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Winding up a Corporation (December, 2009)
Winding up a Corporation What happens when the shareholders no longer need a corporation? A corporation is legally required to file T2 income tax returns and to file annual reports with the registrar of companies as long as it is in existence, regardless of whether it is active or not
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Using Quickbooks in Your Small Business (December, 2009)
Using QuickBooks in Your Small Business Summary Many small businesses overlook the features of QuickBooks accounting software that will save time and allow for more accurate processing in their small business
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Transition of Family Owned Business (December, 2009)
Succession Planning for Family Owned Businesses Around 90% of all businesses in North America are Family Owned Businesses; as the baby boomer generation faces retirement more and more of these businesses are facing transfer of ownership issues
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To Incorporate or Not Incorporate (December, 2009)
TO INCORPORATE OR NOT TO INCORPORATE Summary What business structure should I use when I start my business? When should I incorporate? Article There are three “normal” business structures in Canada
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The Office Christmas Party-and Other Special Occasions (December, 2009)
The Office Christmas Party – and Other Special Occasions Summary Most businesses are aware that they can write off some or all of the expenses for employee meals and entertainment such as the office Christmas party, but may not be aware of the rules governing when and how much of the expense can be written off
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The Nail That Sticks up Gets Hammered (December, 2009)
The Nail that Sticks up Gets Hammered Or, what the tax man looks for in your financial statements Summary Undergoing a tax audit, even if you don’t end up with a tax bill, is a stressful, and expensive, experience
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Tax and GST rulings (December, 2009)
GST and Income Tax Rulings and Interpretations If you are contemplating a business transaction and are not sure of the tax or GST consequences of the transaction, you might want to consider requesting an Advance Tax Ruling or GST Ruling
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Specified Investment and Personal Services Businesses (December, 2009)
Specified Investment and Personal Services Businesses Summary Most private Canadian corporations are taxed at a lower rate on active business income than on income from property
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Rules for Small Coporations to Qualify for Capital Gains Exemption (December, 2009)
Rules to Qualify for Capital Gain Exemption for Small Corporations One of the most important advantages of running a business as a corporation rather than as a proprietorship is the lifetime capital gains exemption available on qualified small business corporation shares
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Reporting Requirements for T5018 (December, 2009)
REPORTING REQUIREMENTS FOR PAYMENTS TO SUBCONTRACTORS IN THE CONSTRUCTION INDUSTRY Canada Revenue Agency (CRA) established the Contract Payment Reporting System in 1996. The system was first set up on a voluntary basis but became mandatory with the 1998 Federal Budget and effective January 1, 1999
