We can tell by the drop in temperature that the end of year is near; it’s a perfect time to consider ways to improve your tax position for the current year.  Of course you will ensure you claim every tax credit available, such as your basic personal, spousal amount, child amount, tuition and textbooks; donations, etc. In addition, there is no better time than now to take the final steps to reduce your taxes even further for 2015 and set yourself up for success in 2016.

Depending on your tax bracket, the new government may either cost you or save you big bucks. 

Here are some of the Liberals’ promised tax changes and what they mean to you- When these promised will take effect is currently uncertain:

Whether you intend to sell the business to a third party, transfer it to family members, structure a management buy-out or wind it up, advance planning can help you make better long-term decisions. 

First, a little background on the UCCB, It was started in 2006 at $100 a month for each child under the age of six. This year, Ottawa increased the amount for kids under aged six to $160 and added a $60 monthly benefit for children aged six through 17. All families with minor children are generally eligible for the benefit.

As a small business saving taxes and making sure things work smoothly in your business should be at the top of your list. But after maximizing business expenses what else is there? Have you given it any thought in hiring a family member to save money?

The GST/HST is a value added tax introduced in Canada in 1991.  If your business has an annual worldwide sale of more than $30,000, you must register for GST/HST. The requirement applies to all businesses, including sole proprietorships and partnerships.  Registration is not mandatory until you reach the $30,000 threshold for you or your business, but it may be a good idea to sign up voluntarily. 

Cottage ownership is enjoyed by many. Having a place away from home, where you can experience the great outdoors with family and friends is golden. Other people prefer a change in scenery and would rather have the flexibility of going to different places rather than be compelled to one given location. I guess different strokes for different folks.

There is quite a lot of information circulating regarding the Taxpayer relief program (previously termed “fairness provisions”). After 10 years of communicating with CRA on behalf of clients I hope to clear the air and highlight some of the common myths surrounding the program.

Record keeping (also known as bookkeeping) is no one’s favourite task. However, the reality is if you own a small business, good record keeping is vital. Many start-ups, as well as existing business owners tend to neglect this aspect of their business until the end of financial year (EOFY) is upon them. By law, every business is required to maintain accurate and timely records.

The summer school break will start soon, and it could be to your advantage to hire your kids. It’s a win-win... They get life and work experience -- as well as a salary -- and you get tax and other financial benefits.

I am frequently asked how a company is valued. Simply put, the value of a company is the value in today’s dollars of all the future benefits of ownership of the company.

Taxation for Self-Employed Individuals and Small Businesses

Many times you might ask “What is my business worth?” But have you ever asked yourself: “What am I worth?”

Think about it. What is your bottom line value? What are your skills, talents and abilities truly worth to the business?

Anyone can start a business, but only few are successful- you probably heard this many times before, but well worth mentioning again and again. In this turbulent business world, there are many factors to consider, and many steps that need to be taken in order to ensure your success. Below is the breakdown of the 5 main steps you need to follow to properly set up a successful business.

The benefits of setting up an RESP:

•  Tax Deferred Growth - contributions can be made until the child turns 21, for a lifetime total of $ 50,000, per child. Any capital gains, dividends, or interest earned remain untaxed as they compound over the life of the RESP

Here we go again, more about the penny. Earlier this year, the government of Canada announced that they will stop producing the penny- apparently it’s more expensive to make than it’s worth. It costs 1.6 ¢ to create a 1¢ penny. In 2010, the Royal Canadian Mint spent $11 million to distribute $6.9 million worth of pennies. Now comes the question, how does this affect businesses, small and large?

All businesses go through the process of submitting invoices to customers, and collecting payments. Businesses also have the problem of not having their invoices paid on time or not being paid at all. We know that invoicing and keeping track of payments coming and going out of the company can be difficult to manage, but it must be done to stay afloat in this hectic world of business.

Most businesses, at some point, need to approach lenders for financing. This can be a tough ride for many people as lenders are hard to please and persuade. They have expectations, and requirements, that make it difficult to obtain the financing needed to start, grow or expand a business.

It’s the end of 2011 and we are in the season for giving and being merry; but while everyone is planning their outings and trips, it can get costly. Going forward, many will experience high credit card bills, followed by tax season where we never know if we owe money to the CRA or can expect money back. We want to help you this Christmas season by giving you some tips to help you manage your spending, save a little for the future, and cut down on potential income taxes for the year while you still have a chance to do so.
Set a budget

The harmonized sales tax (HST) that was implemented in Ontario last summer was designed to combine both GST and PST, making it a value added tax. This means that the value is only added by the business providing the goods or services to consumers. It attempts to avoid a situation where products are taxed repeatedly throughout the production process, as done with PST. This results in lower costs at the final stage of production.