Articles

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

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 property owners through the … Read more

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 on the emergency benefit … Read more

Originally published March 27, 2020. The following is archived material. Please refer to the Government of Nova Scotia for additional information.  The province has announced new programs for business owners experiencing economic hardship because of COVID-19. The province is releasing updates on their website. We will provide you with more information as soon as it’s … Read more

Originally published on March 29, 2020.  The following is archived material. Please refer to the Government of British Columbia for additional information. The B.C. government introduced a $5-billion aid package to support employees and businesses during the COVID-19 pandemic. The plan includes $2.8 billion in support for individuals and services, and $2.2 billion for businesses. … Read more