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Do corporate loans count as taxable income?

Last updated: Apr. 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

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: Apr. 28, 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

Small Business Tax Preparation [Free Checklists]

Last updated: Apr. 27, 2021 
Preparing your own taxes if you’re a small business owner or self-employed can be time-consuming, difficult and let’s be honest – boring. Especially if paperwork isn’t really your thing. You want to get back to the good stuff – running your business. If the filing deadline is looming over your head, … Read more

Budget 2021: 7 Highlights for Farmers and Business Owners

Canada flag COVID announcement federal government

Last updated: Apr. 26, 2021 
Last week, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the federal budget for 2021. Below are select highlights that may have a positive impact your business or farm: 1. Covid-19 subsidy extensions and program winddowns The good news is that proposed budget will extend the current wage subsidy, … Read more

How to use income splitting to reduce your tax bill

income splitting and tax savings couple working at table

Last updated: Apr. 20, 2021 
What is income splitting? Income splitting is the strategy of moving income from a family member in a higher tax bracket to a family member in a lower tax bracket. Since Canada has a graduated income tax system, the idea is to reduce the overall family tax burden. But since the … Read more

Manitoba Budget Report 2021

Manitoba flag

Last updated: Apr. 19, 2021 
On April 7, 2021, Finance Minister Scott Fielding presented Manitoba’s fiscal 2021-22 budget. As expected, we’re seeing more health care spending, with $1.2 billion being allocated to a vaccine program, PPE, contact tracing and other costs related to fighting the pandemic. On the small business side, the province will provide an … Read more

What you need to know about small business tax filing

a clock with a sticker that says "tax time" on it

Last updated: Apr. 12, 2021 
If you’re self-employed or a small business owner, getting ready for tax filing can be daunting. You already have a lot on your plate from running your business. And you need to keep on top of deadlines and tax changes, and hunt down your receipts, slips and other documents. We know … Read more

Saskatchewan Budget Report 2021

Last updated: Apr. 12, 2021 
On April 6, 2021, Saskatchewan Finance Minister Donna Harpauer presented the province’s fiscal 2021-22 budget. We’re seeing exactly what we expected in this budget – an increase in health care spending to fight the pandemic. The province is also putting more money towards education, social services, child care and capital projects. … Read more

Nova Scotia Budget Report 2021

Last updated: Apr. 5, 2021 
On March 25, 2021, Nova Scotia Finance Minister Labi Kousoulis presented the province’s fiscal 2021-22 budget. No surprises here – Nova Scotia is spending more on health care like other provinces. On the business side, they announced property tax relief for small business owners and the extension of the Equity Tax … Read more