2020 has been a bit of a rough year for us all, as our health, finances, and mental fitness have all been tested this year. But as we close out 2020 and move into the New Year, it’s worth taking a look at our spending habits, savings processes, and overall expenses in order to clear […]
Debts
3 Expert Tips to Prevent Your Business from Going into Administration
If you’re worried that your business might be on the brink of administration, or you’d like to prevent the unspeakable from ever happening, then you’re in the right place. Here at SmallBizClub, we’re passionate about supporting businesses like yours through the good times and the bad times! The insolvency process is something no business owner […]
Tax Rules for Bad Debts on a Balance Sheet
How do income tax rules treat bad debts? Facts: There are two provisions in the Income Tax Act (ITA) for bad debts. Discussion: The first way to claim a bad debt is covered in Section 20 of the ITA if the following requirements are met: the debt was owing to the taxpayer at the end […]
