Are Dividends from my Small Business Corporation better than Salary?
There is little or no tax advantage in receiving taxable ineligible dividends from your small business corporation due to CRA adjusting the dividend tax credit in recent years. However, there is no CPP deducted on dividends, thus there could be a cash flow advantage in receiving a dividend instead of salary. There are other personal […]
What is the Mailing Address for CRA?
There are different mailing addresses for different regions and cities in Canada. Find the right mailing address for the type of form that you want to mail to CRA. SBNDigital Agency’s interactive video will display the mailing address for the form that you need to mail to Canada Revenue Agency. Find the CRA mailing address […]
What is the CRA Internet Address for Net-Filing my GST/HST Return?
Click on link below to go to CRA GST/HST Netfile GST Netfile Get your access code before starting the process
When are My Business Returns Due for Filing with CRA?
GST/HST The filing frequency will depend on the size of your business and the current arrangements made with CRA. Most small business corporations file their GST/HST on a quarterly basis determined on the fiscal year of the business. Thus a fiscal year end of January would result in quarterly filings due 30 days after the […]
When and What Documents can a Business Owner Destroy?
CRA requires that you retain documents for at least 6 years before destroying them. It is still recommended that you request written permission from CRA before doing so. Note that you may have to keep supporting documents for longer than 6 years when those documents pertain to investments and equipment which the business still has […]
Documents and Information to Take to Your Meeting with your Accountant
The documents and information will vary with the different businesses depending on the accounting software systems; whether the accountant has online access to the data file, type of accounting engagement (review or non-review) etc. Your accountant may send you a letter around the time of your fiscal year end outlining the documents and information. If […]
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Tax Problem in Paying Family Members
Taxes and Employing your Family Many small business owners employ their family members. This allows them to find employees without conducting a series of interviews, work with people they know and trust, and it also makes it possible to keep the business “in the family.” However, the Canada Revenue Agency (CRA) may see this situation […]
Covid-19 Government Assistance for Moncton and Area
Canada’s COVID-19 Support for Workplaces and Workers • $5 Billion Emergency Support Benefit for unemployed without EI Benefits• $900 biweekly for Emergency Care Benefits for up to 15 weeks.• 10% wage subsidy for small businesses• Deferred tax payments until after Aug 31,2020 Workplace Information: Government of Canada Programs – Employment and Social Developmenthttps://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html Work-Sharing Program […]