Articles

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

It’s official. The federal government has increased the 2023 Tax Free Savings Account (TFSA) contribution limit to $6,500. This is up from the 2022 annual TFSA contribution limit of $6,000 and represents the first TFSA limit increase since 2019. It also means that starting on January 1, 2023, eligible Canadians will now have a cumulative … Read more

*UPDATED FOR 2022* When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many tax rules, has exceptions. Shareholders and employees can borrow funds from their corporations for many different reasons. Unfortunately, they may end up with significant taxes owing because they did not understand … Read more

In 2008, Jamie Myatt was working in the oil patch as an electrician when the economy took a downturn. When he came back home to Dartmouth, he found a job as a journeyman for a local company. But it wasn’t long before he felt unfulfilled in his role and decided to make the leap into … Read more

Last week, Ontario Finance Minister, Peter Bethlenfalvy, tabled the province’s fiscal 2022–23 budget. Titled Ontario’s Plan to Build, budget 2022 introduces measures to rebuild Ontario’s economy, support workers, build highways and key infrastructure, reduce costs on everyday expenses, and increase healthcare capacity to keep the province open. The government is forecasting the following deficits: $13.5 … Read more