Tax Alert for Oil Field Contractors – Don’t Get Caught Looking Like a Personal Service Business

There are many benefits for large Oil & Gas companies to outsource some of their work to independent contractors, as this allows them to outsource risks. But, if you are the single shareholder of a small corporation, especially in the oilfield business, you risk being considered a personal services business if you are not onside…

Are You Ready to Incorporate Your Sole Proprietorship?

As your business continues to grow, it might make sense to start incorporating your sole proprietorship. There are a few key things you will need to consider when making this transition. The following are the most important items. Mistakes when self-incorporating: Most often, many business owners choose to incorporate on their own in order to save…

When to Deduct CPP, EI, & Income Taxes from your Employees

If not now, then when? A common problem small businesses encounter in regards to payroll is whether or not to deduct Canada Pension Plan contributions (CPP), Employment Insurance (EI) premiums, or income tax on the special payments they make to their employees. Below, the CRA provides a detailed chart outlining various situations.  If you are unsure,…

5 Easy Tax Tips for Individuals & Business Owners.

Your Kelowna accountant should be aware of some of the easy tax tips and savings available to individuals and business owners.  Below, we briefly discuss those tax tips. Tip #1 – Payment of Dividends vs. Salary Did you know dividends are taxed differently than wages or salaries? Generally, the taxes payable on receipt of dividends…