If I’ve started a new small corporation or business, when do I pay my corporate tax and filing my tax return? In today’s BATT, McRally will give you a primer on corporate tax deadlines in Canada.
BATT#12: Do I need a bank account for my freelance business?
If you’re running a freelance business what’s the best way to keep track of your money. Should you keep your old bank account or start a new one? Turns out, it all depends.
Canadian Tax Focus #2: Taxation of Cryptocurrencies
Are cryptocurrencies money or commodities under Canadian tax? When do I have a taxable event related to my cryptocurrency? Canadian Tax Focus #2 will help you find out.
Canadian Tax Focus #1: Trading in Securities
Is your trade going to be viewed as income or capital? Are you a trader in securities. Our Canadian Tax Focus series will help you understand the issues and bring the right facts to your tax adviser.
BATT#11: Salary versus Dividends
For an incorporated business owner, whether to be paid in salary versus dividends is always a top question – and one that interestingly always seems to draw a strong, definitive answer. Not surprisingly, a strong, definitive answer is exactly the opposite of what should be the case in these instances. Social Safety Net Many will tell you, accountants and …
BATT#10: Planning to Pay Your Taxes
Thinking ahead to paying your tax bill through the year is very important. It’s easy when bills are coming and you need to pay yourself as a business owner to forget that taxes are owing at the end of the year. The Reality of Taxes When you start a business in Canada, you will, in virtually all cases, owe …
BATT#9: The Aged Accounts Receivable Report
If there is one thing you need to keep up to date as a business owner is your accounts receivable balance, or sub-ledger. This means you’re invoicing out of your accounting system, posting bank deposits as they happen and matching them against invoices. Or, if you have an integrated payment services system, this is all happening automatically for you. …
BATT#8: What is a Prepaid Expense?
Hey all! Time for a new week of BATTs. Today we’re going to learn what a prepaid expense is and how we deal with them. A prepaid expense is anything where you have paid in advance of receiving a good or service. A common example is an insurance premium. If you pay annually, you pay at the beginning of the …
BATT#7: Bank Reconciliations – Why We Do Them
Bank reconciliations, or matching what’s recorded in the accounting system to the bank statements, are a bit of a funny beast – simple but crucial for good bookkeeping.
BATT#6: Personal Benefits on Company Cars
Company cars are an interesting concept. For a long time they were very in vogue for executive and business owners. There is a real feeling that having a company car is a great benefit and a great way of saving on tax by getting to put your vehicle through the company. This includes everything from gas bills to maintenance. There …
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