Articles

Newfoundland and Labrador Budget 2023 Highlights The Newfoundland and Labrador Budget was released by Finance Minister, Siobhan Coady on March 23, 2023. The Budget is anticipated to result in a surplus of $784 million for 2022 – 2023, and a deficit of $160 million for the 2023-2024 budget year, and $297 million for the 2024-2025 … Read more

Saskatchewan Budget 2023 Highlights The 2023 Saskatchewan Budget was delivered by Finance Minister, Donna Harpauer on March 22, 2023. The Budget is anticipated to result in a surplus of $1.15 billion for 2022 – 2023, and surpluses of $1,017 million for the 2023-2024 budget year, and $208 million for the 2024-2025 year. Here we’ll provide … Read more

At tax time, we’re consumed with finding every deduction we can to lower our final tax bill. One that is commonly missed (and misused) is interest expense deductions. As a small business owner or farmer, you are entitled to deduct certain types of interest payments related to your business or farming operation. That’s why FBC … Read more

The list of medical and disability tax credits and deductions is longer than most Canadian taxpayers realize and it’s not difficult to miss an eligible expense or credit. The Income Tax Act offers a wide range of tax credits and deductions to persons who are ill or disabled, or support a relative with such infirmities. … Read more

Manitoba Budget 2023 Highlights The 2023 Manitoba Budget, titled “Historic Help for Manitobans”, was released by Finance Minister Cliff Cullen on March 7, 2023. The Budget is anticipated to result in a deficit of $378 million for 2022–2023, and deficits of $363 million for the 2023-2024 budget year, and $294 million for the 2024-2025 year. … Read more

British Columbia Budget 2023 Highlights The 2023 British Columbia Budget was released by Finance Minister Katrine Conroy, on February 28, 2023. The Budget is anticipated to result in a surplus of $3.592 billion for 2022 – 2023, and a deficit of $4.2 billion for the 2023-2024 budget year. No corporate or personal tax rate changes … Read more

Alberta Budget 2023 Highlights The 2023 Alberta Budget was delivered by the Finance Minister, Travis Toews, on February 28, 2023. The Budget is anticipated to result in surpluses of $10.4 billion for 2022 – 2023, then $2.4 million in the 2023-2024 fiscal year and $2million in the following year. No corporate or personal tax rate … Read more

If you’re self-employed, the Canada Revenue Agency (CRA) needs you to take an extra step when it comes to filling out your business income tax return. In addition to declaring your income and completing the T2125 (which is used to report your business and professional income and expenses), you also need to provide the CRA … Read more

The Department of Finance Canada announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2023.

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 between tax deductions and … Read more