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British Columbia Budget 2024 Highlights

Last updated: Mar. 27, 2024 
British Columbia Budget 2024 Highlights The 2024 British Columbia Budget was released by Finance Minister Katrine Conroy, on February 22, 2024. The Budget is anticipated to result in a deficit of $5.9 billion for 2023 – 2024, and a deficit of $7.9 billion for the 2024-2025 budget year. No corporate or … Read more

Understanding Capital Gains Exemption for Farm Property

Canadian farmer on his property considering capital gains exemptions.

Last updated: Mar. 5, 2024 
When the time comes to sell the family farm, understanding capital gains taxes—and capital gains exemptions—can help ensure you keep all of the profits from the sale that you are entitled to. If you sell your farm for more than you paid for it originally (minus the expenses incurred to sell … Read more

Farmers and Ag Producers Tax Preparation [Free Checklists]

Last updated: Mar. 4, 2024 
Tax season can be a daunting time for farmers and agricultural producers in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable farm tax preparation checklist that lists all the … Read more

Top 7 Tax Write-Offs Canadian Independent Contractors Should Claim

Independent contractor reviewing tax write-offs in preparation for filing taxes.

Last updated: Feb. 28, 2024 
As an independent contractor, you’re in control of when you work, who you work for, and how much you charge for your goods or services. But, when you’re your own boss, you’re also in charge of paying your own taxes. Although the Canada Revenue Agency (CRA) clearly defines what it means … Read more

TFSA vs. Personal Account: Which Is Right for You?

Person doing research on a TSFA vs. a personal account.

Last updated: Feb. 21, 2024 
Whether you want to establish an emergency fund, set aside money for retirement, or compile cash for a down payment on a house, you might think your only option is to open a savings account at your local bank. Although a savings account is a fantastic way to save money, there … Read more

How to keep audit-proof mileage logs that lower your taxes

man driving vehicle grey jacket

Last updated: Feb. 13, 2024 
A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Feb. 13, 2024 
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

Small Business Tax Preparation [Free Checklists]

Last updated: Feb. 4, 2024  Tax season can be a daunting time for small business owners in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable small business tax preparation checklist that lists all … Read more

Pros and Cons of Doing Your Own Corporate Taxes

Man doing his own corporate taxes at a desk in Canada

Last updated: Jan. 30, 2024  In an attempt to save money, small business owners often ask, “Can I do my own corporate taxes?” Our answer is: “Yes, of course you can!” However, it’s important to know what you are getting yourself into because DIY business tax filing can end up costing far more than hiring … Read more