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
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
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
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
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
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
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
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
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