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 rehabilitation. In return, registered firms receive protection against lawsuits by injured workers. Do I need to register with WorkSafeBC? All employers are legally required […]
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 (CCPC) and the amount of its taxable capital employed in Canada. CCPC and SBD A CCPC is a privately-held […]
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 the principle of integration, wherein income earned by a corporation and distributed to shareholders via dividends should be subject to the same […]
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 employee benefits like life, disability, and extended health and dental insurance coverage as a way of attracting and retaining quality personnel. As […]
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 or service is purchased, acquired, or brought into B.C. for personal […]
LIMITED LIABILITY PARTNERSHIP VS. INCORPORATION – 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 owners are the limited liability partnership and the […]
