plan now, the less time your accountant may take to prepare your tax return.
Make sure you know how to properly calculate and file your taxes; an accounting professional can help you.
All businesses are subject to tax regulations – even small, home-based, online ones. It can be confusing, but here are some tips to help you make sense of the rules.