Articles

The number of Canadians who are self-employed has risen dramatically over the last 20 years. While working for yourself has a lot of benefits, figuring out your self-employment income, calculating your taxes, and how to claim certain-business related expenses isn’t one of them. Below is a list of important tax tips for small business owners … Read more

The Canadian Income Tax Act turned 100 last year and Canadians can be excused if they didn’t celebrate. Since its introduction in Canada in 1917, it has become a much more complex document and has grown to more than 2,000 pages in length. In 2017, the government signaled its intention to change the tax rules … Read more

Canada’s agricultural industry has evolved over the last 50 years, and not just when it comes to farming implements. The way farm operators maintain their business and financial records has changed dramatically too. Where some farmers used to keep handwritten records and just hand their tax professional a box of receipts, today, they can keep … Read more

Budgeting for information technology (IT) services can be a challenge for small businesses. While many people may imagine an IT department as a team of nerds answering computer questions, what IT system looks like differs from business to business. In general, IT systems can include: Employee technical support for devices (desktop computers, laptops, and mobile … Read more

Farm businesses have special status under certain provisions of the Canadian Income Tax Act (ITA). Along with fishing operations, farmers can use the cash method of accounting (or cash accounting) for reporting income for income tax purposes. If you have a valid farming business under the ITA, you are eligible to use cash accounting for … Read more

Farming is a very unique business that comes with a large number of tax laws that relate only to farmers. There are a lot of tax management strategies for farmers to take advantage of; overlooking one could easily cost you tens of thousands of dollars. Below are some Canadian farm tax tips to help maximize … Read more

On April 10, 2018, Finance Minister Donna Harpauer delivered her first budget as Finance Minister. The Finance Minister pointed to the province’s continued shift away from a reliance on natural resource revenue as a positive sign for the economy: Natural resource revenue is projected to make up 10% — or $1.48 billion — of what … Read more

What You Should Know about Foreign Investment Taxes If you have foreign investments or are thinking of investing, partnering, or expanding your business abroad, it’s important to understand the benefits of having foreign investments and understating the responsibilities of foreign investment taxes. Economically, Canada is a relatively small country when it comes to investing opportunities. … Read more

“A Plan for Care and Opportunity” On March 28, 2018, the Honourable Charles Sousa presented his seventh budget as Minister of Finance. The budget contains several tax measures affecting individuals and corporations, including the elimination of the high-income surtax from the calculation of total Ontario personal income tax. Highlights Surplus of $642 million now forecast … Read more