Articles

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

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