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Tax Credits for Farmers and Agricultural Producers

tax credits for farmers

Last updated: Dec. 7, 2022 
There is no dollar that isn’t hard-earned when you work in agriculture. That’s why it’s critical to use every tool available to lower your tax burden, including tax credits. Below, we outline tax credits that may help farmers, livestock producers, and agri-businesses pay less tax, but first, let’s explore the differences … Read more

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

piles of coins depicting money growth rrsp or tfsa

Last updated: Nov. 28, 2022 
If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges: You don’t have access to an employer-funded savings plan You’re putting as much of your own money into the business as possible You’re so focused on growth that saving for retirement gets … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Nov. 25, 2022  You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

What is the TFSA Limit for 2023?

TFSA Limit 2023

Last updated: Nov. 24, 2022  It’s official. The federal government has increased the 2023 Tax Free Savings Account (TFSA) contribution limit to $6,500. This is up from the 2022 annual TFSA contribution limit of $6,000 and represents the first TFSA limit increase since 2019. It also means that starting on January 1, 2023, eligible Canadians … Read more

7 Year-End Tax Planning Tips for Small Business Owners

professional on phone in workspace

Last updated: Nov. 21, 2022  *UPDATED FOR 2023* The calendar year may be winding down, but there’s still time to make your year-end tax planning a little less stressful. To help, we’ve assembled seven of our best year-end tax tips to help you lower your tax burden and boost your bottom line. Organize your files … Read more

How to keep audit-proof mileage logs that lower your taxes

man driving vehicle grey jacket

Last updated: Nov. 20, 2022  A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more

Tax credits for small business owners in Canada

business owner working on laptop in workshop

Last updated: Nov. 10, 2022  When you’re a small business owner, every dollar counts. That’s why it’s so important to use every tool available to lower your tax burden, including tax credits. Below, we highlight some common federal tax credits for small businesses that could help you save money. First, however, let’s review the differences … Read more

Do corporate loans count as taxable income?

Last updated: Nov. 4, 2022  *UPDATED FOR 2022* When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many tax rules, has exceptions. Shareholders and employees can borrow funds from their corporations for many different reasons. Unfortunately, they may end up with significant taxes owing … Read more

Canadian small business tax planning strategies

Last updated: Oct. 31, 2022  *UPDATED FOR 2022* For many Canadian entrepreneurs, there comes that lightbulb moment when they think of a breakthrough idea for a new product or service. While small business owners are passionate about their ideas and want to change the world, they sometimes don’t allocate the time or resources for their … Read more