Last updated: Mar. 4, 2022
On February 22, 2022, British Columbia Finance Minister Selina Robinson presented the province’s fiscal 2022-23 budget. B.C. Budget 2022 prioritizes making life better for British Columbians by investing in B.C.’s economic, environmental, and social strengths and taking actions to fight climate change and protect people and communities from climate-related disasters. Provincial … Read more
Last updated: Mar. 4, 2022
Last week Alberta Finance Minister Travis Toews tabled the province’s fiscal 2022-23 budget. Budget 2022 focuses on moving Alberta forward by allocating spending towards building health system capacity and getting Albertans back to work. However, the biggest revelation of Budget 2022 is the announcement of a balanced budget for only the … Read more
Last updated: Feb. 28, 2022
The Department of Finance Canada recently announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2022. These changes reflect recent increases in the Consumer Price Index (CPI). The changes announced are summarized as follows. Capital Cost Allowance for Passenger Vehicles The before-tax … Read more
Last updated: Feb. 26, 2022
By the time Matthew Clayton was 25 years old, he was self-employed as a rental property owner and owned up to 20 houses in Regina, Sask. He already possessed the entrepreneurial spirit and work ethic that would help him start and run the successful company he still owns today – Duke … Read more
Last updated: Feb. 25, 2022
Many business owners don’t know what deductions they can claim, or how important it is to keep their personal and business finances separate. They don’t have time to keep track of all the rules and CRA regulations, so sometimes they end up making mistakes that cost them precious time, and … Read more
Last updated: Feb. 21, 2022 If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation, or capital cost allowance (CCA), to reduce your income on your tax return. What is … Read more
Last updated: Feb. 13, 2022 Are you an employee or self-employed contractor? There’s a big difference, and understanding the differences between the two can have a significant impact on your income tax. If you’re working as a self-employed, independent contractor or thinking of becoming one, here are some things you should know. What is a … Read more
Last updated: Jan. 29, 2022 Most of the tax rules that apply to Canadian business owners also apply to farmers and agricultural producers. There are however some expenses, tax deductions and write-offs that apply specifically to employment income earned through agricultural activities that will help lower your business tax bill. Expenses, tax deductions and write-offs … Read more
Last updated: Jan. 24, 2022 What Is a Tax Write-Off? A tax write-off is simply another way of saying “tax deduction.” With a tax write-off, you can deduct a large number of expenses approved by the Canada Revenue Agency, all of which help to significantly reduce your taxable business income. For example, if you make $100,000 … Read more