Canada Small Business News Round-up – 2009/05/19

Here is this week’s news round-up for home business, micro business, sole-traders, freelancers, self-employed and any one who is interested in small business news from Canada:

• Canadian Income Tax: Do you operate a Canadian small business? This guide presents all the information you need to know about preparing and filing your Canadian income tax return, from which business expenses qualify as legitimate Canadian income tax deductions through details on completing the T1 Personal and T2 Corporate Income Tax Returns.
• Recession strategy: hope, cope; Most owners trying to avoid layoffs: Small-business owners are stressed out by the global economic downturn and are dealing with it in a variety of ways – including not paying themselves – but according to a recent survey they’re more likely to be thinking of hiring staff than laying off workers and 70 per cent believe their business situation will improve over the next six months.
• Data Backup: Every small business has sensitive data that needs to be protected and data backup is the best data protection. These data backup tips will help you establish a data backup system that will protect your critical business data from disaster.
• The 5 Most Common Business Scams And How To Avoid Them: Scam artists are getting more and more adept at exploiting the weaknesses of small businesses. While some of these business scams are golden oldies, they’re still putting money into scammer’s pockets – and out of the pockets of many small business owners. The best defense against scams is awareness and vigilance. Here are five of the most common small business scams and how to avoid them.
• Small Business Deduction: The Small Business Deduction is a Canadian income tax deduction available to businesses that were Canadian-controlled private corporations (CCPCs) throughout a particular tax year.
• Top 7 Myths About Starting a Small Business; What You Need to Know About Starting a Small Business in Canada: Here are some of the most common (and enduring) myths about starting a small business. Many of these myths seem to be the result of wishful thinking; the world would be a much nicer place to do business in if we all had less paperwork, paid fewer taxes and had people showering us with free money.

As always this list is not exhaustive, but I hope it will give you a little overview. — ST.

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