Articles

5 Risk Factors That Can Cause a CRA Audit The 2016 tax season may officially be over and your tax refund may already have been deposited into the bank, but the Canada Revenue Agency (CRA) is only just getting started. If you happen to be one of the millions of Canadians who filed their taxes … Read more

The Saskatchewan Budget introduced in March 2017 changed the scope of the services that PST is to be charged on with most changes already effective as of April 1 2017. There are also changes you need to be aware of effective July 1, 2017. Summary of Changes to Saskatchewan PST PST increases from 5% to … Read more

The Evolving Nature of Farm Accounting Many people might associate farming with getting back to the land. But the fact is that farming has changed; the long lonely days without electricity, running water, a radio, and central heating is long gone. Today’s agricultural operations are much more modern and business-oriented. To be successful, farmers need … Read more

Income Tax Deductions for Small Businesses Whether it’s a traditional brick-and-mortar operation, home-based, or online, starting a small business in Canada takes a lot of time, money, and patience. It also gives you an appreciation for potential tax deductions you can use to either reduce the amount of income tax you pay or get an … Read more

Know Your Tax Obligations While many self-employed Canadians like to focus on tax deductions, it’s equally as important to know what you need to pay taxes on. Not understanding business farming tax obligations could end up costing you. Failing to report all your farm business income comes with a 10% penalty on the amount not … Read more

Tax Season 2017: CRA Income Tax Audits The Canada Revenue Agency (CRA) assesses more than 14 million returns each year, and while it doesn’t say how it selects a return to be audited, small businesses are popular targets simply because there are a lot of small businesses in Canada. A whopping 97.9% of Canadian businesses … Read more

Small Business Tax Return Myths Over the years a number of tax myths have surfaced about filing small business tax returns. This is totally understandable; it’s difficult to keep up with the changes that take place in Canada’s complex tax system. Not only can these tax myths make filing your taxes even more stressful, the … Read more

Tax Season: How to Prevent an Audit by the CRA If there’s any one time you don’t want to draw attention to your small business or agribusiness it’s during tax season. In addition to ensuring your paperwork is in order and your taxes are prepared correctly, a growing number of business owners are worried about … Read more

Getting a tax refund can make a big difference if you’re a small business owner. But what should you do with that tax refund? Understanding the cash needs of your small business is important to helping the business grow.  Save Your Tax Refund for Emergencies For many Canadian small business owners, business is cyclical. You’re … Read more

What Is Principal Residence Deduction? When you sell your home, you will hopefully, earn money from the sale, or, in tax terms, realize a capital gain. If the property was your principal residence for every year you owned it, you do not have to pay any tax on the capital gains. While this sounds straight … Read more