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Do I have to make tax instalment payments?

someone taking out their credit card to make instalment payments

Last updated: Oct. 8, 2021 
If you’re an employee and your employment is your main source of income, there’s a good chance you won’t have to make quarterly instalment payments since your employer is required to withhold payroll deductions. But if you earn income that doesn’t have tax withheld on it, like self-employment, rental or investment … Read more

How to keep a CRA mileage log for vehicle expenses

Track Mileage for Business Deductions Driver in Vehicle

Last updated: Oct. 8, 2021 
If you’re self-employed and using your vehicle for business use, are you keeping a mileage log? If you’re audited by the Canada Revenue Agency (CRA), and you don’t have one, the CRA could reject your claims for motor vehicle expenses. Avoid CRA scrutiny with our tips and tricks on keeping a … Read more

Top small business tax deductions

small business owner examines receipts for tax deductions

Last updated: Oct. 8, 2021 
If you’re self-employed or a small business owner, you know how quickly business expenses can add up. Luckily, there are plenty of tax deductions you can take advantage of to lower your taxes. We’ve compiled this list to make sure you’re not overlooking any of the tax deductions available to you … Read more

Tax implications of COVID-19 programs

Business Owner at Laptop Tax Implications of Covid-19 Government Programs

Last updated: Oct. 8, 2021 
Did your business take advantage of federal COVID-19 programs in 2020? If so, questions are likely racing through your mind about the tax implications of receiving benefits from the various programs. What do you need to report as income on your 2020 tax return? Will you have to pay additional tax … 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: Oct. 8, 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

Converting an RRSP to an RRIF

a stack of gold coins that represents converting RRSP to RRIF

Last updated: Oct. 8, 2021 
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 will … Read more

COVID-19 Announcement: Nova Scotia

Last updated: Oct. 8, 2021 
Originally published March 27, 2020. The following is archived material. Please refer to the Government of Nova Scotia for additional information.  The province has announced new programs for business owners experiencing economic hardship because of COVID-19. The province is releasing updates on their website. We will provide you with more information … Read more

COVID-19 Update: British Columbia

Last updated: Oct. 8, 2021 
Originally published on March 29, 2020.  The following is archived material. Please refer to the Government of British Columbia for additional information. The B.C. government introduced a $5-billion aid package to support employees and businesses during the COVID-19 pandemic. The plan includes $2.8 billion in support for individuals and services, and … Read more

COVID-19 Announcement: Saskatchewan

Last updated: Oct. 8, 2021 
Originally published March 30, 2020. The following is archived material. Please refer to the Government of Saskatchewan for additional information.  The Saskatchewan government announced a financial support plan for businesses and individuals impacted by COVID-19. While many of the details about eligibility and application processes haven’t been released, here is a … Read more