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Operating expenses are expenditures that are necessary for a company to produce the goods and services that bring in the revenues. These items are “used-up” and are usually 100% deductible in the fiscal year they occurred, unless there are specific restrictions in the Income Tax Act. Most popular among them are supplies, advertising and promotions, salaries […]
First of all, remember that any credit amount showing up on your bank statement is considered your income unless proven otherwise. That’s why it is important to periodically review your bank statements and make notes wherever the incoming funds do not constitute your business revenue. It could be tax or GST/HST refunds from the Government, […]
You can hire your spouse or other family members to work in your business provided that they provide a bona fide business related service. A reasonable tax deductible salary may be paid to them. While your spouse will have to pay taxes on their own salary, they may be in a lower tax bracket than […]
Prepare a formal business plan, including marketing and cash flow analysis plan and a formal budget. Identify your unique product/service and income-earning process, your distribution channels, payment methods, pricing policies and gross margins. Decide which business organization structure better suits your needs. In most cases a sole proprietorship would be the best option for a […]
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