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Self-Employed or Small Business Tax Prep Checklist General Items Business Name, Phone Number and Address GST/HST Number Partnership Business Number (If applicable to the business being a partnership) Percentage of Partnership Documents (official)   Operational Items (If you provide non-physical products i.e. services – like digital marketing, graphic design or business consulting, you can skip...

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What is Investment Income? Duly described as ‘Passive Income’, this is the number of gains that a company makes apart from its full-time scope of business. The Canadian Revenue Agency (CRA) defines Passive Investment Income as: Interest Rent (not including rent from associated corporations actively carrying on business) Royalties Dividends from portfolio investments and non-associated...

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What is Capital Gain? Any increase in the value of a capital asset is a capital gain (when comparing the current value to its original purchase price). However, it is only considered to have occurred or ‘realized’ when the asset is sold – an important distinction when compared to an increase in an asset’s value...

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Taxes are the lifeblood of the government and for this reason, they have become every citizen’s obligation. Taxes can be paid quarterly or annually, depending on which city you are from. However, whether or not interested in paying your taxes, you cannot avoid taxes themselves. The worst case scenario you can fall in, in case...

Copyright by The Beespoke. All rights reserved.

Copyright by The Beespoke. All rights reserved.

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