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The Best Ways for Canadian Small Business Owners to Invest Their RRSP

Growing plants on coins representing financial growth through investing in an RRSP.

Last updated: Dec. 22, 2023 
When you’re a small business owner, long-term financial security and retirement planning are critical. Proactively investing today in your future cash flow, taxes, and healthcare expenses can help set you up for a financially stable retirement.  One valuable tool Canadian business owners can use to help them meet their retirement … Read more

What is the Underused Housing Tax in Canada?

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Last updated: Nov. 23, 2023  Update: The deadline to file your 2022 Underused Housing Tax Return, without penalties or interest, has been extended to April 30, 2024. On June 9, 2022, the Underused Housing Tax (UHT) Act passed Royal Assent and became law. It is a tax on the ownership of vacant or underused residential … Read more

Salary or dividends: Which one is right for me?

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Last updated: Nov. 22, 2023  As a business owner in Canada, you’ve likely faced the decision of how to pay yourself from your incorporated business. Two common options are paying yourself a salary or taking dividends, though some business owners choose a mix of both. The method you use to pay yourself personally from your … Read more

What are the Repayment Deadlines for the CEBA Loan?

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Last updated: Nov. 20, 2023  The Canadian federal government established the Canada Emergency Business Account (CEBA) loan to provide financial support to Canadian small businesses and non-profits during the challenges posed by the COVID-19 pandemic. Here we’ll provide information on: CEBA repayment deadlines CEBA partial loan forgiveness Tax considerations for the forgivable portion of the … Read more

What You Should Know About Non-Capital Losses

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Last updated: Nov. 17, 2023  What is a Non-Capital Loss? One of the realities of being a small business owner or farmer is that there are times when you will experience financial losses. Losses occur for a variety of reasons, including economic downturns, poor investments, and unforeseen weather or climate events. When they do, it’s … Read more

When Should You Collect GST/HST?

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Last updated: Nov. 16, 2023  Like most small business owners, Canadian farmers are responsible for collecting sales tax on goods and services made in Canada. However, unlike other industries, many farm products are exempt from sales taxes. The goods and services tax (GST) is a nationwide 5 percent sales tax collected by almost all businesses. … Read more

Tax Preparation Tip: Handling Work-Related Vehicle Expenses

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Last updated: Oct. 10, 2023  For self-employed individuals, claiming tax deductions correctly can be a time-consuming, frustrating, and complex process, especially when it comes to tracking vehicle expenses.  Using your personal vehicle for business purposes or to earn business income allows you to deduct a certain percentage of related expenses, such as fuel and maintenance … Read more

Facts About Running a Canadian Family Business

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Last updated: Oct. 10, 2023  Like any business, running a family business in Canada has its rewards and challenges. But a lot of Canadians make it work. According to a study by the Family Enterprise Xchange Foundation, families own about 65% of Canadian businesses and they contribute 48.9% to Canada’s Gross Domestic Product (GDP), which … Read more

3 Ways Gifting Money in Canada Can Benefit Your Small Business

Smiling farmer in a field

Last updated: Oct. 7, 2023  Gifting money and transferring property from one family member to another are common, and although Canada doesn’t impose a gift tax, gifting of certain assets may trigger certain tax rules that could increase your income taxes – which can catch people by surprise.  However, in some situations, gifting money and … Read more