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  1. Sole Prop: HST Small Supplier Question

    Taxation
    Hey folks. First time posting here! I have an HST account for a Sole Proprietorship that was active many years ago. A couple years ago I closed the HST account since I had only filed nil remittances for several years, and didn't anticipate doing any further business through it. Fast forward to...
  2. Which method yields lowest taxes for 2 partners?

    Taxation
    I have a friend who wants to help me with my contracts. We live in BC and are trying to setup a configuration that works best when it comes to taxes. What we have in front of us are the following options: Each of us forms a Sole Proprietorship and get paid directly by clients Each of us forms...
  3. New Business Incorporation inquiry

    General Personal Finance Talk
    Hi All, I have recently done a federal incorporation for a company that i am considering starting that i plan on making a wealth management firm way later down the road. I am currently working towards my CFP and CIM designations and definitely have the entrepreneurial drive so I am seeking...
  4. Low income, two businesses - must I declare all business expenses?

    Taxation
    I am self-employed and have two businesses: one made a small profit last year, the other (a new one) made a loss. Elsewhere I read that it is not necessary to declare business expenses, although it is normally an advantage to do so. So, here's my question: Am I required to declare all business...
  5. RRSP as hedge against business failure?

    Taxation
    I'm in Quebec and run a sole proprietorship. Far away from retirement. About $85,000 income in the 2015 tax year. I have around $48000 to invest. No TFSA or RRSP yet. I expect to earn more money in later years, but I'm in an industry based around another company's business. My income could...
  6. Filing a side business with no income or expense that was dissovled!

    Taxation
    Hey Guys, I am very new here and I just have a basic question I believe you can help me with. I working full time for a company and last year my friend and I decided to start a small business as a second job. We registered the business as partnership and then later on figured that we don't...
  7. Business Partnership Profit Sharing

    General Discussion
    Hello forum readers. I'm 1 of 4 partners in an equal share partnership. 25% each. We are all responsible for any liabilities or debts equally. It's been a fantastic year for us in business (1st year in business) and we have no debts. In fact there's around $40,000 in profit to be shared. This...
  8. Can my corporation give someone a personal loan?

    Investing
    I have a small business that's incorporated, with me as the only shareholder. I'm currently preparing to give a $20,000 loan to a person I know. Can my corporation legally give her the loan, or do I have to do it personally instead? I'm charging interest on the loan and will obviously claim...
  9. Owning a startup personally or via another company.

    Taxation
    From a tax perspective, is it better to own shares in a startup personally, or via another company that you own? The company is a software startup, so we're hoping that it will eventually be worth millions of dollars (although it is currently worth zero-ish dollars). On the slim but non-zero...
  10. Best Customer Relationship Management (CRM) Option(s)

    General Personal Finance Talk
    Since there are a lot of small business types on the forum, I'm wondering if some of you have used CRMs. If so, which one(s) do you prefer, and why? Which has the best price / user interface / reliability / usefulness / support / integration with other services like linkedin? Any thoughts?
  11. What is Express Entry Selection System?

    General Discussion
    Express Entry is the new selection system for Canadian immigration, designed to select skilled workers for immigration to Canada. Express Entry is a completely electronic process involving the federal government, provincial governments, and Canadian employers.
  12. The Ladies' Suit Conspiracy

    General Discussion
    Up until this point in my life, I've been self-employed and worked from home in my basement. I wear comfy T-shirts and pants that I got on sale for 94 cents from the clearance rack at Superstore. I have one custom tailored suit that I got for $200 when I was in Thailand many years ago. <rant>...
  13. Can I write off full HELOC expense even if my business makes money?

    Taxation
    Hi all, Need some tax help.. Here's my scenario.. I'm starting a business using HELOC money (home equity line of credit). I know I can deduct the interest expense. But here's the question - say my business makes $10k profit in its first year. Can I apply this $10k towards my mortgage...
  14. risk free with minimal interest (td waterhouse business account)

    General Personal Finance Talk
    Hi there, What are some risk free (or relatively low risk) investment account I would be able to purchase through td waterhouse? Basically, I have a td warterhouse account for my business (I only widthdraw a portion through dividend and leave the rest in the business after paying business tax)...
  15. Video on mechanical/electrical/ contracting business from Ontario's growth

    General Discussion
    Pretty interesting clip on mechanical, electrical, communication contracting business in based Oakville, Naylor Group bought by current president in 1984 while company was on brink of bankruptcy and how it has turned around since then with his children in management and plans to double revenue...
  16. Moosehead - my favourite Canadian beer!

    General Discussion
    Good read on Moosehead, with current president talking about the brewery's history that began in 1867, and how it currently competes with bigger brands in the beer market: http://share.fpinnovators.com/brewerries.html
  17. Utilizing your strengths when making changes

    General Personal Finance Talk
    This is a great business article. "When a company sets a new course, its greatest priorities should be a long-term strategic plan and total commitment to the new direction, said Patrick Latour, senior vice-president of financing and consulting for the Business Development of Canada in the...
  18. Gift Card gifts from a small business?

    Taxation
    Hello, I recently started a small business. According to this: http://sbinfocanada.about.com/cs/taxinfo/qt/employeegifts.htm I can gift employees up to $500 each per year. The only thing is at the moment myself and my wife are the only employees and we both have addition full time jobs. Would...
  19. Registering yourself as an business for investment purposes.

    Investing
    Hello all. I've been doing some searching, but haven't been able to find much. I've read some articles (of course, I can't find them now - Globe & Mail and Toronto Star didn't give me anything specific) and heard anecdotal evidence where people do the following: Register themselves as a...
  20. Entrepreneurs pay less taxes

    Taxation
    I tried posting this last week in the Taxation forums but for some reason it never appeared so I'll try General this time. A co-worker told me you can save big on taxes just by starting your own business. But this almost sounds like a huge loop-hole that's too good to be true. Here is the story...
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