Start Smart: Tax Planning Strategies for New Businesses in Alberta

Starting a new business is exciting, but it also comes with certain responsibilities, including corporate tax planning. Proper tax planning strategies can help you maximize your deductions, minimize your tax liabilities, and ensure compliance with the tax regulations in Alberta. At Liu & Associates, we are here to help you through the complexities of corporate tax planning so you can focus on what really matters - your business. In this article, we will discuss essential tax planning considerations for new businesses in Alberta, guiding you toward making informed decisions to optimize your tax situation. Getting Organized With Taxes When you ...Read More

Meal & Travel Expenses for Corporate Tax Filing

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Meal expenses are a common tax deduction for many individuals, but determining what is and isn't taxable can be confusing, especially when it comes to corporate tax planning. The Canada Revenue Agency (CRA) sets out specific rules and regulations for what can be claimed as a meal expense, and it's important to understand these guidelines to avoid any tax complications. In this article, we'll explore what is and isn't taxable when it comes to meal and vehicle rates, the difference between meal, travel, and entertainment expenses, the limits to meal expenses, how to claim meal expenses on your tax return, ...Read More

Tax Planning Strategies for Business Owners

Small family restaurant owners discussing finance calculating bills and expenses of new small business

When running a small business, it is important to plan ahead and understand your tax obligations. Understanding small business tax planning strategies can help minimize your tax burden. But numbers can sometimes be confusing, and you want to focus your time and energy on growing your small business. We at Liu and Associates understand that, and we're here to help! Here are some tax planning strategies that will help with your small business: Keep Accurate Records Keeping accurate records is an essential part of tax planning for a small business. Here are some tips to help you keep your records ...Read More

6 Important things to know about corporate tax planning in Alberta for 2023

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Corporate tax planning involves understanding and utilizing the various tax laws and regulations to minimize tax liability.  Planning ahead for taxes also means keeping an eye on new provisions that could benefit your business while monitoring the tax rules and regulations as they can change. To make sure that your company is utilising the tax breaks available, it's crucial to consult with a tax expert. Here are some important things to know about corporate tax planning in Alberta: 1. Corporate income tax rate  Federal and provincial corporate income taxes are levied against corporations in Alberta. Currently, Alberta's corporate income tax ...Read More

How Much Should My Business Donate to Charity This Year?

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Charitable giving is an amazing opportunity for Canadian businesses to support causes that matter most to them. Donating to charity is an excellent way for your business to connect with your community and improve team morale among your employees. It can also have financial benefits as well when it comes to corporate tax planning. Here is more information on charitable giving and how much your business should donate to charity this year: How Does Charitable Giving Affect Corporate Taxes? Tax Deductions Unlike personal taxes, a donation made by a corporation can be used as a deduction against the business’s income ...Read More

How Much Should I Donate to Charity This Year?

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Did you know that Albertans gave around $1.47 billion to charities in 2013? Out of all the provinces, Alberta taxpayers had the highest median charitable donation amount in the country! Although there are many reasons you should make a charitable donation, getting relief on your annual personal taxes is one you shouldn’t ignore. Charitable tax credits can help you reduce your owing tax amount, and we can help you figure it out! Liu & Associates is here to help you understand how charitable giving affects taxes and how much you should donate to charity this year: How Does Charitable Giving ...Read More

What To Know About Being A Landlord in Alberta

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Becoming a landlord in Alberta requires a significant amount of responsibility - and a lot of money. If you’re wondering if it’s worth it to become a landlord, Liu & Associates is here to tell you what it takes. From how to be a good landlord to how rental income affects your taxes, this guide will help you determine if becoming a landlord is the right choice for you! Is Being A Landlord Worth It Financially? Becoming a landlord begins with investing in real estate, which involves factors such as a down payment and mortgage, as well as repairs and ...Read More

What To Know About Rental Income in Alberta

In Canada, rental income is the income you earn from a rental property that you own and rent to someone else. Typically, rental income comes from renting apartments, houses, and rooms but also includes office space and other commercial properties. In this article, we are going to discuss everything you need to know about rental income in Alberta as an individual (not a business or trust). While earning an income rental seems like a quick and easy way to make more money, there are many factors that you have to take into consideration, such as how to determine your rental ...Read More

Avoiding a CRA Audit When Self-Employed

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Tax audits can be a stressful ordeal. The CRA conducts audits based on risk assessments and considers self-employed individuals to be risky when it comes to filing taxes. Rest assured that many self-employed individuals who experience audits have done nothing wrong - they simply caught the attention of the CRA, who wants to ensure that tax legislation and compliance are maintained. However, there are ways that your small business can properly file its taxes and avoid a CRA audit! Reasons Self-Employed Individuals Get Audited As someone who is self-employed, there are things that can trigger an audit with the CRA. ...Read More

Common Audit Triggers in Canada

Businesswoman Analyzing Taxes With Magnifying Glass

Here at Liu & Associates, we know that audits are no fun. Whether you are an individual or run a business, this can be a stressful situation. The CRA does not select audit candidates at random. Instead, they use a system of risk assessment that flags returns considered to be “high risk.”  Fortunately, there are certain audit triggers you can avoid in order to circumvent a tax audit. Here are the most common ones in Canada: Unusual Deductions or Changes When you file your taxes with the CRA, they will look for consistencies in your return compared to other years. ...Read More