The Canada Revenue Agency (CRA) has added home office furniture to the list of expenses that employers are allowed to reimburse tax-free — as long as the expenses were related to the Covid-19 pandemic, a CRA official said at the national conference of the Canadian Tax Foundation on Tuesday. The agency allows employers to reimburse […]
One of the questions I get asked a lot, especially with personal real estate corporation (PREC), is whether you can own rental properties inside an active business company. Do you want to mix the business risk with the risk of operating your rental portfolio? Whether you are operating a PREC as a real estate […]
What if disaster strikes your business? An estimated 25% of businesses don’t reopen after a major disaster strikes.1 Having a business continuity plan can help improve your odds of recovering. The Basic Plan The strategy behind a business continuity (or disaster recovery) plan is straightforward: Identify the various risks that could disrupt your business, look […]
The purpose of this blog isn’t to discuss the taxation of the forgivable portion of that loan as it has been a source of confusion for many business owners. The Basics Provided a business meets these general requirements: Canadian operating business on March 1, 2020 Active Business chequing or operating account CRA business number And […]
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