Pi Business News
Alberta Minimum Wage – Lowest to Highest
One of the key platform points of Rachel Notley’s NDP campaign and sudden rise to power in 2015 was an increase in the provincial minimum wage from $10.20/hour (the lowest rate in the country) to $15.00/hr (the highest of any jurisdiction in Canada). Immediately after being elected, the government increased …
Is Your Business Off Track?
You are putting in the long hours and starting to feel a bit burned out. Business is not as usual. You are finding it a struggle to keep up with all the business expenses not to mention the upcoming tax bill around the corner. Pretending there is no problem …
How far did you drive?
If your job involves a lot of driving, there are significant deductions that are available to you. Whether you drive your own personal vehicle for work or your corporation owns a car that you use, it’s important to keep track of the kilometres you drive for work. There are three …
Wages or Dividends
By far, the most common question we get from business owners is “Should I pay myself dividends or wages?” Unfortunately, the answer is different for everyone. The first thing we recommend is to try to minimize the amount of money you draw out in the first place. If you are …
Keep your money in your corporation
Who wants to pay less tax? The best reason to incorporate your business is to save taxes. In Alberta right now, the highest personal marginal tax rate is 48% while the small business corporate tax rate is 13.5% and is set to be reduced to 12.5% in 2017. So, this …
CRA’s Voluntary Disclosures Program
Do you believe in second chances? The CRA does to a certain extent. According to the CRA, the amount of previously unreported income in 2013-2014 was $813 million – over 14,000 cases. Find out below if you qualify for CRA’s voluntary disclosures program. You can’t turn back the hands of …
7 Ways to be Noticed by the CRA
This is definitely one of the times to not stand out and be noticed. Below are some common red flags made by Canadians time and time again. 7 Ways to Draw More Scrutiny From the CRA: Not reporting all your income. Not only will you get reassessed but also potentially …
Alberta’s Economy: A New Hope on the Horizon?
Some may venture to say we are at the bottom of the cycle. Challenging times demand a tough mindset. According to Alberta Venture, having a diverse economy than that of the 80’s and the predicted rise in oil prices all contribute to new beginnings for Alberta once again.
Top 5 Worst Tax Expenses Claimed
Doing your taxes, business or personal, can lead to some late nights and can quickly become overwhelming. If you find yourself rationalizing these type of far fetched claims below, you may want to call an accountant to help you find another way to minimize your taxes. From mydesk.com, below is …
Are You Being Audited?
Audit is a word that tends to scare people with the dreaded expectation of being under the microscope costing you time and money. Learn how the audit process works, how to prepare for and maybe clear up some common misconceptions. And if you still feel uneasy about your audit book …
Top 8 Things Students Need to Know
It’s the beginning of a new school year and your tax deadline isn’t until after exams next semester, there are still some things you need to think about in terms of your taxes. CRA has put out a list of the Top 8 things students need to know at tax …
Get a Receipt
We told you earlier about how to claim meals and entertainment as a business expense. It’s always important to get a receipt in order to claim the deduction on your taxes but CRA has launched a new campaign that gives another good reason to ask for a receipt when you …
Jokes Only Accountants Find Funny
1. A fine is a tax for doing wrong. A tax is a fine for doing well. 2. Where do homeless accountants live? In a tax shelter. 3. Welcome to the accounting department, where everybody counts. 4. What do you call an accountant with an opinion? An auditor. 5. An …
Picking up the Cheque
One of the most misunderstood business deductions is the “meals and entertainment” claim. Either people forget to save their receipts and don’t claim it at all, or they treat their whole party because it’s a business write-off. The basic rule is that if you are paying for meals or entertainment …
Alberta Minimum Wage – Lowest to Highest
One of the key platform points of Rachel Notley’s NDP campaign and sudden rise to power in 2015 was an increase in the provincial minimum wage from $10.20/hour (the lowest rate in the country) to $15.00/hr (the highest of any jurisdiction in Canada). Immediately after being elected, the government increased …
Is Your Business Off Track?
You are putting in the long hours and starting to feel a bit burned out. Business is not as usual. You are finding it a struggle to keep up with all the business expenses not to mention the upcoming tax bill around the corner. Pretending there is no problem …
How far did you drive?
If your job involves a lot of driving, there are significant deductions that are available to you. Whether you drive your own personal vehicle for work or your corporation owns a car that you use, it’s important to keep track of the kilometres you drive for work. There are three …
Wages or Dividends
By far, the most common question we get from business owners is “Should I pay myself dividends or wages?” Unfortunately, the answer is different for everyone. The first thing we recommend is to try to minimize the amount of money you draw out in the first place. If you are …
Keep your money in your corporation
Who wants to pay less tax? The best reason to incorporate your business is to save taxes. In Alberta right now, the highest personal marginal tax rate is 48% while the small business corporate tax rate is 13.5% and is set to be reduced to 12.5% in 2017. So, this …
CRA’s Voluntary Disclosures Program
Do you believe in second chances? The CRA does to a certain extent. According to the CRA, the amount of previously unreported income in 2013-2014 was $813 million – over 14,000 cases. Find out below if you qualify for CRA’s voluntary disclosures program. You can’t turn back the hands of …