As tax season approaches, many business owners ask us the same question: What’s the difference between a T5 and a T4 — and which one do I need to issue?  Understanding this distinction is important, especially if you pay yourself or other shareholders from your corporation. T5 vs T4: What’s the Difference? A T4 slip  reports employment income . If someone is an employee earning salary, wages, bonuses, or taxable benefits, a T4 must be issued. Payroll deductions such as CPP, E

Most business owners know about T4 slips for employees. But T4As? That’s where things often get overlooked. If you’re paying people by e-transfer, cheque, or direct deposit — and claiming those payments as a business expense — you may have a T4A filing requirement  and not even realize it. As we head into tax season, here’s what you need to know about T4A slips , who needs to issue them, and what happens if you don’t. What Is a T4A? A T4A (Statement of Pension, Retirement, An

This is something I see constantly. Most business owners think  they’re making money—but they don’t actually know. It doesn't mean they aren't, it just means they don't know. Money is coming in. Sales look decent. The bank balance doesn’t seem alarming. From the outside, the business appears to be doing fine. But internally, there’s stress. Cash feels tight. Taxes feel unpredictable. And there’s a lingering sense that there should be more left over than there is. That disconn

If you run a corporation in Canada, it’s easy to think of the business bank account as your  money. After all, you own the company. But from the CRA’s perspective, your corporation is a separate legal entity  — and how you take money out matters a lot. Here’s what Canadian business owners need to know. Your Corporation’s Money Isn’t Personal Cash Even if you’re the sole shareholder, corporate funds don’t automatically belong to you. Taking money out the wrong way can lead to

Ever spend an hour trying to recreate a single pay stub for an employee? Or dig through bank records trying to remember which payroll remittances were already paid? Or stop what you’re doing—again—to answer questions about deductions you have to manually look up? Add paper cheques to the mix, and it gets even worse: taking time to write each one, double-checking the numbers, worrying about mistakes, and then waiting to see when employees actually deposit them. When cheques si

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