Last updated: Mar. 24, 2025
Alberta Budget 2025 Highlights On February 27, 2025, Alberta’s President of Treasury Board and Minister of Finance, Nate Horner, presented the province’s Budget. The Budget does not change corporate income tax rates but does: Introduce a new 8% personal income tax bracket for income up to $60,000, effective January 1, 2025 (one year earlier than expected). Increase education … Read more
Last updated: Feb. 20, 2025
Are you an employee or self-employed contractor? There’s a big difference, and understanding the differences between the two can have a significant impact on your income tax. If you’re working as a self-employed, independent contractor or thinking of becoming one, here are some things you should know. Who counts as an independent … Read more
Last updated: Feb. 20, 2025
If you need to purchase a major capital asset, such as a building, machinery, or equipment to use in your farming business, consider buying it before the end of the fiscal year. Doing so can help you claim tax depreciation, or capital cost allowance (CCA), which reduces your taxable income. What … Read more
Last updated: Feb. 20, 2025
An important part of the Canadian tax system, a T4A slip, is also considered a statement of pension, retirement, annuity, or other income. This type of slip is issued to anyone who receives income that’s not considered employment-related, such as money earned from pensions, annuities, self-employment, and more. What are the … Read more
Last updated: Feb. 18, 2025
Unlocking Growth: The Advantages of Incorporation for Canadian Small Businesses Small business owners want to minimize their tax burden and maximize their profits. While incorporating can help you pay less tax, is it right for you and your business? This article will explore the benefits and implications of incorporation. As … Read more
Last updated: Feb. 7, 2025 What Happens If I Pay My Relative an “Unreasonable” Salary from My Corporation? Many Canadian-Controlled Private Corporations (CCPCs) involve family members in their business and pay them a wage for completing specific job duties. It is also common for CCPCs to have spouses and children as shareholders of the corporation. … Read more
Last updated: Feb. 7, 2025 What is a non-capital loss? One of the realities of being a small business owner or farmer is that there are times when you will experience financial losses. Losses occur for a variety of reasons, including economic downturns, poor investments, and unforeseen weather or climate events. When they do, it’s … Read more
Last updated: Feb. 7, 2025 As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may … Read more
Last updated: Feb. 3, 2025 Meeting your tax obligations can be overwhelming. Missing a deadline adds stress and can result in penalties and interest charges on top of the taxes you already owe. This article outlines the key tax deadlines for the 2024 tax year (due in 2025) to help you stay organized and ensure … Read more