Articles

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

Hiring a Tax Professional for Your Small Business If you’re a small business owner, you understand that tackling finances can be frustrating and time-consuming. Hiring a professional accounting consultant is one of the most beneficial steps a small business owner can do. Not only can a professional tax specialist help you manage your business finances, … Read more

Looking to Start a Small Farm? Canadian agriculture continues to be financially strong with a lot of opportunities for growth. As a result, more and more people are drawn to starting a small- to medium-scale farming business. After all, it can be exciting to dream about deciding what you want to grow, being self-employed, raising … Read more

Small Business and Self-Employed Income Tax Tips Owning a small business or being self-employed allows you to create a business you are passionate about. It can also mean a more flexible work schedule and the chance to make more money than you did as an employee. But there is one added burden for those who … Read more

More and More Canadians Operating Online Businesses Canada is a country of small businesses. In fact, 97.9% of Canadian businesses have fewer than 100 employees. Of the 1.16 million active businesses in Canada, micro-enterprises (one to four employees) make up 54.1% of all private employers—the largest group in the country. Many of these small business … Read more

There are a lot of great reasons to hire an income tax consulting firm if you’re a small business owner or farmer. Tax experts can help with everything from financial planning to business consultation, a loan application, government audit, bookkeeping, financial planning, and preparing and filing your taxes. Finding the right tax consultant can be … Read more

Can Farmers Claim All Farming Losses? Are farming losses always fully deductible for Canadian farmers? It sounds like an easy question, but it isn’t. In general, self-employed individuals can deduct losses from one business (or income source) against another without any restrictions. However, this across-the-board rule does not apply for farming. Determining the Source of … Read more

There are benefits to incorporation; however, CRA could determine that you’re actually a Personal Services Business (PSB) and therefore not able to claim deductions that normally go with incorporation or the extremely tax-favourable Small Business Deduction (SBD). Small Businesses Need To Be Aware It’s a hidden pitfall because CRA reserves the right to designate your … Read more

New Year Tax Savings Tips The start of a new year means two things for small business owners in Canada: It’s time to think about your 2016 taxes It’s also a good time to think about different ways to minimize your tax burden in 2017. Even if you have someone else prepare your taxes, it’s … Read more

Tax Deductions for Small Business Owners with Dependants As a small business owner you receive a number of deductions and credits. If you have dependants, there are a number of other credits that the Canada Revenue Agency has available. Be sure you’re not missing the following 5 write-offs as they will help further reduce your … Read more