Last updated: Dec. 7, 2016
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 … Read more
Last updated: Nov. 30, 2016
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 … Read more
Last updated: Nov. 23, 2016
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. … Read more
Last updated: Nov. 16, 2016
What Is the R&D Tax Credit? To stay competitive on a global scale, farms and small businesses need to be innovative and advance within their fields of expertise. This can be difficult for businesses that are starting up or small businesses competing against much larger companies with bigger budgets. Some small … Read more
Last updated: Nov. 9, 2016
Financial Planning and Federal Farm Income Taxes You can only really get a handle on your taxes and potential farm tax deductions when you understand what qualifies as farming and farming income. For example, if you raise farm animals for yourself or have a plot to grow your own food, you’re … Read more
Last updated: Nov. 2, 2016
Small businesses are the backbone of the Canadian economy. In fact, 97.9% of businesses in Canada are small businesses. No matter where you live in Canada, as a small business owner, you understand that it’s hard work running a business. One area that unfortunately can get neglected in the running of … Read more
Last updated: Oct. 26, 2016
The Voluntary Disclosure Program (VDP): Your Second Chance to Get Tax Compliant Tax slips piled up in a drawer. A missed deadline you swore you’d remember. An expense you didn’t realize was taxable. However it happened, you’re not alone—and the Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP) might be your … Read more
Last updated: Oct. 19, 2016
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 … Read more
Last updated: Oct. 12, 2016
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 … Read more