Articles

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

Making a Deal with Revenue Canada for Owed Taxes Is it actually possible to make a deal with the Canada Revenue Agency (CRA) for taxes you owe? Successfully negotiating a tax debt settlement with the CRA will depend on a number of different factors, including how much you owe, your ability to pay, and past … Read more