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   July 2013                             PADGETT BUSINESS SERVICES®                           Vol. 11, No. 7

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Greetings!  

 

Effective July 29, 2013 we are moving to our new location:

103, 11769 - 40th Street SE

Calgary, AB  T2Z 4M8

 

Our mailing address will remain the same:  

Box 3029, 614 - 33 Heritage Meadows Way SE

Calgary, AB  T2H 3B8

 

We wish everyone a safe and fun summer and we look forward to seeing you at our new offices.

 

Kate, Akash, Karin & Gerald

(403) 452-8183
In This Issue
Corporate Directors Liability
Business Investment Loss - Denied
Online Advertising Income
CRA's Priority
The Advantage of Using PayTrack
Owner - Managed Business - Creditor Proofing
Corporate Directors Liability
Corporate Directors Liability
If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due.

Find our more!
Business Investment Loss - Denied
In a Tax Court of Canada case, a mother had guaranteed the business loans for her son's corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans.

 Read article
Online Advertising Income
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.

Get more info!
CRA's Priority

In a recent Federal Court of Appeal case, the Court found that the Crown has priority over secured creditors regarding deductions at source that were withheld but not remitted to the Canada Revenue Agency (CRA).

Read more
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For more information, visit our website or contact us at:

(403) 452-8183
PAdgett Business Servicess

Owner - Managed Business - Creditor Proofing

Padgett Business Services
Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider:

1. Transfer assets out of the company:

  • Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Read full article!
Padgett Business ServicesPadgett Business Services is dedicated to meeting the tax, government compliance, profit & financial reporting and payroll needs of businesses with fewer than 20 employees in the retail and service sector of the economy. This publication suggests general business planning concepts that may be appropriate in certain situations. It is designed to provide complete and accurate information to the reader. However, because of the complexities of the tax law and the necessity of determining whether the material discussed herein is appropriate to your business, it is important you seek advice from your Padgett office before implementing any of the concepts suggested in this newsletter.