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
184
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
171
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
163
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