Tax Accounting

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Canadian Income Tax for Businesses

August 6, 2014 by

Income tax time can cause businesses a lot of stress and hassle. However, income tax deductions can also be essential in creating a buffer for your bottom line. From minor expenses such as entertainment to employee salaries, business owners can greatly reduce their cash outflow by accurately filing their taxes. Read below to learn about
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Internal Audit Compliance

August 1, 2014 by

Establishing internal audit compliance demonstrates to stakeholders how effectively the company is aligning with financial and governmental processes. An internal audit looks at the financial health of your company with consideration of operational and financial management. The auditor aims to uncover whether or not financial controls are promoting the sustainability of your enterprise. What is
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Reporting Business Income from Other Countries

July 30, 2014 by

Hogg, Shain & Scheck’s entrepreneurial clients need to understand how to properly report business income from other countries to avoid taxation penalties. Businesses succeed because they strategically operate within a global value chain that elevates their products while minimizing their costs. However, when you earn income in other countries, come tax time, you need to
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How to Avoid a Tax Audit

July 25, 2014 by

Tax audits are Canada Revenue Agency’s (CRA) way of ensuring that your tax return accurately represents the taxes you owe the government. There are two levels of severity when it comes to tax audits that a Canadian enterprise may face. One is a desk audit, which is when Canada Revenue Agency simply wants to look
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Can a Sole Proprietor Leave their Business to Someone?

July 23, 2014 by

Sole proprietors cannot leave their businesses to someone. The taxation and legal structure of a sole proprietorship makes it so that technically, the business dies with its owner. In their will, sole proprietors may transfer their personal and business assets to beneficiaries. However, this process is fraught with a variety of legal and accounting considerations
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Income Tax Deadlines for Canadian Individuals and Corporations

June 27, 2014 by

Filing and Payment deadlines for individuals Generally, the filing deadline for individuals is April 30th of the following year; The filing deadline of an individual who carries on a business or whose cohabiting spouse or common-law partner carries on a business is June 15th of the following year (for example, self-employed and partners); Payment deadline
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The Facts of Filing as a Sole Proprietor

Posted in Tax Accounting
April 23, 2014 by

Entrepreneurs can structure their businesses in a variety of ways, one of which includes a sole proprietorship. A sole proprietorship is established when business owners do not seek limited liability status or incorporation for their business. Instead of seeking a legal separation between personal and corporate entities, a sole proprietor will file their personal and
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Investment Tax Credits for Canadian Small Businesses

Posted in Tax Accounting
April 2, 2014 by

Good business fuels the Canadian economy. Canadian start-ups and small businesses provide jobs and re-distribute income back into our country. The Canadian government leverages Investment Tax Credits to encourage innovative citizens to launch businesses and adhere to financial best practices, enhancing our Canadian landscape. Investment Tax Credits (ITCs) reduce the amount of tax that a
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