Articles

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

September is almost here and kids are getting ready to go back to school and hit the books. Even if you don’t have children, the first of September always seems to signify a change: the end of Summer. The first day of Fall is only a few weeks away and the lazy days of Summer … Read more

Running a small business can be time consuming; adding all the tax filings, paperwork and payments required by the government can add to your already full schedule. And keeping up with all the requirements can be even more time consuming. To ensure you have everything on your calendar, here is a list of tax dates … Read more

Half of Canadian marriages end in divorce seeming like it’s become as inevitable for many as death and taxes. Of course no one enters a relationship with the plan to later part ways, but it does happen and there are tax consequences to consider if it does. Things are specifically more complicated in situations where … Read more

Most tax changes we have seen recently tend to be tax increases. We’re always on the lookout for a tax saving opportunity. Since the Trudeau government has come into power many tax reforms the former Harper government introduced like the family tax cut, increases to the TFSA, and the child tax credits have systematically rolled … Read more

So you’ve just found out that you’re going to be audited by the CRA: now what? Your first step, of course, should be to investigate your options for audit representation, as there’s nothing as effective as professional help when it comes to helping out with the federal government’s tax regulations. Still, even if you’re able … Read more

As you likely already know, there are a lot of different steps and procedures that go into a CRA audit. There are many things to be aware of should you receive a letter from CRA announcing an audit of your business, but the most important thing you should do is request the services of a … Read more