167 Tax Tips for Canadian Small Business: Beat the Taxman to Keep More Money in Your Business

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John Wiley & Sons, Jan 11, 2010 - Business & Economics - 256 pages
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"...a book for every Canadian in a small or home-based business who is struggling with complex tax rules and regulations."
—Dale Ennis, Canadian MoneySaver

"...easy-going style and avoidance of the more mind-numbing details make for a solid primer on the perks and pitfalls of self-employment. The...one-sentence tips in the appendix are probably worth the price of admission alone."
—Gordon Powers, The Globe and Mail

"...one of the better books I've seen on the market for small-business owners and better yet, it's all Canadian content."
—Linda A. Fox, The Toronto Sun

As a small-business owner or a home-based entrepreneur, you have lots of questions about taxes, but very few answers. Fortunately for you, 167 Tax Tips for Canadian Small Business contains a wealth of tax planning advice and strategies to help you save on your business tax bill. So whether you want to do it yourself or reduce what you pay your accountant - not to mention the government - this is how you'll keep more money in your pocket, where it belongs.

  • Packed with tax tips that will save you hundreds, or even thousands, of dollars year-round.
  • Written in a question-and-answer format that's easy to understand, practical, and easy to apply.
  • Features 167 "Tax Beaters" - quick-reference tips that highlight key points - plus three bonus tips to help you save even more!
  • Explains how to save taxes in every aspect and at every stage of your business.
  • Features a Year-Round Tax-Planning Calendar.
  • Coverage includes: business start-up, corporate tax planning, GST/HST, deductibility of home and automobile expenses, what to do if you are audited by the Canada Revenue Agency, CPP and QPP deductions for self-employed entrepreneurs, and much more.

The ultimate "tax coach" for every Canadian in a small or home-based business, this book will help you to beat the taxman at his own game!

 

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Contents

What Is the Penalty for Forgetting to Remit Employee Deductions on Time?
When Are Employee Remittances Due for Filing?
When Are Employee Information Returns Due for Filing?
What is the Contract Payment Reporting System?
What Fines and Penalties Are Tax Deductible?
How Can I Maximize My Deductible Interest?
Can I Deduct the Cost of Life Insurance?
As a SelfEmployed Entrepreneur Can I Deduct Health and Dental Premiums?

What If I Dont Get a Receipt?
How Can I Develop a Simple RecordKeeping System?
How Do I Know If I Made Money?
Can I Use the Cash Method for Reporting Business Income?
What Is the Accrual Accounting Method?
Do I Have to Use Accrual Accounting throughout the Year?
Must I Have a December YearEnd?
Should I Have a December or a NonDecember YearEnd?
What Happens If I Elect to Have a NonDecember YearEnd?
What If This Is My First Year in Business?
How Can I Minimize the NonDecember YearEnd Tax Problems?
When Can I Choose a December YearEnd?
How Do I Use the Tax Rate Stairway to Save?
What Are the IncomeSplitting Techniques?
The Family IncomeSplitting Technique
The Personal IncomeSplitting Technique
The Corporate IncomeSplitting Technique
What Are the Common Business Structures That I Can Use?
What Is a Sole Proprietorship?
What Are the Disadvantages of a Sole Proprietorship?
What Are the Advantages of a Partnership?
What Are the Disadvantages of a Partnership?
What Are the Advantages of a Corporation?
What Tax Savings Can Be Achieved By Using a Corporation?
Is There a Tax Advantage to Selling Shares of My Corporation?
Should I Take Advantage of the Capital Gains Exemption Now?
Can I Increase the Capital Gains Exemption?
Can I Take Advantage of the Enhanced Dividend Rules?
How Do the New Dividend Rules Impact My Business?
So Which Structure Is Best for Me?
What Is an Input Tax Credit?
Do I Have to Register for the GST?
Should I Register for the GST?
Can I Simplify the Administration of the GST?
Can I Still Claim Input Tax Credits If I Forgot to File My GST Return?
How Can I Verify That One of My Suppliers Is Registered for GSTHST?
Can I Claim an Input Tax Credit on Capital Purchases?
Can I Claim an Input Tax Credit on an Asset Purchased Before I Registered for the GST?
Can I Claim Input Tax Credits on Personal Capital Property?
Can I Claim Input Tax Credits on Personal Vehicles?
Can I Claim Full Input Tax Credits on All General Business Expenses?
Are There Any Other Restrictions on Claiming Input Tax Credits?
When Are the GST Returns Due?
What Happens If Im Late in Filing My GST Return?
What Happens If My Customer Doesnt Pay His Account?
What If I Offer My Customer a Discount for Early Payment or Charge Interest on Late Payments?
Do I Charge GST on the Sale of Used Capital Assets?
What Happens If I Give a Customer a Gift or a Free Product or Service?
What Is the HST?
I Reside in a Participating Province How Will the HST Affect My Business?
When Is My Tax Return Due?
Why Should I File My Tax Return on Time?
What Are Tax Instalments?
Do I Have to Make a Tax Instalment?
When Are the Tax Instalments Due?
What Are My Instalment Options?
What If I Miss a Tax Instalment?
As a SelfEmployed Entrepreneur Can I Deduct CPPQPP Contributions?
How Much Can I Deduct for Meals Beverages and Entertainment Expenses?
Can I Deduct the Costs Associated with Entertaining Clients at a Club Camp Lodge Yacht or Golf Course?
Can I Deduct the Cost of a Meal Before or After a Round of Golf?
Can I Give a TaxFree Gift to My Employees?
How Can I Maximize My Tax Savings on the Courses I Take?
What Are the Tax Results If I Pay for an Employees Training?
How Can I Maximize My Tax Savings on the Conventions I Attend?
Why Is Some of My Business Advertising Not Tax Deductible and How Can I Ensure 100 Will Be Deductible?
What Are Some YearEnd TaxSaving Tips?
Am I Eligible to Deduct Home Expenses?
How Do I Calculate the Home Expense Deductions?
What Kind of Home Expenses Can I Deduct?
Are There Any Limitations on Deducting Home Expenses?
Can I Claim Moving Expenses?
What Moving Expenses Can I Deduct?
Do I Need to Keep Receipts?
Are There Any Restrictions to Claiming Moving Expenses?
What Is a Capital Expenditure?
What Is Capital Cost Allowance CCA?
Are There Any Special Rules in the Year of Purchase?
What Happens When I Sell an Asset?
Do I Have to Claim Full CCA?
Is There a Right Time of the Year to Purchase Assets?
Is There a Right Time to Sell Capital Assets?
How Can I Save Tax Dollars with Capital Assets?
Can I Deduct the Cost of a Personal Asset That Is Now Being Used in the Business?
Can I Claim CCA on Assets Used Only Part of the Time in My Business?
What Is an Eligible Capital Expenditure?
Can I Deduct My Own Goodwill?
What Automobile Expenses Can I Deduct?
What Is Considered Business Travel?
Can I Deduct the Cost of My Car in the Business?
Are There Any Restrictions on Lease Costs?
Can I Deduct All Interest Charges on My Vehicle?
Should I Own My Passenger Vehicle in My Corporation?
How Can I Reduce the Amount of the Standby Charge?
If I Own My Car Personally How Should the Company Reimburse Me for Business Travelling?
What Is an Investment Tax Credit?
Who Can Claim Investment Tax Credits?
How Do I Claim an Investment Tax Credit?
What Expenditures Qualify for SRED?
What Are the Tax Benefits of Claiming SRED?
How Do You Claim a SRED Tax Benefit?
How Long Do I Have to File the SRED Forms?
What Happens When I Receive the Refund?
What Is the Apprenticeship Job Creation Tax Credit?
What is the Investment Tax Credit for Child Care Spaces
What Happens After I File My Tax Return?
What If I Disagree with the Notice of Reassessment?
Should I Pay Tax That Is Under Dispute?
What If I Have Discovered an Error in a Prior Years Tax Return?
Is There Any Relief If I Have Never Filed a Tax Return or Did Not Report All of My Income?
Can Penalty and Interest Charges Be Reduced?
What Are Some Dos and Donts If I Get Audited?
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About the author (2010)

Stephen Thompson, CA, CFP, TEP,is a Partner with the accounting firm of Wilkinson & Company, LLP. He specializes in taxation of small and home-based businesses and has delivered many seminars to clients and public groups.

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