Selling a business can be a significant event for any entrepreneur, and it’s important to understand the tax implications involved in the process. In Canada, the tax consequences of selling a business can vary depending on several factors, including the type of...
A company can be acquired faster than it can be built from scratch. There are many important and minor details to consider before making a rational decision to buy a small business. However, you need to be careful not to spend too much on the business and make sure...
Incorporating a business is a process of establishing a separate legal entity that can enter into contracts, own assets, and incur liabilities on its own. This legal structure provides a number of benefits, as well as potential drawbacks, for business owners. In this...
Running a small business can be challenging and requires a lot of effort and attention to detail. One of the most important aspects of running a successful small business is managing your finances effectively. An accountant plays a crucial role in this, as they can...
Transitioning from a full-time employee to owning a small business or self-employment means you have to cultivate self-discipline. You can no longer rely on your employer to handle business functions unrelated to your job, and you have to take a much more active role...
If you are a small business and want to have a relatively seamless and smooth tax planning before the year ends, there might be some changes that you might want to make. Learn from the experts about the year end tax planning tips for small businesses. Organize,...
Most taxpayers use the terms tax deduction and tax credit interchangeably. Since they’re not accountants, it’s perfectly fine if you’re not concerned with accuracy and seeking a greater understanding of taxes. And while there are many technicalities...
In many cases, using a spreadsheet is perfect and sufficient for small businesses or the self-employed where you simply need a way to determine your income and expenses. There are situations, especially when you plan to do your own small business accounting, where it...
When starting your own new business, it often makes sense to choose a simpler structure, which is a sole proprietorship. This allows you to test the viability of your business idea and see if the lifestyle and associated stress that comes with running a business...
Access to a car can be essential to running a small business effectively. However, the cost of ownership can be high, especially in the early stages when your business is not very profitable. Fortunately, Revenue Canada and Revenue Quebec allow individuals and...
