We know that for many small business owners and those who are self-employed, it can be difficult to step away from work long enough to take a vacation. That’s why you might want to consider combining your vacation and business trip and be able to claim some of the expenses as business expenses. …
For Business Owners, Preparing for and Taking a Vacation can be a Major Source of Stress. According to a survey on vacation time commissioned by Sam’s Club, nearly 50% of small business owners take only major holidays off or nothing at all. Additionally, according to a survey by American Express OPEN Small Business Monitor,…
Choosing Between Sole Proprietorship & Corporate Status With the deadline for filing personal income tax returns with Canada Revenue Agency (CRA) now past and business tax returns due on June 15, some sole proprietors and new business owners are likely now wondering whether they should become incorporated. This is a common question asked by business…
As we enter the final stretch before personal income tax returns are due to the Canada Revenue Agency (CRA), a lot of people rush to get their taxes done professionally before the April 30th deadline. Sharlane Bailey, Owner of Canwest Accounting, recommends her clients bring in all their tax receipts by the middle of April…
March and April are the busiest months for preparing income tax returns, and the team at Canwest Accounting are prepared for the deluge of returning and new clients coming to them to do their tax returns professionally and thoroughly. Sharlane Bailey, Owner of Canwest Accounting, says her team of accounting and bookkeeping experts in the…
Anyone who pays attention to the news will probably have heard of Bitcoin, and its recent meteoric rise in value. In January 2011, the trading value of the virtual currency or “cryptocurrency” was as little as $.30 per unit. By mid-December last year, it reached nearly $20,000 per unit! “Investors should be aware that in…
At the beginning of a new year, many people re-evaluate their goals and gauge where they’re at in their lives. For some, starting a new business may be something they’re planning to pursue this year. Sharlane Bailey, Owner of Canwest Accounting, has met with a few people recently who are exploring launching their own business.…
The end of the calendar year also marks the end of many small businesses’ fiscal year – and that signals filing a tax return in April. For small businesses, many of the tax deductions are obvious in terms of hydro, rent, internet, advertising, vehicle leases, etc., but some may not be as obvious. Sharlane Bailey,…
December is a busy month for most of us; we have work and family functions, gift shopping, sending out holiday cards, and connecting with loved ones near and far. Added to this, for many small business owners, December 31st is year end. Add to your calendar some time to complete government paperwork and pay taxes,…
It’s the start of the Christmas rush, and if you’re a business owner, you’ve probably already booked a room or a caterer for your office holiday party. But along with planning the date and the dress code, did you know you can plan your tax considerations, too? According to Canada Revenue Agency, social events…