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3 Ways Gifting Money in Canada Can Benefit Your Small Business

Smiling farmer in a field

Last updated: Sep. 26, 2023 
Gifting money and transferring property from one family member to another are common, and although Canada doesn’t impose a gift tax, gifting of certain assets may trigger certain tax rules that could increase your income taxes – which can catch people by surprise.  However, in some situations, gifting money and property … Read more

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: Sep. 24, 2023 
As a business owner in Canada, you’ve likely faced the decision of how to pay yourself from your incorporated business. Two common options are paying yourself a salary or taking dividends, or a mix of both. The method you use to pay yourself personally from your corporation has an impact on … Read more

2023 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Sep. 22, 2023 
Everything you need to know about 2023 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps … Read more

What is the Underused Housing Tax in Canada?

keys on hook hanging on wall

Last updated: Sep. 10, 2023 
On June 9, 2022, the Underused Housing Tax (UHT) Act passed Royal Assent and became law. It is a tax on the ownership of vacant or underused residential housing and is the first federal law intended to deter foreign ownership of vacant real estate in Canada. Here we’ll provide information on … Read more

Canadian small business tax planning strategies

Small business person using tax planning strategies to prepare their taxes.

Last updated: Aug. 30, 2023 
*UPDATED FOR 2023* Small business owners are entrepreneurs. Known for having great ideas, they’re passionate about their products or services and want to change the world. This laser-sharp focus often won’t leave them with enough time or energy to handle their taxes. It’s never too early to start thinking about tax … Read more

Capital Cost Allowance for Farmers

Canadian farmer considering capital cost allowance by a tractor.

Last updated: Aug. 16, 2023 
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

What You Should Know About Non-Capital Losses

Canada accountant working at desk with laptop and caclulator

Last updated: Aug. 16, 2023 
What is a Non-Capital Loss? Small businesses and farmers often face financial losses for different reasons. These reasons can include starting up their business, expanding their operations, or economic downturns. When doing taxes, a “loss” can have various meanings for the Canada Revenue Agency (CRA). The type of loss your business … Read more

CRA Audit Triggers and What To Do If CRA Audits You

Auditor at desk reviewing paperwork

Last updated: Jul. 31, 2023 
As a small business owner, you know the importance of staying on the right side of the Canada Revenue Agency (CRA) when it comes to taxes. If the CRA audits you, it can cost you a substantial amount of time and money, not to mention the headaches and stress that come … Read more

Should I use an RRSP or TFSA as a business owner?

Piles of coins depicting money growth rrsp or tfsa

Last updated: Jul. 26, 2023 
If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include:  You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible.  You’re extremely focused on the growth of your … Read more