Articles

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

The Comprehensive & Progressive Trans-Pacific Partnership (CPTPP) The CPTPP agreement (formerly the 11-member Trans-Pacific Partnership agreement, or TPP-11) was signed by its member states, including Canada, on 8 March 2018. The agreement covers a market of 495 million people with a combined GDP of CAD$13.5 trillion, or nearly 13.5% of global GDP. Tariff liberalization commitments … Read more

On March 22, 2017, the Honourable Joe Ceci, President of Treasury Board and Minister of Finance, presented his fourth budget and the fourth budget of Alberta’s NDP government. The budget contained no new taxes, and no new tax increases or decreases that had not previously been announced. Highlights Deficit of $8.8 Billion predicted for 2018-19 … Read more

Bitcoin has taken the world by storm and if you jumped on even just a few months ago you may be sitting on a rather large gain. (Or a loss if you bought at it’s peak in December.) You may be wondering if any profits in your Bitcoin or other cryptocurrency accounts are taxable. The … Read more

“Stronger Services and Supports” On 20 March 2018, Nova Scotia Finance and Treasury Board Minister Karen Casey tabled the province’s fiscal 2018–19 budget.   The budget contains a few tax measures affecting individuals and corporations. Highlights Surplus of $21.3 million projected for 2017-18 Surplus of $29.4 million forecast for 2018-19 fiscal year No income tax … Read more

It’s tax season. For many small business owners in Canada, this is a season of dread: making sure your bookkeeping is in order and up-to-date, collecting receipts, and taking time to fill out the Canada Revenue Agency’s (CRA) often confusing tax forms. Unfortunately, waiting until the last minute can lead to increased stress; rushing to … Read more