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Personal Tax Season Tips

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Personal Tax Season Tips Disclaimer: all information provided is meant for discussion, education or opinion purposes only and is not intended as professional advice.   It's that time of year again, good old personal tax season. In honor of the season I wanted to draft up a number of tips, pointers and issues around personal taxes to help. One quick note: because the Canadian system is so complex, with so many different rules, this is by necessity a long post. Here is a quick table of contents in case you want to skip ahead: Do I Need to Hire an Accountant? Our Tax System: Calculations, Overtime and Refunds Tax Credits vs. Tax Deductions: What's the Difference? Medical Expenses Donation Tax Credit Disability Tax Credit Other Employment and Commission Expenses Becoming Self Employed GST/HST and RST/PST issues Rental Properties Foreign Property Disclosures What is the Voluntary Disclosure Program? Do I Need to Hire an Accountant? In my clearly unbiased ...
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Should I Incorporate? What are my choices?

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  Should I Incorporate?  Disclaimer: all information provided is meant for discussion, education or opinion purposes only and is not intended as professional advice.     There's a long running belief that I run into, which is that to start a business you need to start a corporation. This isn't necessarily true, although it is often a good idea. What most people lack is an understanding of their basic options in Canada, so I want to go into a straightforward analysis of each form of business in Canada and the pros and cons of each. Starting a business can be as simple as just saying that you are now a sole proprietor and looking for clients and customers. From a legal perspective there's not much to do; maybe you want to register a business name and make some initially optional registrations with Canada Revenue Agency for GST/HST and payroll (if you have staff). Your municipality might need you to buy a business license but that is usually restricted t...
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