Practical tax guidance, clearly explained.
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Working for yourself 2 min
Check the registration for the transaction date
Use the official registry with the supplier's name, first nine digits and transaction date, then retain the result with the invoice.
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Working for yourself 2 min
Paying yourself from a sole proprietorship
A personal transfer changes the cash available, not the profit calculation. Keep owner withdrawals separate from employee payroll and business costs.
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Working for yourself 3 min
Laurence checks both instalment accounts
Apply the $1,800 tests separately, choose a calculation method and send each income-tax instalment to the correct account.
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Working for yourself 2 min
Before you clear out the tax folder
The six-year rule has a starting point and exceptions. A compact retention checklist for sole proprietors, including electronic records.
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Saving & retirement 2 min
One RESP payment, two kinds of money
Identify the taxable education assistance payment separately from returned contributions when using an RESP for school.
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Jobs & employment 2 min
Your employer paid it back. Can you still deduct it?
Distinguish an actual-cost reimbursement from an allowance before deciding how an employment expense belongs in your tax file.
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