Choosing an accountant for your business is always a delicate endeavour. It’s incredibly important for your accountant to understand your business thoroughly, inside and out, backwards and forward. So, for some non-traditional businesses (i.e. professional blogger), this can be tricky to say the least. A post titled How to pick an accountant for your onlineContinue reading “How to pick an accountant for your online business”
Tag Archives: deduction
Are you an employee or independent contractor?
In Canada, there are no hard and fast rules in the Tax Act that help an individual determine whether they are an employee or an independent contractor. There are three tests, which have evolved through court decisions, that are used to assess the relationship between an individual and his/her employer. They are: Economic reality orContinue reading “Are you an employee or independent contractor?”
Experts weigh in on interest deductibility issue
The Globe and Mail, a Canadian daily, has a feature on their website today where three tax experts from Couzin Taylor LLP and Ernst & Young LLP answer questions from readers about the interest deductibility “feature” of the Federal government’s budget. I’ve blogged about this complicated topic a couple of times now but never reallyContinue reading “Experts weigh in on interest deductibility issue”
Canadian government backs down on controversial budget move
In late March I talked about the Canadian Federal budget, which had been recently released, and how it included a measure to prevent companies from deducting interest on debt incurred to fund foreign operations. I couldn’t understand the logic of the move. It seemed strange for a conservative government normally known to be friendly toContinue reading “Canadian government backs down on controversial budget move”
Budget move likely to discourage global expansion
Yesterday’s Globe and Mail: The federal Finance Department is acknowledging it could reap a bonanza of additional tax revenue from a controversial budget move to scrap the deductibility of interest that companies incur to fund foreign operations. I’m trying to understand the logic here but I can’t. I know this is money leaving the country,Continue reading “Budget move likely to discourage global expansion”