T4 Changes
During the COVID 19 times employees as well as employers were getting some benefits: the Canada Emergency Response Benefit (CERB), the Canada Emergency Student Benefit (CESB), the Canada Emergency Wage Subsidy (CEWS). Now it is becoming clearer how we should report them in our regular T4 slips, as CRA announced the updates: How to report […]
Gifts and awards as taxable employment benefits
Gifts and awards as taxable employment benefits We are mostly aware about popular taxable or not taxable benefits – if you are using a vehicle of the company that provides you an employment or a cell phone plan. Those benefits are on the surface and are well monitored by accounting departments of corporations. There happen […]
Should you incorporate your small business or not? (Part 1)
Should you incorporate your small business or not? (Part 1) Nearly all business owners at some point come to consider this option. Corporations are separate business structures that have certain protection under the law and important benefits. But they also have some disadvantages that need to be looked at too. We will start with […]