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What you need to know about small business tax filing

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Last updated: Apr. 12, 2021 
If you’re self-employed or a small business owner, getting ready for tax filing can be daunting. You already have a lot on your plate from running your business. And you need to keep on top of deadlines and tax changes, and hunt down your receipts, slips and other documents. We know … Read more

Saskatchewan Budget Report 2021

Last updated: Apr. 12, 2021 
On April 6, 2021, Saskatchewan Finance Minister Donna Harpauer presented the province’s fiscal 2021-22 budget. We’re seeing exactly what we expected in this budget – an increase in health care spending to fight the pandemic. The province is also putting more money towards education, social services, child care and capital projects. … Read more

How to use income splitting to reduce your tax bill

a couple discusses tax strategies over a tablet

Last updated: Apr. 8, 2021 
What is income splitting? Income splitting is the strategy of moving income from a family member in a higher tax bracket to a family member in a lower tax bracket. Since Canada has a graduated income tax system, the idea is to reduce the overall family tax burden. But since the … Read more

Nova Scotia Budget Report 2021

Last updated: Apr. 5, 2021 
On March 25, 2021, Nova Scotia Finance Minister Labi Kousoulis presented the province’s fiscal 2021-22 budget. No surprises here – Nova Scotia is spending more on health care like other provinces. On the business side, they announced property tax relief for small business owners and the extension of the Equity Tax … Read more

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

Last updated: Apr. 3, 2021 
Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage … Read more

What Canadian Self-Employed Contractors Need to Know

Man at construction site self employed contractor in Canada

Last updated: Apr. 3, 2021 
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. Self-Employed Contractors in Canada … Read more

Canada Emergency Business Account Loan

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Last updated: Apr. 3, 2021 
The Canada Emergency Business Account provides interest-free loans of up to $60,000 to small businesses and non-profits. NEW: The deadline for completing the CEBA application at your primary financial institution has been extended to June 30, 2021.  All CEBA applicants can now check the status of their CEBA Loan online. The government … Read more

CRA simplifies deducting home office expenses

work-from-home-image

Last updated: Apr. 1, 2021 
Millions of Canadians transitioned to working from home in 2020. Many found themselves cranking up the heat in a drafty house, or using their personal cellphone to make work calls, or picking up supplies for the basement/kitchen table/closet that now functions as their office. To help offset these costs, they are eligible to deduct home office expenses on their 2020 personal tax returns.    That might … Read more

The Latest COVID-19 Updates For Your Business

The Latest COVID-19 Updates For Your Business

Last updated: Apr. 1, 2021 
Good news from Ottawa: the government will provide interest relief for people who accessed COVID-19 programs last year. Anything to make your life a little less taxing right now is a win. We’ve summarized the news below and other recent COVID-19-related updates that could help you and your business. For up-to-date … Read more