Fiscal Period

Fiscal period is the twelve-month period over which a business or profession reports its income-earning activities. The fisical period may or may not coincide with the calendar year. The business usally etablishes its fisical period when it files its first income tax return.

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Articles of incorporation

Articles of incorporation is a legal document filed with a provincial or territorial government, or the federal government, which sets out a corporation's purpose and regulations.

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Business Expenses

Business expenses are certain costs that are reasonable for a particular type of business and that are incurred for the purpose of earning income.

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Corporation

Corporation is a form of business authorized by federal, provincial, or territorial law to act as a separated legal entity. Its purpose and regulations are set out in its articles of incorporation. One or more persons may own a corporation.

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Tax Freedom Day

On Tax Freedom Day, the Canadian workers have earned enough money to pay all taxes levied by the three levels of government: federal, provincial, and local. It is the first day in the year they start earning for themselves. 

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