Small Business Tax Tips – Tax Planning Strategies for Canadian Small Business (Video 2 of 3)
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In this video training tutorial I cover some of the tax planning strategies available to small business owners in Canada. I go over the opportunities available to split income with spouses and family members. We also review a number of small business tax write-offs that can save any business owner money. Small business tax deductions are a great benefit available to Canadian entrepreneurs and small business owners.
Additionally, we will look at wealth planning and retirement issues, something that is often overlooked by small business owners.
Also explained are some tax planning opportunities in the realm of benefits such as Private Health Service Plans (PHSP), Group insurance and Health & Medical Trusts as they relate to Canadian small business. I also go over some of the strategies related to home office deductions, vehicle expenses and other lucrative small business tax write-offs.
Being a self-employed small business owner in Canada definitely has its perks. This tutorial will make a lot of these benefits clear to you. For a full explanation on these benefits and how to set them up from scratch, enroll in the SBC Knowledge Systems Small Business Blueprint.
This is the first of three free training videos leading to the launch of the Small Business Blueprint offered at SBC Knowledge Systems Inc. To watch the remaining tutorial in this training series, click on the following links:
Video 1 – Critical decisions Canadian Small Business Owners Need To Make
Video 3 – Secrets to Entrepreneurial & Small Business Success
Small Business Blueprint – Course Enrollment
In the Small Business Blueprint we cover a number of vital topic areas related to starting a small business in Canada such as:
- forms of business organization in Canada – Proprietorship, Partnership & Corporation
- Advantages & disadvantages of each type
- Partnership agreements and shareholder agreements
- Starting a small business in Canada – Step by step checklist
- Compensation strategies – how to pay yourself with salary or dividends
- Tax savings strategies – Small business tax tips to help you save money
- Small business tax write-offs and deductions – What you can and cannot deduct
- Small business accounting – what you need to keep
- Small business bookkeeping – how to setup up your bookkeeping system fast and easy
Check out some additional Canadian small business resources here on YouTube
- Some great small business tax loopholes from Allan Madan, CPA, CA https://www.youtube.com/watch?v=TQ3lzpKq0Is
- Set up a New Business In Four Steps from the Canada Business Network - https://www.youtube.com/watch?v=Bv1MSHM-kzM
- 5 Tips to Reduce Your Canadian Small Business Tax Bill (Webinar) - https://www.youtube.com/watch?v=cYYeIsNeHCM
- Starting a Small Business in Canada by the Business Development Centre
Check out our website at http://www.sbcknowledge.com for additional courses and other resources.
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+deep bat Hi there. You would have to incorporate a new company in Canada or run a business in your personal name (non-incorporated). That is assuming you will have Canadian customers. If your Paris company will continue to do business in Paris, you can continue operating that.
Such a nice video...Such a nice information about tax planning strategies... I really enjoy your video... Cardinal Point specializes in subject to double taxation on the income I earn? Will I still be subject to U.S. gift and estate tax rules as a Canadian resident... http://www.canadaustaxplanning.com/
Owned buildings at another site may be used as alternate workspace if a building cannot be occupied. This depends upon the location of the building and whether the building would be affected by the same hazard that prevented use of the primary building. The alternate facility may be a viable business recovery strategy if the building can be configured with the required equipment or existing equipment can be configured to need business requirements.
Systems and Equipment.
Evaluate these systems to determine whether they meet the needs of the program. Identify and plan to overcome emergency communication system limitations such as weak radio or cellular service or areas where a warning system cannot be heard. Upgrading this critically important system may be required. Verify that these systems are in reliable working condition.
If fuel, battery backup power or batteries are required, make sure the system can run for the required time and chargers are available. Document how to operate these systems and mark the locations of controls. Make sure the information is available during an emergency. Many of these systems also require periodic inspection, testing and maintenance in accordance with national codes and standards. Train staff so a knowledgeable person is able to operate systems and equipment.
Materials and Supplies.
Be sure to compile a list of available resources using the Emergency Response Resource Requirements and Business Continuity Resource Requirements worksheets as a guide.
Preparing for an emergency, responding to an emergency, executing business recovery strategies and other activities require resources that come from outside the business. If there were a fire in the building, you would call the fire department. Contractors and vendors may be needed to prepare a facility for a forecast storm or to help repair and restore a building, systems or equipment following an incident.
The following external resources should be identified within plan documents. Include contact information to reach them during an emergency and any additional instructions within the preparedness plan.
Public Emergency Services.
Contractors and Vendors.