Articles

What is a tax write-off? A tax write-off is simply another way of saying “tax deduction.” With a tax write-off, you can deduct a large number of expenses approved by the Canada Revenue Agency, all of which help to significantly reduce your taxable business income. For example, if you make $100,000 a year and have $15,000 … Read more

What is income splitting? Income splitting is the strategy of redistributing income within a family—usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket—to reduce a family’s overall tax bill. In general, income splitting works best when one spouse earns significantly more income than the other, so the … Read more

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 is capital cost allowance … Read more

That envelope from the CRA just landed in your mailbox (or more likely, your digital inbox these days). Your notice of assessment has arrived — and whether you’re a small business owner or just filing personal taxes, this little document packs a punch. So what exactly is this notice of assessment, and why should you … Read more

Long hours, harsh conditions, and a constant battle against the clock. As a truck driver, you’ve got a lot on your plate. But what about your taxes?

Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2024, and in either 2023 or 2022, then you may need to … Read more

Long hours, harsh conditions, and a constant battle against the clock. As a truck driver, you’ve got a lot on your plate. But what about your taxes?

Update (March 2025): The federal government has cancelled the proposed capital gains inclusion rate increase, but the Lifetime Capital Gains Exemption (LCGE) will still rise to $1.25M. Read the official announcement here. We will update this content once the LGCE legislation is passed. If you are renting out your farmland, you could unexpectedly negate your ability … Read more

Manitoba Budget 2025 Highlights The Manitoba government has tabled its 2025 provincial budget, with a projected $1.2 billion deficit for 2024–25 and a cautious fiscal outlook extending into 2026. While no changes were made to corporate or personal income tax rates, the budget focuses on targeted tax relief, affordability measures, and support for key sectors, including small businesses and local … Read more

B.C. Budget 2025 Highlights On March 4, 2025, B.C. Finance Minister Brenda Bailey tabled the 2025 Budget, titled Standing for a Strong B.C. The Budget focuses on economic growth, attracting investment, and strengthening public services. However, it projects significant deficits for the next three years: Year Projected Deficit 2024-25 ($9.1 billion) 2025-26 ($10.9 billion) 2026-27 ($10.2 billion) While no changes to corporate or personal tax … Read more