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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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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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6 BRITISH COLUMBIA TAX CREDITS

Training Tax Credit The training tax credit is for employers and apprentices who take part in apprenticeship programs administered through the Industry Training Authority (ITA). Back-to-School…
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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.” To obtain EI benefits as a self-employed individual,…
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LLP VS. INC. – WHAT’S THE DIFFERENCE?

  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…