Last updated: May. 3, 2023
Are you an employee or self-employed contractor? There’s a big difference, and understanding the differences between the two can have a significant impact on your income tax. If you’re working as a self-employed, independent contractor or thinking of becoming one, here are some things you should know. What is a self-employed … Read more
Last updated: May. 3, 2023
Large gifts of money and property will get CRA’s attention. Follow these tips to limit the tax burden for giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has no gift tax, in some … Read more
Last updated: Apr. 18, 2023
According to Statistics Canada, the value of equity in Canada’s farm sector totaled $627.6 billion at the end of 2021. In the same year, the value of total assets rose by 9.5% to $749.8 billion The only growing age group in the farm population was operators aged 55 and over. The average age … Read more
Last updated: Apr. 10, 2023
Federal Budget 2023 Highlights On March 28, 2023, the 2023 Federal Budget was released by Deputy Prime Minister and Federal Finance Minister, Chrystia Freeland. The Budget is anticipated to result in a deficit of $43 billion for 2022 – 2023, and deficits of $40.1 billion for the 2023 – 2024 budget … Read more
Last updated: Mar. 30, 2023
New Brunswick Budget 2023 Highlights On March 21, 2023, the New Brunswick Budget was delivered by Finance Minister, Ernie Steeves. The Budget is anticipated to result in a surplus of $862.6 million for the 2022-2023 fiscal year, and a $40 million for the 2023-2024 budget year. Here we’ll provide a summary … Read more
Last updated: Mar. 30, 2023
Newfoundland and Labrador Budget 2023 Highlights The Newfoundland and Labrador Budget was released by Finance Minister, Siobhan Coady on March 23, 2023. The Budget is anticipated to result in a surplus of $784 million for 2022 – 2023, and a deficit of $160 million for the 2023-2024 budget year, and $297 … Read more
Last updated: Mar. 27, 2023
Saskatchewan Budget 2023 Highlights The 2023 Saskatchewan Budget was delivered by Finance Minister, Donna Harpauer on March 22, 2023. The Budget is anticipated to result in a surplus of $1.15 billion for 2022 – 2023, and surpluses of $1,017 million for the 2023-2024 budget year, and $208 million for the 2024-2025 … Read more
Last updated: Mar. 23, 2023
At tax time, we’re consumed with finding every deduction we can to lower our final tax bill. One that is commonly missed (and misused) is interest expense deductions. As a small business owner or farmer, you are entitled to deduct certain types of interest payments related to your business or … Read more
Last updated: Mar. 23, 2023
Many farm operators put bookkeeping, preparing, and filing taxes near the bottom of their to-do list. If you earn an income through farming activities though, you need to report it to the Canada Revenue Agency (CRA) on your income tax return; failing to do so could result in penalties. If your … Read more