Last updated: Dec. 29, 2023
Filing taxes can be taxing, even for small business owners who love numbers. That’s because Canada’s tax laws are always in a state of flux and changing from year-to-year. The Canada Revenue Agency (CRA) plays a vital role in ensuring the accuracy and compliance of tax filings. However, there are several … Read more
Last updated: Dec. 22, 2023
The first question you need to ask is, “Will you receive a registered charitable receipt?” When preparing taxes, you receive a greater tax benefit as an individual for donations made to a registered Canadian charity than you would as a corporate entity. Donations to a registered charity, e.g., Canadian Cancer Society … Read more
Last updated: Dec. 22, 2023
Most small business owners use some of their personal assets to get their businesses up and running. In fact, banks want to see that you have a personal stake in the business before lending any money. In addition to seeing you use your personal money, this can also include using personal … Read more
Last updated: Dec. 22, 2023
If you’re self-employed, you already know how stressful tax preparation and planning can be – keeping track of receipts, staying up-to-date on the Canada Revenue Agency’s policies, and ensuring you’re capturing all of your deductions and expenses. Luckily, we have 7 tried-and-true tax tips that will help you stay on track throughout … Read more
Last updated: Dec. 22, 2023
Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are the … Read more
Last updated: Dec. 22, 2023
If you are renting out your farmland, you could unexpectedly negate your ability for an intergenerational farm rollover, the $1,000,000 lifetime capital gains exemption or both. The following advice will help protect your tax savings when the time comes to sell your farmland or roll it over to the next generation. … Read more
Last updated: Dec. 22, 2023
Producers and agribusiness owners face unique challenges, especially when it comes to operating their businesses. It can be difficult to know where to look for assistance programs that focus on risk management and protecting agricultural producers from income and production losses. The following initiatives were designed to help Canadian farmers … Read more
Last updated: Dec. 22, 2023
Inventory adjustments can stabilize farm income and help you pay less tax over time One of the biggest tax planning challenges a farmer can face is income fluctuations. The good news is, if your farm uses cash accounting, you can average out these income swings by using two inventory adjustment … Read more
Last updated: Dec. 22, 2023
Small business owners are entrepreneurs. Known for having great ideas, they’re passionate about their products or services and want to change the world. This laser-sharp focus often won’t leave them with enough time or energy to handle their taxes. It’s never too early to start thinking about tax planning strategies … Read more