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One of the many complex aspects of owning a corporation is how you, as the owner, decide to compensate yourself. A business owner of a corporation can get very confused with the various options open to him or her. This article will shed a little light on a complex area. When companies usually start, the owners invest their own money. Typically, this is classified as a shareholder loan. In other words, the money is lent to the corporation by the owners to purchase supplies, equipment, [...]

Small business owners are a courageous breed. Their adventure in business is filled with many different challenges and surprises. One surprise for most of those just starting out as entrepreneurs is the mountain of taxes that they will have to deal with in their new positions. The different taxes that the business owners have to manage are: Source Deductions – when you begin paying employees, this money is withheld by the business owners from their employee’s wages for submission to the Government of Canada. GST [...]

Starting a small business anywhere is both thrilling and challenging. Many would-be business owners may be intimidated by the process which is not as difficult as it may seem. Although federal, provincial and municipal laws must be followed, the Canadian system is basically designed to encourage small business growth and there is a great deal of support and efficient procedures in place to aid the entrepreneur. Residency in Canada is the primary requirement necessary to begin the process. If a person wants to start a [...]

Generally, you can deduct moving expenses you paid in 2011 if both of the following apply: You moved to work or run a business or to study full-time at an educational institution that offers post-secondary courses. You moved at least 40 kilometres closer to your new work or school. Notes If you moved before 2011 but could not claim all your expenses on your return for that year or later, you may be able to claim the remaining expenses on your return for 2011. In [...]

Every business owner knows that locating new clients is an important part of maintaining a profitable business. We expend a great deal of money and effort to propel our company name and product into the consciousness of potential customers in order to get them to come through the door, ring the phone and ensure we keep the doors open with their hard earned purchases. The irony of conducting business in the New Economy is that although our advertising dollars have decreased along with our customers’ [...]

The primary reason most people do not follow through on a great idea or business plan is because they think the funds necessary to bring it to fruition are unavailable to them. There are various financing options open to new or expanding small businesses. The beginning entrepreneur has many potential backers for a good idea. Aside from any personal resources, the budding small business can enlist the financial support of venture capitalists, “angel” investors and traditional banks. In addition to these, there are many government [...]

For years, the Canadian government has distributed millions of dollars in grants in an effort to strengthen local economies. The intention is to invest in the development of businesses of various sizes and sectors, contributing to the economic growth of the nation. Many departments within the Canadian government accept relevant proposals for free grants. When a proposal is submitted to the appropriate department, basic eligibility requirements are checked and the proposal is evaluated based on the feasibility, sustainability and community impact of the project. Free [...]