Articles

Many business owners don’t know what deductions they can claim, or how important it is to keep their personal and business finances separate. They don’t have time to keep track of all the rules and CRA regulations, so sometimes they end up making mistakes that cost them precious time, and money, once tax season rolls … Read more

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 it can be overwhelming. … Read more

The Canada Emergency Business Account, now closed for applications, provided interest-free loans of up to $60,000 to small businesses and non-profits. NEW: The repayment deadline for CEBA loans to qualify for partial loan forgiveness has been extended a year – from December 31, 2022 to December 31, 2023 – for all eligible borrowers in good … Read more

Update: The federal government has announced that it will be expanding eligibility for the Canada Worker Lockdown Benefit (CWLB). Affected Canadian workers in designated lockdown regions can now apply for CWLB starting December 30th, 2021. Please see below for more details and eligibility criteria. For more information, please read our new blog “New and Extended … Read more

Bill C2 received Royal Assent in Parliament, passing legislation for the recently proposed extensions to individual and business COVID-19 support programs. We provide a summary of these programs here and will update as more information comes available. Canada Worker Lockdown Benefit The Canada Worker Lockdown Benefit (CWLB) gives temporary income support to people who cannot … Read more

After three generations of running a maple sugar bush and custom crop farm, the Palmateer family thought they’d seen it all – then COVID-19 hit. With no in-person sap season events or annual pancake breakfast weekends to help promote their Palmateer Maple Syrup, they found themselves facing an unprecedented challenge to sell their products. But … Read more

Click here to read our updated blog for 2023 We’re nearing the end of 2021 and it’s a good time to think about building up your tax-free savings account (TFSA).  If you haven’t already opened an account, you may want to consider starting one. We’ve covered the TFSA rules and how you can take advantage … Read more

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 this year to support … Read more

UPDATE:  The federal government recently announced a proposal to extend the Canada Recovery Hiring Program to May, 2022.  Further information will be made available shortly. 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 … Read more

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 of farms reported being … Read more