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Tax credits for small business owners in Canada

Last updated: Nov. 10, 2022 
When you’re a small business owner, every dollar counts. That’s why it’s so important to use every tool available to lower your tax burden, including tax credits. Below, we review the differences between tax deductions and tax credits and highlight some common federal tax credits that may help your small businesses … Read more

Do corporate loans count as taxable income?

Last updated: Nov. 4, 2022 
*UPDATED FOR 2022* When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many tax rules, has exceptions. Shareholders and employees can borrow funds from their corporations for many different reasons. Unfortunately, they may end up with significant taxes owing because … Read more

Canadian small business tax planning strategies

Last updated: Oct. 31, 2022 
*UPDATED FOR 2022* For many Canadian entrepreneurs, there comes that lightbulb moment when they think of a breakthrough idea for a new product or service. While small business owners are passionate about their ideas and want to change the world, they sometimes don’t allocate the time or resources for their taxes. … Read more

2022 Canadian Corporate Tax Rates and Deadlines

2022 corp tax rates canada

Last updated: Oct. 6, 2022 
Everything you need to know about 2022 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with pandemic fall out and now, historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the … Read more

Small Business Tax Preparation [Free Checklists]

Last updated: Sep. 28, 2022 
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

What is a Shareholder Loan?

shareholder loan blog fbc

Last updated: Aug. 11, 2022 
As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may initially … Read more

Ontario Budget Report 2022

Ontario Budget Report 2022

Last updated: May. 5, 2022 
Last week, Ontario Finance Minister, Peter Bethlenfalvy, tabled the province’s fiscal 2022–23 budget. Titled Ontario’s Plan to Build, budget 2022 introduces measures to rebuild Ontario’s economy, support workers, build highways and key infrastructure, reduce costs on everyday expenses, and increase healthcare capacity to keep the province open. The government is forecasting … Read more

Transition Planning for Farmers: Multi-year Planning Case Study

Multi-year planning case study

Last updated: Apr. 27, 2022 
This case-study is a follow-up to the Transition Planning for Farmers: Multi-year Planning article. Little by little, one farm successfully changes hands It’s not often you hear someone describe their farm transition as “flawless,” but that’s just how Denis Boucher labeled the experience. For as long as Denis can remember he … Read more

Transition Planning for Farmers: Multi-year Planning

Multi-year planning

Last updated: Apr. 27, 2022 
Transitions should not occur over night Most transition plans last multiple years and often require substantial amounts of planning, conversations, thinking, restructuring and focus. Often the transition begins long before it truly begins with informal conversations in the barn or on a drive into town. Other times the transition may be … Read more