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Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: Jan. 10, 2024 
Every Canadian incorporated business is required to create and maintain an official record of its activities and transactions, which is known as a minute book. The Canada Business Corporations Act has established a set of requirements for what must be included in these corporate minute books. As a business owner, understanding … Read more

What is the TFSA Limit for 2024?

TFSA limit 2024 announced woman reviewing account on laptop

Last updated: Jan. 9, 2024 
The Canada Revenue Agency (CRA) has announced the 2024 Tax Free Savings Account (TFSA) contribution limit is $7,000. This is up from the 2023 contribution limit of $6,500. Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your … Read more

Debunking Canadian Tax Audit Myths

CRA tax audit reviewing books

Last updated: Dec. 29, 2023  Filing taxes can be taxing, even for small business owners who love numbers. That’s because Canada’s tax laws are always in a state of flux and changing from year-to-year. The Canada Revenue Agency (CRA) plays a vital role in ensuring the accuracy and compliance of tax filings. However, there are … Read more

Charitable Donations: Personal or From My Corporation?

Last updated: Dec. 22, 2023  The first question you need to ask is, “Will you receive a registered charitable receipt?” When preparing taxes, you receive a greater tax benefit as an individual for donations made to a registered Canadian charity than you would as a corporate entity. Donations to a registered charity, e.g., Canadian Cancer … Read more

Tax Tips for Bringing Personal Assets into a Business

Tax Tips for Bringing Personal Assets into a Business

Last updated: Dec. 22, 2023  Most small business owners use some of their personal assets to get their businesses up and running. In fact, banks want to see that you have a personal stake in the business before lending any money. In addition to seeing you use your personal money, this can also include using … Read more

How to manage your taxes if you are self-employed [7 tips]

How to manage your taxes if you're self-employed

Last updated: Dec. 22, 2023  If you’re self-employed, you already know how stressful tax preparation and planning can be – keeping track of receipts, staying up-to-date on the Canada Revenue Agency’s policies, and ensuring you’re capturing all of your deductions and expenses. Luckily, we have 7 tried-and-true tax tips that will help you stay on track … Read more

Choosing the right business structure

Last updated: Dec. 22, 2023  Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are … Read more

Consequences of Not Filing Business Tax Returns in Canada

Consequences of not filing business tax return in Canada

Last updated: Dec. 22, 2023  Every small business owner needs to file a tax return annually. Not everyone does though. This can result in serious consequences. The Income Tax Act imposes penalties on Canadian business owners who do not file a tax return, make false statements, or underreport their income. In the case of willful … Read more

Are You Negating Your Farm’s Capital Gains Exemption?

Round bales of hay in field Canada farm

Last updated: Dec. 22, 2023  If you are renting out your farmland, you could unexpectedly negate your ability for an intergenerational farm rollover, the $1,000,000 lifetime capital gains exemption or both. The following advice will help protect your tax savings when the time comes to sell your farmland or roll it over to the next … Read more