• Canadian Federal Budget 2022

    | Categories: Canada

    Blog by Fuel Accountants

    Last night the Canadian government released its 2022 budget.  For all of the $327.7 BILLION DEFICIT, what does this mean for us small business owners?

    CLICK HERE TO READ THE FULL ARTICLE »


  • Contractor or Employee

    | Categories: Canada , Human Resources

    Blog by Fuel Accountants

    It's all the rage to hire casual or fixed-term staff as "contractors" and not put them on payroll.  This is often advantageous to the employer because you avoid expensive things like payroll taxes, workers comp, holiday pay or annual leave, tax withholdings, statutory...

    CLICK HERE TO READ THE FULL ARTICLE »


  • Hiring your first employee

    | Categories: Canada , Human Resources

    Blog by Fuel Accountants

    Your business us growing and you’re ready to take the plung and hire an employee.  Congratulations.  There are a number of things that you need to think about, especially as you get started.  Please also note that lows vary by Province – based on where the employment...

    CLICK HERE TO READ THE FULL ARTICLE »


  • Filing your Annual Return for your Canadian Federal Corporation

    | Categories: Canada

    Blog by Fuel Accountants

    If you have a corporation registered Federally (under the Canada Business Corporations Act) rather than Provincially then you need to file an Annual Return with Corporations Canada (a division of Innovation, Science and Economic Development Canada).  Each return is...

    CLICK HERE TO READ THE FULL ARTICLE »


  • Recording your Corporate Meetings

    | Categories: Canada

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    If you are operating as an incorporated body then you need to keep written records of certain decisions and actions. This is all governed by the Act that you are incorporated under such as the Canada Business Corporations Act or the Ontario Business Corporations Act (each Province or Territory has a local act).

    Each corporation is required to have a Board of Directors (often it is a sole Director) and the decisions of the Director(s) and Shareholder(s) must be properly recorded by way of Minute (a written record of decision in a meeting) or Resolution (a written record of a unanimous decision made when a meeting is not held, signed by all the parties eligible to vote at a meeting had it been held).

    CLICK HERE TO READ THE FULL ARTICLE »


  • Where to find help from the Provincial and Federal Governments during COVID-19

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you. This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    We have compiled some online resources that outline how small business owners can access government services and support during this challenging time.

    CLICK HERE TO READ THE FULL ARTICLE »


  • Recession Proof your Mortgage

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    Sylvia Ho, from Sylvia Ho Mortgages, explains how to Recession-Proof your Mortgage. She offered a free Mortgage Rate Monitor service to see how you may be able to take advantage of the fast-moving mortgage situation, or even just to get a second look at your current mortgage. You can contact Sylvia at mortgages@sylviaho.ca or phone 647-223-6100.

    CLICK HERE TO READ THE FULL ARTICLE »


  • Business Finance with CIBC

    | Categories: Canada

    At a recent Hangout we had Ashkan Refghi & Geraint Court from CIBC Business Banking talking about Business Finance. You can reach Ashkan at (905) 505-2739 or ashkan.refghi@cibc.com .

    CLICK HERE TO READ THE FULL ARTICLE »


  • Temporary Wage Subsidy

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    The Canadian Federal government has announced a temporary wage subsidy to help employers keep payroll alive the COVID-19 crisis.  Please note that there are 2 subsidies – the Temporary Wage Subsidy (10% – documented below) and the Emergency Wage Subsidy (75% – documented in this post).

    CLICK HERE TO READ THE FULL ARTICLE »


  • Temporary changes to tax payment & filing deadlines

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    The Canadian Federal government has announced some temporary extensions to tax filing and payment deadlines to ease stress and cash flow during the COVID-19 crisis.  Updated with new deadlines on July 29.

    * = Updated

    CLICK HERE TO READ THE FULL ARTICLE »


  • Canada Emergency Response Benefit

    | Categories: Canada

    The Canadian Federal government has announced a benefit program for those who are out of employment due to the COVID-19 lockdown.
    Updates since the video was recorded:

    • The Prime Minister announced 15 April that workers earning less that $1,000 a month can still apply for the CERB.  This will be great news for self-employed people as it takes away this “not working” and “no income” issue.  This has yet to be documented, so stay tuned for updates.
    • The CERB program has now ended.  The EI program has been enhanced to offer ongoing assistance.  Workers not eligible for EI (such as self-employed persons) have a new CRB benefit (see here for a complete list of post-CERB options).
    • Here’s the outline from the video:

      * = updates to the outline since the video was recorded

    • Eligibility Criteria
      • Resident Individuals 15+ years old
      • At least $5000 in employment income in 2019 in 12 months prior to application
        • Can include dividends from Small Business Corps
      • Stopped work and not earning due to COVID-19 (not quit) (April 15: up to $1,000 is now permitted)
        • First application must satisfy for 14 consecutive days
        • Subsequent applications entire 4-week period

    CLICK HERE TO READ THE FULL ARTICLE »


  • Canada Emergency Wage Subsidy

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    CLICK HERE TO READ THE FULL ARTICLE »


  • COVID-19 and your Business (Canada)

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    Things are moving fast. This page has already been superseded. Please consult our COVID-19 summary page for more direction.

    What you need to know about COVID-19 for your businessCOVID-19 is hitting business owners really hard. In this video Fuel Accountant’s founder, Peter McCarroll, discusses what you need to be thinking about and doing right now and what government assistance is available to you and your staff in Canada. Video is based on data available on 18 March 2020.

    CLICK HERE TO READ THE FULL ARTICLE »


  • Should I take Dividend or a Salary from my Corporation?

    | Categories: Canada , Dividends , Remuneration

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    Many Canadian business owners operate their business through a corporation rather than as a Sole Proprietor. The most common question we get is whether the owner should draw their income as a salary or as dividends. The answer, like most tax questions, is: It depends!

    CLICK HERE TO READ THE FULL ARTICLE »


  • Should I make charitable contributions from my company or personally?

    | Categories: Canada , Charity

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    Many Canadians support non-profit organisations through Charitable Contributions. But as a business owner, which is the most tax-efficient way to donate? Through your corporation or personally? The answer, like most tax questions, is: It depends!

    Let’s look at a scenario of a company with $80,000 in net income and a target $5,000 donation. For the sake of this example we are assuming that this is a Corporation (not a Sole Proprietor – see below), all income is active business income eligible for the Small Business Deduction, the owner is receiving remuneration exclusively by dividend, company is distributing all available bet income to the owner and has no other income or deductions. I am using 2019 Ontario tax rates.

    CLICK HERE TO READ THE FULL ARTICLE »


  • Should I be issuing T4A slips?

    | Categories: Canada , Taxation

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    If you are a business or non-profit organisation in Canada then the answer is YES. You are required to issues a T4A slip to ANYONE who you pay any of the following types of revenue to:

    • pension or superannuation
    • lump-sum payments
    • self-employed commissions
    • annuities
    • patronage allocations
    • registered education savings plan (RESP) accumulated income payments
    • RESP educational assistance payments
    • fees or other amounts for services
    • income replacement payments made under the Veterans Well-being Act
    • other income such as research grants, payments from a registered disability savings plan (RDSP); wage-loss replacement plan payments if you were not required to withhold Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums, death benefits, or certain benefits paid to partnerships or shareholders

    CLICK HERE TO READ THE FULL ARTICLE »


  • Starting a Business?

    | Categories: Canada

    Blog by Fuel Accountants

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    Wonderful – welcome to the excitement of owning your own business. If you’re still in the early stages of starting your business here are some things you might want to do early:

    Incorporate a Company

    There are several advantages of trading as a Corporation rather than a Sole Proprietor. These include:

    CLICK HERE TO READ THE FULL ARTICLE »


  • What documents should I keep?

    | Categories: Canada

    Blog by Fuel Accountants

    You need to retain sufficient documentation to substantiate your claim to an expense deduction and GST Input Tax Credit. The requirements are slightly stricter for something that includes GST (Note: GST refers equally to GST, HST and QST – we’ve simplified to GST here).

    Debit/Credit Card receipts and Paypal transaction receipts are generally not sufficient – they are merely proof that a transaction occurred and contain much of the same information as found on the bank statement, but not much else – you should keep the original invoice/order detail.

    CLICK HERE TO READ THE FULL ARTICLE »


  • Canada Emergency Wage Subsidy

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canadian business/taxpayer then it is probably not applicable to you.

    CLICK HERE TO READ THE FULL ARTICLE »


  • Now you can print cheques from within Xero

    | Categories: Canada

    IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you.

    Xero just released a Canada-only update today!! They have enabled the cheque-writing tool (previously only in the US edition) for Canadian users. This is a great addition for us Canadians, given our banking systems complete lack direct payment functionality (we are so behind the times!). BTW, I think that this is the only time Xero have release a change for one country only within the Global edition – it bodes well for us, and I hope that it will lead to a Canadian edition this year. Anyway – to read more about the Cheque Register and Cheque Printing functions within Xero, please visit the Cheque Payments screen in the help system. Here are some basic pointers:

    CLICK HERE TO READ THE FULL ARTICLE »