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  September 2013                          PADGETT BUSINESS SERVICES�                       Vol. 11, No. 9

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Greetings!  

 

If you are thinking of incorporating your small business, you will find the article in this issue very interesting.

 

Just as a reminder, our new office in Calgary is located at:

Padgett Business Services

103, 11769 - 40th Street SE

Calgary, AB  T2Z 4M8

 

Our mailing address remains the same:  

Padgett Business Services

Box 3029, 614 - 33 Heritage Meadows Way SE

Calgary, AB  T2H 3B8  

 

Karin & Gerald

(403) 452-8183
In This Issue
Per Diem Meal Allowance
Should You Incorporate Your Business?
Balancing the books isn't always easy!
Disability Income Insurance
Director & Personal Liability
Meal deduction

In a recent Technical Interpretation, CRA noted that an employer-provided meal allowance will not be taxable where certain conditions are met.  

 

Find out more! 

IncorporatingShould You Incorporate Your Business?

 

Padgett Business Services If you own a business, you may have wondered if you should incorporate. Historically the income tax system in Canada has benefited incorporated Canadian small businesses. Although the income and deduction calculations are almost identical to an unincorporated business, the major differences are in the corporate taxation structure and tax planning opportunities.   

 

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Balancing the books isn't always easy!

Padgett Business SErvices  
Business owners understand the importance of keeping
records up-to-date. Unfortunately, paperwork has a habit of piling up - quickly!

PADGETT BUSINESS SERVICES offers a solution - PADGETT CONNECT
 
PADGETT CONNECT is an easy-to-use business software applications package that is customized for your business. You don't need to be a computer whiz or an accountant to use this product. New users can start entering their records within a � hour of installation on their computer. The package contains the following:

PADGETT CHEQUEBOOK - Makes bookkeeping simple
PADGETT INVOICING - Tracks and reports sales, customers and products
PADGETT PAYROLL - Makes paying your employees a breeze and keeps you in control

For more information on PADGETT CONNECT, visit our website or contact us at:

(403) 452-8183
PAdgett Business Servicess
Disability Income Insurance

 

CRA recently noted that where a proprietor purchased a Disability Income Policy, the premium is a non-deductible personal expense. But the receipt of the disability benefits is tax-free.

 

 Read article 

Director & Personal Liability

Padgett Business Services

In a recent Tax Alert titled "Abuse of Source Deductions and GST/HST Amounts Held in Trust" CRA warned that businesses must hold source deductions and GST/HST amounts in trust for the government. Penalties and interest and possibly personal liability for the directors will be the result if this is not done.

 

Find our more!

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.