taxation

The work ‘taxation’ is a pretty broad term. What we hope to instil in you is a mode of questioning the types of taxes that might affect your business. We strongly suggest that you are proactive in tax-planning.

Income Tax

  • Sole Proprietorship: Include on your personal income tax and benefit return (T1) if you are a one person business
  • Corporation: Corporate income tax return (T2)
  • Partnership: there are various ways in which income must be declared.

Other remittances

  • GST/HST: Although the consumer ultimately pays GST/HST, businesses are generally responsible for collecting and remitting it to the government.
  • Payroll deductions and remittances: As an employer, you are responsible for deducting Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums and income tax from payroll; as well as remitting them to CRA  and reporting them on the applicable slips.

First Nations Taxation

This is too complex a topic to fully discuss here, but in order to learn more we suggest that you attend one of our workshops or request one on this topic. For now here are some informative resources for your reference: