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
Last updated: Nov. 18, 2021
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 … Read more
Last updated: Oct. 27, 2021
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) … Read more
Last updated: Oct. 24, 2021
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 … Read more
Last updated: Oct. 8, 2021
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 … Read more
Last updated: Oct. 8, 2021
The following is archived material. Refer to the federal government for more information. The Canada Emergency Commercial Rent Assistance Program has now ended. It has been replaced with the Canada Emergency Rent Subsidy Program. Information provided here is for informational purposes only. Rent relief is available for small businesses and commercial … Read more
Last updated: Oct. 8, 2021
Did your business take advantage of federal COVID-19 programs in 2020? If so, questions are likely racing through your mind about the tax implications of receiving benefits from the various programs. What do you need to report as income on your 2020 tax return? Will you have to pay additional tax … Read more