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Should I use an RRSP or TFSA as a business owner?

piles of coins depicting money growth rrsp or tfsa

Last updated: May. 3, 2023 
If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges: You don’t have access to an employer-funded savings plan You’re putting as much of your own money into the business as possible You’re so focused on growth that saving for retirement gets … Read more

What’s CRA’s Position on Family Gifts?

multigenerational family photo

Last updated: May. 3, 2023  Large gifts of money and property will get CRA’s attention. Follow these tips to limit the tax burden for giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has no gift tax, in … Read more

How to use income splitting to reduce your tax bill

how to use income splitting to reduce your tax bill working at desk

Last updated: May. 3, 2023  What is income splitting? Income splitting is the strategy of redistributing income within a family—usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket—to reduce a family’s overall tax bill. In general, income splitting works best when one spouse earns significantly more income … Read more

What are the tax deadlines and why should I file on time?

What are the tax deadlines and why should I file on time?

Last updated: Apr. 20, 2023  Take note of the tax filing and payment deadlines for 2023 (2022 tax year) so you don’t end up paying interest or penalties on late filing or payments. Individual tax deadlines Individual tax returns are typically due April 30 each year but since April 30 falls on a Sunday this … Read more

Why farm succession planning is so important

Last updated: Apr. 18, 2023  According to Statistics Canada, the value of equity in Canada’s farm sector totaled $627.6 billion at the end of 2021. In the same year, the value of total assets rose by 9.5% to $749.8 billion The only growing age group in the farm population was operators aged 55 and over. The average … Read more

Choosing the right business structure

Last updated: Apr. 12, 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

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

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

Last updated: Apr. 11, 2023  If you’re self-employed, you already know how stressful tax preparation and filing 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

Federal Budget Report 2023

Canada federal budget highlights

Last updated: Apr. 10, 2023  Federal Budget 2023 Highlights On March 28, 2023, the 2023 Federal Budget was released by Deputy Prime Minister and Federal Finance Minister, Chrystia Freeland. The Budget is anticipated to result in a deficit of $43 billion for 2022 – 2023, and deficits of $40.1 billion for the 2023 – 2024 … Read more

New Brunswick Budget Report 2023

new brunswick legislature

Last updated: Mar. 30, 2023  New Brunswick Budget 2023 Highlights On March 21, 2023, the New Brunswick Budget was delivered by Finance Minister, Ernie Steeves. The Budget is anticipated to result in a surplus of $862.6 million for the 2022-2023 fiscal year, and a $40 million for the 2023-2024 budget year. Here we’ll provide a … Read more