If you or any of your employees are between the ages of 60 to 70 and are collecting your CPP benefits while continuing to work, you may have to start contributing to CPP again. As of January 1st 2012 changes came into effect to the rules for those collecting their pension while continuing to work.
As a result of CFIB's work and the participation of its members, in Budget 2008 the government committed to accepting a logbook maintained for "a sample period of time" instead of the full year. In fact, the budget documents state that: "The CFIB has indicated that its members have identified the requirement to keep a logbook as the most burdensome aspect of the motor vehicle tax provisions."
The GST/HST Quick Method and Simplified Method of Claiming Input Tax Credits are major victories for small business. Review the eligibility requirements and see if you can save time and money.
Tax audits can be very stressful for small business owners. Knowing what to expect from an audit and how to collaborate will make your life a whole lot easier.
