WorkSafeBC and Owner/Shareholder Compensation

The Workers’ Compensation Board of British Columbia (WorkSafeBC) collects insurance premiums from registered companies based on their reported payroll to cover costs associated with workplace injuries/illnesses like healthcare, wage loss and…
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Taxable Capital Employed in Canada and the Small Business Limit

Calling all small business owners! Did you know your company might have access to a significant tax advantage called the Small Business Deduction (SBD)? Eligibility depends on your company’s status as a Canadian Controlled Private Corporation…
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Income-Splitting for Private Companies

The Government of Canada has proposed technical rule changes that will reduce the tax benefits of income-splitting using private corporations, effective January 1, 2018. Background Opportunity: Canada’s tax system is designed based on…
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Taxation of Insurance for Corporations

Taxation of Insurance for Corporations If you’re incorporated, you might be wondering what the implications are of paying insurance premiums and collecting benefit proceeds through your corporation. Or perhaps you are considering offering…
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LLP VS. INC – WHAT’S THE DIFFERENCE?

Thinking of starting your own small business with a colleague? Choosing the right ownership structure may be one of your earliest decisions, and with it comes important tax and liability considerations. Two common options for small business…
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B.C. Provincial Sales Tax (PST): What’s Taxable and What’s Exempt  

On April 1, 2013, the province of B.C. eliminated the harmonized sales tax (HST) and returned to the federal goods and service tax (GST) plus provincial sales tax (PST) system. The B.C. PST is a retail sales tax that applies when a taxable good…
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Employment Insurance for Business Owners

You may be wondering: “As a self-employed individual, do I have access to Employment Insurance (EI) benefits?” The answer to this is: “Yes, as long as you pay into the program.”
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6 British Columbia Tax Credits

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Restaurant Marketing: Turnstyle vs ZenReach

There are some really cool management reporting tools that can be set up in the newer Point of Sale (POS) systems, but most owners don't take advantage of that.
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MyCRABenefits Mobile App: More Information at your Fingertips

As of 2016, individuals in Canada have a new resource to help manage their everyday finances as well as their income tax return process.