There’s so much to being a business owner: knowing your product, your clients, sales strategies, accounting and more.
It’s not like having a regular job. How your business and your personal finances interact can be complicated.
Make sure you’re prepared for whatever opportunity, or problem, comes your way.
“Jack, a lifelong public servant, is an assistant federal deputy minister. Sherry is a high-school teacher. Both plan to opt for early retirement this year, but at 55 and 56, they aren’t ready to stop working. They have run a small bed-and-breakfast in their log home in the Gatineau region of Quebec for the last 20 years.” Read more.
“There can be many benefits for an American company to have an employee presence in Canada, but it’s not without its complications. Chief among those: dealing with two tax codes.” Read more.
“Most Canadian business owners understand continued prosperity requires growth, and new financing is often needed to meet expansion goals.” Read more.
“If your husband were a shareholder, you could split income with him by paying him dividends, thus reducing your taxes payable.” Read more.
“It helps CRA and the business “simplify their dealings with each other, as well as with all levels of the public sector,” says the agency, because CRA accounts can be easily linked to the business through its business number.” Read more.