Articles

A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can avoid CRA scrutiny and still … Read more

You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF will continue to grow any … Read more

Tax season can be a daunting time for small business owners in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable small business tax preparation checklist that lists all the documents you need to … Read more

If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include:  You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible.  You’re extremely focused on the growth of your business, and saving for retirement … Read more

Every Canadian incorporated business is required to create and maintain an official record of its activities and transactions, which is known as a minute book. The Canada Business Corporations Act has established a set of requirements for what must be included in these corporate minute books. As a business owner, understanding and adhering to these … Read more

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 common myths surrounding CRA … Read more

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 or The Salvation Army, … Read more

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 property, such as a … Read more

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 the year, maximize your … Read more

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 three most common for-profit … Read more