Articles

Are You a Self-Employed Farmer? According to the Canada Revenue Agency (CRA), the owner of a farming business is a non-salaried person whose main activity consists of working on a farm. That can include looking after all of the operations and extend to the maintenance of buildings, equipment, and fences.   That may sound like a … Read more

Filing your small business or farming Canadian tax return can be confusing. The Canada Revenue Agency (CRA) lists more than 300 different deductions, credits, expenses, and entitlements that you can claim. Unfortunately, it varies depending on where you live.1 No wonder the majority of Canadians and small business owners don’t like filing their tax return … Read more

Small Business Tax and Online Security Tips Small business owners want to protect their physical assets. They are, after all, the backbone of the company. But, just as you would protect your physical business, you also need to make sure your online operations, financial information, investments, and customer information is secure. Data breaches and stolen … Read more

What Is the R&D Tax Credit? To stay competitive on a global scale, farms and small businesses need to be innovative and advance within their fields of expertise. This can be difficult for businesses that are starting up or small businesses competing against much larger companies with bigger budgets. Some small businesses turn to traditional … Read more

Small businesses are the backbone of the Canadian economy. In fact, 97.9% of businesses in Canada are small businesses.  No matter where you live in Canada, as a small business owner, you understand that it’s hard work running a business. One area that unfortunately can get neglected in the running of your small business is … Read more

The Voluntary Disclosure Program (VDP): Your Second Chance to Get Tax Compliant  Tax slips piled up in a drawer. A missed deadline you swore you’d remember. An expense you didn’t realize was taxable. However it happened, you’re not alone—and the Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP) might be your way to fix it.  … Read more

Farmers are the economic backbone of Canada; they feed the country and the Canadian economy. In fact, Canada’s more than 650,000 farmers account for one out of every 50 Canadians, or 2.0% of the population. Each year, Canadian farmers contribute over $100.0 billion to the country’s gross domestic product (GDP). To put that into perspective, … Read more

Farming is a unique type of business that causes financial planning to take on dimensions not often seen in other industries. This is reflected in the Income Tax Act, which has numerous provisions for things like farm income, tax deductions, various subsidies, and more. It can feel at times overwhelming and hard to keep up-to-date. … Read more

Starting a new business comes with a unique batch of hurdles: from raising customer awareness to getting your products or services ready to ironing out whatever kinks are revealed in the first few days or weeks of operation. Startups also have to deal with significant financial costs since you don’t start seeing profits until opening … Read more

Tax planning to maximize your tax savings should be an ongoing process throughout the year, but there are definitely measures that can be taken in the last couple of months before year-end to ensure you receive the maximum tax payout you’re entitled. A complete tax assessment performed before your year-end can help you make some … Read more