Remember earlier this year when Liberal MP’s claimed that by lowering the small business tax rate to 9% small businesses would save up to up to $7,500 per year in taxes? That didn’t add up to us which is why our Leader, Clayton Achen, dissected this claim in this January vlog that went viral.
5 minute read
Let’s talk about tax “loopholes” and the problems in our tax system and how Bill Morneau just made it a lot worse.
5 minute read
In the last few days you will have seen Liberal MP’s across the country patting themselves on the back by posting this self-congratulatory info graphic on every social media outlet there is. They claim that by lowering the small business tax rate to 9%, they are saving small businesses up to up to $7,500 / year. Mathematically speaking, a 1.5% reduction x $500,000 of corporate earnings (after payroll) = $7,500/year. So this “savings” is fairly cut and dry, right? Maybe not…
Here are the answers to the tax questions we get asked the most by entrepreneurs and small business leaders.
As a business owner, you want to minimize the chance of being flagged by the CRA for any reason. Responding to CRA inquiries related to your filings can be costly and time consuming and adds another level of stress. Understanding your obligations, the deadlines for filing various returns, and the penalties for non-compliance is critical.