Articles

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 manage risks that could threaten … Read more

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 tools: Optional Inventory Adjustments (OIA) … Read more

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 and how to effectively reduce … Read more

Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a small business owner you are required … Read more

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 goals is a registered retirement … Read more

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 housing and is the first … Read more

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 corporation has an impact on … Read more

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 CEBA loan What is the … Read more

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. However, some provinces—Ontario, New Brunswick, … Read more

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 costs based on the mileage … Read more