May 2023

Maximize Your Tax Savings: Understanding Immediate Expensing for Canadian Businesses
Gallery
Maximize Your Tax Savings: Understanding Immediate Expensing for Canadian Businesses

Taxes

Maximize Your Tax Savings: Understanding Immediate Expensing for Canadian Businesses

By Alissa Bryden|2023-05-10T05:10:49+00:00May 18th, 2023|Taxes|

Immediate Expensing for Canadian Businesses Are you a Canadian business owner looking to save on taxes? You might have heard of immediate expensing, a tax deduction method that allows businesses to deduct the full cost of eligible assets in the year of purchase, rather than depreciating them over several years. This tax deduction method can provide a significant tax benefit for businesses, especially since it allows for a 100% deduction in the year of purchase. In this blog post, we'll provide an overview of immediate expensing in Canada, the eligible and excluded assets, and the gradual phase-out of this tax deduction. [...]

Share Options for Canadian Contractors

By Alissa Bryden|2023-05-10T05:14:08+00:00May 8th, 2023|Accounting, Taxes|

Welcome to our accounting firm’s blog, where we will be discussing the tax implications of issuing share options for Canadian contractors. What Are Share Options Share options, also known as stock options, are a form of compensation that allows employees or contractors to purchase shares in the company at a predetermined price at some point in the future. While these options can be an attractive form of compensation for employees and contractors, there are very important differences to the tax treatment and implications if you are a contractor and not an employee of the corporation. If you are considering accepting share [...]

Considerations when Incorporating a Small Business

By Alissa Bryden|2023-02-13T16:13:40+00:00May 4th, 2023|Taxes|

As a business owner, incorporating a small business is an important step in growing your business. Incorporating your business provides several benefits, including limited liability protection, tax advantages, and the ability to raise capital more easily. The decision to incorporate is a tough one and you can read more about the decision to incorporate here. Here is another article where we reviewed the business types (sole proprietor, partnership, and corporation). Once you have made the decision to incorporate there are many other considerations you will have to make. In this blog, we’ll discuss what you need to consider when incorporating your [...]