What are you "writing off" with your small business? Are you looking at every possible expense you could and saying it's for your business? Well, be careful. The CRA does pay attention to these things, and they do not take kindly to it when they catch people deducting things they shouldn't. If you get caught, it can be very expensive!
High interest rates are really starting to catch up with the Canadian housing market. By now, even those who were lucky enough to renew right before all the rate hikes have gotten caught up in it. So, what can you do?
How well do you know your tax rules? Are you up-to-date on all of them? The CRA changes their rules often, and that thing your uncle told you about to save some cash might not work anymore, or may have been wrong from the very beginning.
Running a business is a complicated thing most of the time. Why make it more complicated by having a separate bank account for it? Well, it will make things much simpler when you are dealing with the CRA, and it keeps everything more neat and tidy. It will save you money in the long run!
