All Questions
Tagged with canada small-business
38
questions
1
vote
1
answer
141
views
I bought a website. How does it affect my taxes?
I have a small British Columbia business (sole prop) writing software.
I bought a website last year which is earning a bit of money through my business name.
Does the purchase of the website count as ...
- 11
2
votes
0
answers
67
views
Revenue Recognition, Foriegn Currency, and Exchange Rates
I live in Canada, and run a small hobby website (under a sole proprietorship) which earns advertising revenue from various sources. Some of that is paid in CAD, some in USD, and some in EUR, etc.
My ...
- 206
1
vote
1
answer
100
views
Income-Tax and Side-Hustle Providing Internet Related Services
I'm looking at starting a side hustle that provides solely software related services. Like web-hosting, app development, etc.
In the near future, I'm not looking for any sizable profit (or any for ...
- 153
2
votes
1
answer
3k
views
CANADA: Can I deduct condo fees in business use-of-home deductions?
Info:
the condo is a townhouse - not in a building.
the condo fees are >$500/month ($6000/year)
there are not many common areas
the condo fees cover items such as ALL exterior maintenance (roof, ...
- 183
4
votes
1
answer
185
views
Tax implications of dividend vs salary
I'm recently self employed. My accountant advised the total amount of tax I'll pay (combined business and personal) is the same whether I pay myself 100% dividend or 100% salary and the only deciding ...
1
vote
0
answers
116
views
How to apply 1% rate reduction using GST/QST Quick method?
I use Quick method for calcualting GST/QST remittances:
The Quick Method is a simplified accounting method designed to help
registrants calculate the GST and QST they must remit to Revenu
...
- 740
2
votes
0
answers
172
views
Stop filing federal annual return (Canada)
I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
- 101
1
vote
0
answers
43
views
Corporate tax & GST/HST tax - Canada
I've started self incorporated small business in Canada, registered with Ontario province in 2017.
As per corporate tax structure, both corporate tax return and GST/HST return is filed by end of ...
- 111
3
votes
2
answers
165
views
Approach to modifying invoices in previous fiscal period?
I have a small business in Ontario Canada and I file my taxes each year. Let's say I discover an erroneous invoice from the last fiscal year for which I've already submitted my tax returns to the ...
- 839
1
vote
0
answers
57
views
Taxable income when bad debt discovered in a different fiscal period
I have a small business and I'm trying to understand how bad debts affect taxable income. I am using accrual method of accounting.
Let's say in the year 2008, I sent an invoice 101 to a client for $...
- 839
1
vote
0
answers
70
views
Does business credit score transfer over when you incorporate from a sole proprietorship?
I have a newly registered sole-proprietorship in Canada that I am trying to build credit for. If later down the line I decide to incorporate my business, will the business credit score from my sole-...
- 133
3
votes
1
answer
138
views
Just incorporated. Can I transfer my last personal paypal payout to my new business account?
I have an online business since 2009 and used to report the income as personal income. 3 months ago I finally incorporated my business but due to complications (and my lack of experience), it took ...
- 31
3
votes
1
answer
470
views
Does it make sense to pay MSP through a small corporation / business in Canada?
In BC, Canada, one has a monthly medical plan premium (MSP) per adult in a household of at least $75.00 (CAD) per individual per month, and the amount cannot be deducted against one's personal taxes.
...
- 163
2
votes
1
answer
4k
views
Smartphone bought for business use - Canada
I (as my corporation) bought a high-end unlocked smartphone (not under any carrier contract). My question is how this should be reported under Canadian tax rules. Must it be treated as an asset to be ...
- 1,032
1
vote
0
answers
82
views
Am I required to have my website registered as a business in Canada to collect HST?
Am I required to have my website registered as a business in Canada ON, to be able to sell ads? does the amount of income makes any difference?
The reason I am asking this is I have been told that if ...
- 11
2
votes
1
answer
94
views
Can I still charge and keep money from my small business, listed under HST?
This question relates to the province of Ontario in Canada.
As a small business owner, there is an exemption where you are not required to charge HST on goods and services if you make under thirty ...
- 129
3
votes
3
answers
1k
views
Should I file taxes or Incorperate a personal project?
I have effectively started a small business. The business is an online venture and has already generated a small amount of money through donations/etc. I am currently considering if I want to go ...
- 241
3
votes
1
answer
315
views
Should an independent mobile game developer incorporate a business?
The story is thus: I am on the verge of publishing my first app, but I was thinking whether I should incorporate or not. I am an accounting student, albeit in second year with a budget of $1000. I am ...
- 139
5
votes
3
answers
670
views
What are the benefits of doing a "cheque exchange" when contributing services-in-kind?
Scenario: A consultant provides services-in-kind (let's say valued at $x) to a charitable organization. There are two options for how this can be accounted in a manner that creates a paper trail for ...
- 153
2
votes
0
answers
44
views
Ontario resident working contract job in British Columbia
If my corporation is registered in Ontario and I am an Ontario resident, then if I take a contract in Vancouver, will it be legal? Do I pay taxes once for British Columbia and once for Ontario?
- 16k
3
votes
2
answers
428
views
How do owners in a partnership earn income?
I am 1 of 2 partners (no employees) in a recently registered consulting business. Essentially we are 2 former sole proprietors joining forces. We are currently working on forming our partnership ...
- 131
2
votes
0
answers
265
views
Salary vs Dividend: is this example wrong?
I saw a link to a great article in old (2012) question.
http://vereecke.ca/index.php/articles/will-that-be-salary-or-dividends/
I've tried understanding the article well, but I think that the author ...
- 319
3
votes
1
answer
767
views
At what point do recurring small business losses become a problem with Canada Revenue Agency?
How many times can a small business owner claim an overall yearly loss, when filing income taxes, before the Canadian Revenue Agency (CRA) will consider it a problem?
A friend who runs her own small ...
- 31
1
vote
0
answers
194
views
Do I have to file two tax returns if I am employed and self-employed?
I am employed full-time by an employer that does tax deductions but I also work freelance on the side which I do have a business number for and collect HST.
I know I have to fill out the HST forms (...
- 183
1
vote
1
answer
687
views
Can I have a side income without registering it as a business
I am full time employed. If I want to generate some income from a side hobby-business by buying and selling gift cards, at what point in time do I need to register as a business/corporation with the ...
- 16k
11
votes
3
answers
10k
views
Why do banks require small businesses to open a business bank account instead of a cheaper personal one?
I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
- 319
0
votes
1
answer
183
views
Why does paying out all corporate income as salary reduces the risk of being labeled a personal service business?
This blog article on PSB outlines the rules clearly. But in one of the comments it says:
However, if you are paying mostly salary to yourself, your risk is minimal even if assessed
What is the ...
- 16k
4
votes
1
answer
3k
views
Do I need to collect GST/PST for providing software services to companies outside of Canada?
I have a corporation registered in BC, Canada. I provide custom software development services to companies outside of Canada. Do I need to collect GST/PST ?
- 205
6
votes
1
answer
4k
views
How to report my revenue from Apple iAds and App Store sales, without an invoice?
For accounting purposes, we need an invoice for accounts receivables, but when you get a payment from Apple for iAd revenue and app sales, how do you issue an invoice ?
Are there any specific ...
- 205
3
votes
2
answers
232
views
Better ways to invest money held by my small, privately-held Canadian corporation?
I own a small, privately-held corporation and am looking for ways to invest my corporation's money more effectively.
The problem is the government taxes passive investment income inside a corporation ...
- 31