Still CPA Blog
What are the Advantages and Disadvantages of Incorporation?
Advantages: Separate Legal Entity/ Limited Liability: Your corporation is a separate legal entity and as such, creditors or legal actions are against the corporation and its assets, not your personal assets. The shareholders of a corporation have limited liability. Please note shareholders can be legally liable for the corporation’s GST/HST and payroll taxes. Tax Advantages:…
Why is it important to understand your Shareholder Loan account?
Why is it important to understand your Shareholder Loan account? In this blog you will learn: What is a Shareholder Loan? As the owner of your corporation, the shareholder loan account tracks how much you have contributed to corporation vs. how much funds you withdrew from your corporation. If you have contributed more than you…
Personal Service Business – If you are a consultant or contractor, it is important to understand the tax impact of PSB
Personal Service Business – If you are a consultant or contractor, it is important to understand the tax impact of PSB In this Blog you will learn: What is a Personal Service Business? An example of a Personal Service Business Potential Risk of the Canada Revenue Agency declaring your business as a Personal Services Business…
As the owner, should I pay myself a Salary or Dividends?
As the owner of a small business corporation, should I pay myself a Salary or Dividends? Contents: Introduction About Salary vs Dividend transactions Advantages of a Salary vs. Dividends Why is Tax Planning important? Conclusion Introduction In this Blog you will learn about salary vs. dividend transactions, advantages of both, and why tax planning of…
Are home office expenses deductible by a corporation?
Deductible Office Expenses You can deduct expenses for the business use of a work space in your home, as long as you meet one of the following conditions: You can deduct part of your home expenses such as utilities, home insurance, maintenance expenses, property taxes, and mortgage interest. To calculate the part you can deduct,…
Top 10 Income Tax Filing Tips for Canadian YouTubers
Canadian residents are taxed on their worldwide income. Essentially, if you provide information or services online and earn income from it, the Canada Revenue Agency (CRA) requires you to report it on your income tax return.As a YouTuber, you are allowed the deduct the expenses that you incur to earn your income. Top 10 YouTuber…
What are some of the most tax effective methods to pay yourself from your corporate earnings?
Salary vs. Dividend Mix: Take out profits using a mix of salary and dividends to maximize your tax savings. The best combination depends on your income level, the corporation’s income level, your cash flow needs and other factors. Shareholder Loan: If you loaned funds to your corporation, you can receive any amount of repayment on…
What is a Canadian-Controlled Private Corporation and what are the advantages?
A CCPC is a private corporation that is controlled by Canadian residents. A corporation will not qualify as a CCPC if it is controlled directly or indirectly by a public corporation, non-residents, or a combination of the two. Advantages of being a CCPC: Eligible for the small business deduction, which provides a reduction in the…
Canadian YouTube Creators – Google withholding U.S. Taxes
Canadian YouTube Creators – Google withholding U.S. Taxes Content Introduction Why Google withholds U.S. taxes? What Factors impact how much you are taxed? Submitting tax info to Google Conclusion Introduction In this Blog you will learn why Google withholds U.S. taxes, what factors impact how much you are taxed, and how to submit tax info…
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