Author: Darrel Pratt

The Bank of Canada is a special type of Crown corporation, owned by the federal government, but with considerable independence to carry out its responsibilities. Does Canada control its own currency? The Bottom Line. The Bank of Canada creates new money by issuing notes and currency but also through asset purchases of corporate and government […]

At the Bank of Canada, we’re responsible—as the country’s sole authority for issuing bank notes—for supplying Canadians with notes they can use with confidence and pride. Has the Bank of Canada been printing money? The Bank of Canada has a message for concerned Canadians: it’s not “printing cash.” Canada’s central bank took to Twitter to […]

Canada is the world’s most cashless economy. Leading the way with cashless payments, the latest World Bank data shows 83 per cent of the population (aged 15+) own a credit card – the highest usage in the world. Will Canada Become the First Cashless Country? Country Cashless Score /100 1. Canada 79.1 2. Hong Kong […]

You can deduct rent incurred for property used in your business. For example, you can deduct rent for the land and building where your business is situated. The rent expense related to business use of workspace in your home has to be claimed as business-use-of-home expenses. Can I deduct my rent on my taxes in […]

Canadians are exposed to both metric and imperial units, and it is not unusual for there to be references to both metres and feet, square metres and acres, or grams and ounces in the same conversation. Does Canada measure in ounces? Canada follows the International Metric System. Temperatures, rainfall measures, distance, weights, velocity are expressed […]

The U.S. also imports nearly 7.5 million barrels of crude oil per day from non-OPEC nations. Chief among these is Canada, which supplies the U.S. with approximately 4.7 million barrels per day, significantly more than any other nation. How much oil is US importing from Canada? The United States imported nearly 3.8 million barrels of […]

Available exclusively to CCPCs, the small business deduction (SBD) provides corporations with a reduced tax rate on up to $500,000 of active business profits. Profits qualifying for the SBD are taxed at a federal tax rate of 9%, compared to the general rate on business profits from active businesses of 15%. Who shares the small […]

You can deduct expenses for telephone and utilities, such as gas, oil, electricity, water and cable, if you incurred the expenses to earn income. The expenses for utilities that are related to business use of workspace in your home have to be claimed as business-use-of-home expenses. How much can a small business write off in […]

Not having to pay into the Canada Pension Plan can save you money. Paying yourself with dividends is comparatively simple. You write a cheque to yourself from your corporation and at the end of the year, you update your corporation’s minute book and prepare a director’s resolution for the dividends paid. How do I pay […]

Highly unlikely. Some of the most affordable houses in Canada are in Regina and Saskatoon, Saskatchewan where you would need an income of about $50,000 to purchase a house. In order to earn $50,000 with the Saskatchewan minimum wage of $11.32 you would have to work over 4,400 hours per year. Can a minimum wage […]