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Check out our Tax Tips with The Mad Accountant
TTT: Business vs Personal Accounts
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!
TTT: Moving Your TFSA
Do you have a TFSA with more than one financial institution? Are you looking to move funds from one to the other? That's great, and might be a smart move. But be careful! The CRA has specific rules about how you can do this and they will penalize you heavily if you do not follow them.
TTT: Should I Incorporate My Business?
Incorporation isn't always the right choice, but it can be difficult to know for sure what the best solution is for your small business. While they offer many benefits over a Sole Proprietorship, they are often also more expensive.