Articles

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

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, rent subsidy, and Lockdown … Read more

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 deductible expenses will result … Read more

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 one area to pay … Read more

UPDATE:  The TFSA limit for 2022 has been announced – please go to our new blog post: “What’s the TFSA limit for 2022?” Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) … Read more

Update: The government is proposing to continue COVID-19 business support programs until May 2022 for organizations hit hardest since the start of the pandemic or most affected by public health restrictions.  Further information will be made available shortly. What is the Canada Emergency Wage Subsidy? The Canada Emergency Wage Subsidy (CEWS) is a taxable benefit … Read more

When you’re busy with the harvest, or preparing for the upcoming season, taxes are probably the last thing on your mind. Why worry about taxes now? Proper tax planning is a year-round process. By planning now, you can take advantage of strategies to lower your tax bill in advance of the filing deadline – while … Read more

Life on the road is different. Running a business from your cab is an experience that few people who sit behind desks or work from home even begin to comprehend. Layer in the fact that you’ve incorporated your business and are trying to manage all the additional paperwork, while juggling a dozen other tasks to … Read more