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5 cash-flow mistakes small business owners make

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Last updated: Sep. 14, 2021 
When small business owners find themselves facing unexpected shortfalls or can’t pay bills during slow months, it’s a sign that they’re not monitoring their cash flow. For a business, running out of cash is like getting stuck in quicksand: you sink deeper and deeper into the red as you borrow from … Read more

What you need to know about Bill C-208

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Last updated: Sep. 2, 2021 
Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November of … Read more

The New Canada Recovery Hiring Program (CRHP)

CRHP Program Text Image

Last updated: Jul. 15, 2021 
The Canada Recovery Hiring Program (CRHP), which was introduced during the federal budget has officially launched. The program provides a subsidy of up to 50 per cent of eligible salary or wages and is available to eligible employers who have experienced qualifying revenue declines due to the COVID-19 pandemic so they … Read more

7 simple ways to organize your receipts

Last updated: Jul. 9, 2021 
Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a small … Read more

What are the tax deadlines and why should I file on time?

small business owner stressed at desk over late filing

Last updated: Jun. 15, 2021 
Take note of the tax filing and payment deadlines for 2021 so you don’t end up paying interest or penalties on late filing or payments. Individual tax deadlines Individual tax returns are typically due April 30 each year. If you or your spouse or common-law partner carried on a business in … Read more

Benefits of incorporating your farm [lower taxes]

female poultry farmer

Last updated: Jun. 15, 2021 
Whether you want to shelter farm income from high personal tax rates due to increased off-farm income, or your profits surplus is beginning to go beyond your personal expenses – you may be asking yourself if your business structure needs a revamp. Back in 2016, an average of 51.71 per cent … Read more

Canadian small business tax planning strategies

Last updated: Jun. 6, 2021 
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 often regret waiting too long to start their business, or come up with … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 5, 2021 
After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is a … Read more

Benefits of incorporating a small business in Canada

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Last updated: Jun. 3, 2021 
When it comes to tax planning for Canadian small business owners, it might make sense to incorporate your business. As a Canadian business owner, you should be looking for ways to minimize your tax burden and maximize your after-tax income. Incorporating a business can do just that. The primary tax … Read more