It is once again time to prepare the T4s for your employees; these must be received by CRA by February 28.  Internet filing of the T4s is a convenient way to complete this task.  You will need the Web Access Code (WAC).  The letter containing this information was sent out by CRA earlier this month.  This letter should be retained for use in future years – WAC will no longer be issued each year. There have been a few changes to taxable benefits in the last year.  To find out the taxation of these benefits refer to the handy chart CRA has prepared.  It is a great reminder ...

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Choosing to incorporate your business has many tax advantages, especially if the corporation meets the criteria of a CCPC (Canadian Controlled Private Corporation).  The three main tax advantages include: 1.  Reduced corporate tax rate.  For corporations resident in BC that qualify for the Small Business Deduction, the corporate tax rate is only 13.5%! (That is a reduction of 17%). 2.  Additional month to pay corporate tax.  The due date for corporate tax payable is extended by one month (from two months after the year end to three). 3.  Capital gains exemption.  When a CCPC is sold, there is an entitlement to the $750,000 enhanced ...

Knowing when your return is due is crucial to avoid non-deductible interest and penalty charges from Canada Revenue Agency (CRA). The due date will also affect the cash flow of your business. Taking control of these dates is possible by looking at a few factors: Business Year End Date Frequency of filing Amount due When the G/HST reporting period(s) coincide with the corporate year end it easily enables reconciliation to the financial reports. To change the G/HST filing date fill out and send in Form GST 70.   Options for filing include annual, quarterly, or monthly.  If applicable, we recommend quarterly ...