As a small business owner are you aware of your duties and responsibilities when it comes to privacy? Is your business in compliance with the Personal Information Protection and Electronic Documents Act (“PIPEDA”)? The Office of the Privacy Commissioner has developed a video aimed at helping small businesses understand and comply with PIPEDA. It features […]

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If you are an incorporated business that provides IT or other consulting services to mainly one business as your customer, then you may run the risk of being viewed as a personal services business (“PSB”) by Canada Revenue Agency (“CRA”). A PSB is a corporation where the owner/shareholder provides services to another business and the […]

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If you are a business owner considering purchasing computer equipment or software, I would recommend you to do so before January 31, 2011. The current tax rules allow a 100% capital cost allowance for computer hardware, software and data processing equipment with no half year rule applied. This means you get a full deduction for […]

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The Ontario government is providing a one-time transition assistance to help small businesses offset costs incurred in making changes to their point-of-sale and accounting systems in order to collect the Harmonized Sales Tax (HST) that came into effect in Ontario on July 1, 2010. In order for small businesses to qualify for this transition assistance you must […]

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I find that quite a number of regulated professionals are running their business or practice as a sole proprietorship and are missing the benefits of incorporating. Here are a few of the major benefits: Tax deferral – In Ontario, the first $500,000 of income after expenses is taxed at a rate of roughly 16%. If […]

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One of the first dilemma’s I faced when I decided to open my own accounting firm, was of course what to call it?  Though naming the firm after myself would have been easiest, I wanted something unique.  I wanted a name that invoked an image and a feeling from potential clients – and so the […]

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