Contact Us
Please get in touch and our expert support team will answer all your questions.
Email Us
info@ushapawluski.ca
Call Us
(780) 463-9300
Visit Us
203 5104 82 Avenue
Edmonton, Alberta T6B 0E6
F.A.Q.
Frequently Asked Questions
What are some of the reasons for incorporating my sole proprietor business?
Here are some reasons for incorporating:
Liability issues- protecting your assets from lawsuits; tax planning, and succession planning. There generally is a higher cost to comply with government filings, maintenance of books and records and risk management.
How do I pay myself from my company?
Shareholders can receive wages or dividends. We can use a combination of the two to minimize company and personal income taxes payable.
Which is better to hire employees or Subcontractors?
Some of the characteristics that Canada Revenue Agency looks at to determine if your workers are employees or subcontractors are: who sets the work schedule, who provide the tools for work, does the worker have the opportunity for profits and can the worker hire an assistant to do the work for them.
Can I get my company to pay for my vehicle?
If you use your vehicle for business, for example to carry tools, go to different jobsites or visit clients etc, then you can write a portion of the cost of using your vehicle. Vehicle cost to and from your office is not deductible. Detailed logbook must be maintained to verify the business use of your vehicle
Do I have to register for GST?
For most business. if your sales exceed $30,000 in any 4 consecutive calendar quarters then you must register for GST. GST must be collected on all sales and the GST (ITC) paid on purchases can be removed.
When are my business income taxes due?
The first year after incorporation you can pick any date that is within 53 weeks of the incorporation date.
Are we only eligible to claim Medical Expenses during the taxation years in which they were accrued or may we claimed them retroactively?
Medical expenses are deductible in any 12 month period that ends in the tax year except in the year of death when medical expense can be claimed for the 24 months ending in a month the tax year
How can I claim my cell phone that I use for my work as an employee?
Your employer must provide you with a completed T2200 Statement of Employment expense indicating that you are required to use your cell phone for work.
Do I have to pay tax on the sale of my home?
If you have lived in your home from the time that you purchased it and you have not designated any other property as your principal resident and you have not used a portion of your home as rental property then there will likely not be any capital gains tax. We still have to report the disposition of you house.
Email Us
Have a Question Or Need to Make An Appointment? Email Us!
Please do not include confidential or sensitive information in your message. In the event that we are representing a party with opposing interests to your own, we may have a duty to disclose any information you provide to our client.