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Articles & Updates

Choosing the right business structure

Last updated: May. 29, 2021 
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 the … Read more

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: May. 29, 2021 
There are 3 ways to take money out of a corporation: Through a shareholder loan (must be repaid) Through dividends By paying yourself a salary As a business owner/manager, you can pay yourself a salary, dividends, or do a mix of both. The method you use to pay yourself personally from … Read more

Do corporate loans count as taxable income?

Last updated: May. 29, 2021 
When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many CRA rules, has exceptions. Many shareholders and employees borrow funds from their corporations for a number of different reasons or end-uses. Unfortunately, many end up with significant taxes owing because … Read more

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

piles of coins depicting money growth rrsp or tfsa

Last updated: May. 21, 2021 
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 pushed … Read more

Highly Affected Sectors Credit Availability Program  

Canada flag COVID announcement federal government

Last updated: May. 16, 2021 
The Highly Affected Sectors Credit Availability Program (HASCAP) is a new loan program from the federal government. HASCAP provides loans to Canadian businesses hardest-hit by the COVID-19 pandemic.  The program is designed for small businesses already receiving the Canada Emergency Wage Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS).   However, if your business did not … Read more

Tax deductions for Canadian farmers

farmer sitting in field

Last updated: May. 12, 2021 
Most of the tax rules that apply to Canadian small business owners also apply to farmers and agricultural producers. There are however some expenses, tax deductions and write-offs that apply specifically to income earned through agricultural activities that will help lower your tax bill. Expenses, tax deductions and write-offs for Canadian … Read more

How to protect yourself against fake CRA scams and fraud

cell-phone-unknown-caller-cra-scam

Last updated: May. 12, 2021 
It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In fact, the CRA has reported that this year alone (as of … Read more

5 mistakes business owners make at tax time

Last updated: May. 12, 2021 
Many business owners don’t know what tax deductions they can claim, or how important it is to keep their personal and business finances separate. They don’t have time to keep track of all the rules and CRA regulations, so sometimes they end up making mistakes that cost them precious time, … Read more

Tax credits for small business owners in Canada

business owner working on laptop in workshop

Last updated: May. 3, 2021  As a small business owner, you should always take advantage of the tax credits available to you. As tax season rolls around, you should make a point of checking what’s available to you, ensure your eligibility and that you’re applying them properly. There are tax credits available at both the … Read more