Articles

FBC’s tax team has analyzed the looming changes for tax legislation being tabled by the federal government. There is a lot of rhetoric and emotion around the legislation; in addition to much confusion on its impact. Our tax consultants and advisors are receiving many questions about the changes. There are many proposed changes which can … Read more

FBC’s tax team has analyzed the looming changes for tax legislation being tabled by the federal government. There is a lot of rhetoric and emotion around the legislation; in addition to much confusion on its impact. Our tax consultants and advisors are receiving many questions about the changes. There are many proposed changes which can … Read more

Business Structures in Canada If you decide to start your own business in Canada, you need to decide which kind of business structure is best suited to your needs. Different business structures offer unique advantages and limitations that you should be aware of. There are 4 types of business structures, each with their own tax … Read more

Currently, a private corporation can provide good tax planning strategies to receive income from your business. The Canadian Revenue Agency has proposed legislation that will reduce or even eliminate many of the current tax benefits of a private corporation. The CRA is focused on the perceived inequities between taxation of income as a wage earner … Read more

Financing Programs for Farm Businesses Farming is a unique occupation with its own challenges. The high cost of basic farming equipment, technology, and land and changing weather conditions are just a few challenges that can significantly impact a farm’s profitability. That’s why the federal and provincial governments in Canada provide farmers with many different grants, … Read more

Farmers preparing their wills and succession plans should be aware of the details of the capital gains exemption and the capital gains deduction. Before you get into the various strategies available for a successful transition of the family farm to the next generation it is important to discuss the interests and views of all family … Read more

Legal Loopholes That Can Reduce Your Taxes While most small business owners in Canada don’t like to prepare their annual tax returns, most business owners say they don’t mind paying their fair share of small business taxes. That said, business owners are always looking for ways to legally minimize their tax burden. Fortunately, the Canadian … Read more

Tax Planning for Canadian Agribusinesses There are a lot of important factors that Canadian farmers need to consider when running their business. One of the most important is tax planning and how it affects the day-to-day operations of the farm business. Fortunately, there are significant tax strategies out there for Canadian farmers to take advantage … Read more

Registering a Small Business in Canada Canada is a country of small businesses. In fact, of the 1.16 million businesses in Canada, 1.14 million, or 98%, are small businesses—that is, employers with 99 employees or less. While small businesses may account for all but a sliver of employers in Canada, no small business is the … Read more

Canada’s tax laws are confusing in and of themselves. If you’re a Canadian farmer, it can be even more difficult. That’s because there are specific tax obligations that relate only to Canadian farm businesses. Farm Income Tax Basics For income tax purposes, in Canada, farming income is money that comes in from: Raising and showing … Read more