In this three-part series Lott and Company outlines the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death.
For small business owners, estate planning can be especially critical as the majority of their family assets and income sources may be tied up in the business.
From March 2020 forward there has been a previously unimaginable, monumental shift on how business is carried out. To have all, or a significant portion of a workforce move offsite and perform duties from home for extended periods of time was not in any business plan. And it certainly had staff members unexpectedly scrambling to set up makeshift home offices that enabled them to continue their work.
Deducting vehicle expenses? Are you ready for a CRA audit?
The Canada Revenue Agency (CRA) may finally be done with their professional fees audit project, but they are now on to a new one. This one is going to be much more onerous for many business owners. CRA’s new project is the audit of vehicle expenses. The details being requested are quite extensive.
Quebec is extending its sales tax to a broad range of sales of goods, services and intangibles (e.g. software, digitalized products) made from outside the province to customers in Quebec.
Essentially, if your business does not have a physical or significant presence in Quebec and you sell goods, services and intangibles to specified Quebec consumers (see How to Identify specified Quebec consumers), you will need to register and remit the QST. There are two registration dates depending on the type of business.
As you are starting to receive your tax slips and gathering your paperwork together for your 2018 personal tax returns, you may be wondering what changes for 2018 might affect your business. And what other tax changes are coming into effect in 2019?