Articles

What is a non-capital loss? One of the realities of being a small business owner or farmer is that there are times when you will experience financial losses. Losses occur for a variety of reasons, including economic downturns, poor investments, and unforeseen weather or climate events. When they do, it’s important to know how different … Read more

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 look attractive to many … Read more

Meeting your tax obligations can be overwhelming. Missing a deadline adds stress and can result in penalties and interest charges on top of the taxes you already owe.  This article outlines the key tax deadlines for the 2024 tax year (due in 2025) to help you stay organized and ensure you receive all the tax … Read more

Know the Rules When Paying Family for Farm Work  Farming as a family is a tradition for many, built on shared values and hard work. But when it comes to paying family members, things can get complicated. Should everyone get a paycheck? How do you value the countless hours put in by spouses and children?  … Read more

Large gifts of money and property will get CRA’s attention. Follow these tips to limit the tax burden for giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has no gift tax, in some cases a gift can … Read more

The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.  

Charitable giving offers a powerful way to provide tax relief while helping a cause close to your heart.

Tax season can feel overwhelming, but don’t worry. Filing your taxes accurately and on time is easier than you think.   We’ve compiled a handy list of key dates and tax numbers to help you get started.  Canada’s tax filing and payment deadlines for the 2024 tax year Description  Date  Registered Retirement Savings Plan (RRSP) contribution  … Read more

The Canadian government’s 2024 Fall Economic Statement was released on December 16, 2024, and outlines various initiatives to strengthen the economy.

Donations can take many forms, but there are specific rules about what types of donations qualify for a tax break in Canada.