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…

Accountants are Famous too

You may think that accountancy is the least likely profession to make you famous. But accountants don’t become accountants because they want to be a celebrity. Accountants become accountants because they are intelligent and conscientious people, and sometimes their knowledge-ability lends itself to other capabilities, allowing them to be more than just number crunchers. Accountants are not…

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…