Articles

What do you have to do when you’ve been audited – and what rights do you retain throughout the process? That’s the question we’ll be helping to answer today. Once you receive a notice that indicates that you’ll be audited, you need to prepare the documents requested by the CRA auditor. One of the easiest … Read more

The prospect of being selected for an audit by the CRA is likely a scary one for many business owners. But it doesn’t have to be – not if you know how the process works, and not if you have a tax company on your side with experience in audit representation. Listed below are some … Read more

Tax Season may have come and gone, but it doesn’t mean you can forget about taxes until next year. Depending on your business and whether or not CRA requires you to make quarterly instalments, there may be other tax dates that you need to remember. As a farmer you don’t want to miss the application … Read more

Do you keep your business plan close at hand and refer to it often to remain focused on your goals? Do you have tax strategies to optimize between business and personal funds, and ensure your funds maintain tax-free status. Holding company? Estate plan? Managing risk? Shareholders, Employees, Directors? Lots of decisions to make!   We … Read more

For many small business owners, tax planning means the once-a-year mad scramble to organize all the necessary paperwork right before the tax filing deadline. Real tax planning requires a holistic approach to your finances and should be tackled all-year-round. Through implementing a year-round approach to your tax planning, you’ll be able to hold on to … Read more

Building your business and serving your customers is hard. It’s easy to rush and mistakenly complicate your tax situation. As a small business owner, you don’t have time to be a tax expert, too. There are 7 common mistakes that small business owners make with taxes. Avoiding these 7 mistakes will help you prepare an … Read more

FBC is very proud to sponsor Damian Warner on his journey to the 2015 Pan Am Games and the 2016 Olympics through Team Warner! We recently had a conversation with Damian and asked him a few questions about his training, his events and what motivates him. 1. What is your greatest accomplishment? Making the Olympic … Read more

If you are considering or have elected to insure your mortgage with your local bank, there are some things you should be aware of.  1. Although you pay the same premiums each month, the actual amount of coverage decreases as your mortgage decreases. 2. Coverage typically ends at age 70 regardless of whether you have … Read more

If you run a farm or other small business, be prepared for a tax auditor’s call. Previous reviews of Canada Revenue Agency’s (CRA) practices by the Canadian Attorney General’s office flagged “small and medium enterprises” (SMEs) for high levels of “non-compliance” with tax legislation. The report recommended more rigorous CRA audits for this taxpayer group. … Read more

Yesterday the Minister of National Revenue, Kerry-Lynne Findlay, launched a mobile app for small businesses.  The new app lets business users create custom reminders and alerts for key CRA due dates related to instalment payments, returns, and remittances with the goal to make it easier for businesses to fulfil their tax obligations.   Quick facts … Read more