What is a ‘True’ Personal Service Business?
Presented by: Vatika Satija, CPA, CA
Running a business or being an entrepreneur is great – but do you understand the “big picture” of what that means? You may have customers that think they can just hang a sign on their door and send out a tweet that they are open for business, but it’s much more serious than that. In this session Vartika will take you through:
The risks for many SBO’s and independent service providers of being classified as a “personal services business” by CRA
The four-fold test used by CRA to determine if you have an employer-employee relationship or a business relationship
Deductions that can legally be claimed by a personal service business/corporation
The tax rates for personal service business, and
Some steps to take to protect from being designated as a personal services business by CRA.
This is a session that will provide you with valuable information to ensure you are sitting on the “right side of the fence” with your business and will add to the knowledge you can provide to your customers!