Articles

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

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