Last updated: Jan. 5, 2022
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 … Read more
Last updated: Jan. 5, 2022
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 … Read more
Last updated: Jan. 5, 2022
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
Last updated: Jan. 5, 2022
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 … Read more
Last updated: Jan. 5, 2022
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
Last updated: Jan. 5, 2022
Last week, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the federal budget for 2021. Below are select highlights that may have a positive impact your business or farm: 1. Covid-19 subsidy extensions and program winddowns The good news is that proposed budget will extend the current wage subsidy, … Read more
Last updated: Jan. 5, 2022
Every farm and small business should resolve to maintain and improve its record keeping disciplines. Virtually every transaction you make can have a significant tax consequence. We regularly see income and deductions that are overlooked. Misreporting income that was previously filed can land you in an unpleasant auditing process. Overlooking valid … Read more
Last updated: Jan. 5, 2022
The New Year is the perfect time to reflect on your business and make plans for 2020. Whether you’re interested in improving the financial health of your company or simply getting organized for the upcoming tax season, we’ve listed some ideas on New Year’s resolutions you can make if you’re self-employed … Read more
Last updated: Nov. 19, 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