Padgett Business Services Blog

Your #1 resource for anything Small Business. As a small business owner check back often for valuable insight into how to make your business more profitable.

T4 Deadline is the End of February (Every Year)
Posted On: 16/01/18 - 0

  Before 2017, business owners were able to provide the T4 to their staff electronically if it was approved by the employee. Effective 2017, the entrepreneur does not need the previously requeste…Read More

As an Entrepreneur with staff, were you aware of the Significant Labour Law Changes Coming For January 1, 2018?
Posted On: 12/12/17 - 0

      Changes are coming in the following areas; 1) Leaves of Absence (many changes) 2) Banked Time 3) Termination 4) Part time employees and their rights 5) Holiday Pay 6) Hiring Youth…Read More

Special Year End Tax Edition – Practical Tax Tips From Your Edmonton Accountant
Posted On: 29/11/17 - 0

      Want to know how to reduce your tax liability and put more of your hard earned money back into your pocket? Hard to believe that 2018 is almost upon us. It’s time, once again, t…Read More

Are You Aware Of The Tax Implications of Owning a Cabin or Second Residence? An informational read from your friendly small business accountant
Posted On: 21/11/17 - 0

  A cabin, or second home, is considered a personal property if it is used primarily for the personal use or enjoyment of; * the taxpayer,… * Family members of the taxpayer * where the taxp…Read More

Do Remembrance Day Rules Impact Your Wages and Hours of Operation? (CFIB)
Posted On: 07/11/17 - 0

      For many provinces and territories, November 11 is a statutory paid holiday and retail closing day. The exceptions are Ontario and Quebec. Some jurisdictions like Manitoba and N…Read More

“Soft” Loans for Your Children
Posted On: 31/10/17 - 0

    Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that …Read More

CRA Investigates Small-Town Subcontractors
Posted On: 17/10/17 - 0

      Recently, CRA auditors reviewed municipal building permits in smaller communities. The auditors were checking for unregistered small-town subcontractors’ worksites. The result w…Read More

Offshore Tax Informant Program
Posted On: 12/10/17 - 0

To combat unreported foreign income, the Federal Government introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major internati…Read More

Alberta Minimum Wage Hike Sunday, October 1, 2017
Posted On: 03/10/17 - 0

  The NDP plan to boost the province’s minimum wage to $15 an hour next year could lead to the loss of 25,000 jobs, according to new study by a University of Alberta economist. The hourly minim…Read More

Are You Aware Of The Proposed Tax Changes for the Small Business Entrepreneur?
Posted On: 29/08/17 - 0

News Release: New Federal Tax Blueprint Raises Uncertainty For Small Firms (CFIB) The tax burden is one of the biggest challenges your business faces, and it could get worse with new changes proposed …Read More

Business Meal Allowance
Posted On: 24/08/17 - 0

In a recent Technical Interpretation, the CRA noted that an employer-provided meal allowance will not be taxable where the following conditions are met: • It must be a reasonable amount; • The all…Read More

Online Advertising Income
Posted On: 12/07/17 - 0

If you have a website or a blog and you charge for advertising, links, or reviews, you must report the income on your Canadian income tax returns. Send invoices to your clients and customers. If your …Read More

How to Safeguard the Small Business Owner’s Personal Assets from CRA Collections’ Officers
Posted On: 29/06/17 - 0

  Never use your home address as your business address. If you have a business location outside of your house use that location. If CRA collections issues a direction to the sheriff to prepare a …Read More

Vacations and Vacation Pay (Alberta Labour)
Posted On: 28/06/17 - 0

Except for employees who work in specified industries and professions, most employees are entitled to vacations and vacation pay. The requirement for vacations and vacation pay entitlement is intended…Read More

Employment Insurance Benefits for Self-Employed People
Posted On: 07/06/17 - 0

Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. There are five types of EI special benefits: 1) Maternity benefits (15 weeks maximum) available to mo…Read More

Withholding Information from Canada Revenue Agency
Posted On: 17/05/17 - 0

If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities…Read More

Spring Cleaning: How Long Do You Need To Keep Business Records in Alberta (CFIB)
Posted On: 12/04/17 - 0

Keeping reliable, accurate and complete records about your business is essential. Knowing when it is okay to destroy documents helps reduce storage clutter. Save space by regularly purging older recor…Read More

Edmonton Accountant Reminder About T4 season
Posted On: 31/01/17 - 0

T4 Slips and T5 slips for 2016 must be distributed on or before Tuesday, February 28, 2017, by mailing to the last known address or delivering in person.  They can be filed online, no need to wait …Read More

From Your Edmonton Accountant – New CRA Tax Initiative With Respect to The Sale Of Your Home.
Posted On: 12/01/17 - 0

  On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence. When you sell your principal res…Read More

Posted On: 21/12/16 - 0

  Did you know your 2017 WCB Rate Statements will not be mailed to you? WCB has advised that your annual premium rate statement will no longer be mailed. The 2017 statement will be available elec…Read More

Edmonton Small Business Accountant Year End Tax Tips
Posted On: 29/11/16 - 0

Special Tax Edition 2017 is almost upon us as the year draws to a close. It’s time, once again, to take advantage of the many personal and business tax-planning opportunities that are still availabl…Read More

4 Factors To Determine The Right Accountant For Your Edmonton Small Business
Posted On: 02/11/16 - 0

  Evaluating Your Current Tax Professional If you currently enlist tax services or work with a small business consultant, are you completely confident that your partner is supporting you in every…Read More

Edmonton Small Business accountant provides you with article: CRA Investigates Small-Town Subcontractors
Posted On: 19/10/16 - 0

  Recently, CRA auditors reviewed municipal building permits in smaller communities. The auditors were checking for unregistered small-town subcontractors’ worksites. The result was that of the…Read More

From Your Edmonton Small Business Accountant – New CRA Canada Child Benefit
Posted On: 13/10/16 - 0

Overview The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. The CCB might include the child di…Read More

Edmonton Small Business Accounting: An Introduction
Posted On: 23/06/16 - 0

Revenge of the math club is how many independent business owners view the need for accounting. Unfortunately, this may result in the owner totally ignoring the entire process and using other tools to…Read More

Edmonton Small Business Accountant :Lessons From Tax Season
Posted On: 20/06/16 - 0

The April 30 tax deadline has come and gone. Some people still have until June 15th to file without penalty but these folks should have paid their estimated taxes by April 30 to avoid interest charges…Read More

Should I Incorporate My Edmonton Small Business?
Posted On: 01/05/16 - 0

By Daniela Hops, CMA, Here are a few reasons why you may want to incorporate your company: Trying to get financing.  It shows the lender you are serious. To protect your perso…Read More

From Your Edmonton Small Business Accountant: Taxes and Missing Documentation
Posted On: 01/05/16 - 0

In my last blog I talked about the “documentation” lesson that we encounter when trying to sort out a tax situation. So what if you are in the middle of one of these situations – what do you …Read More

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