Last updated: Nov. 22, 2023
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 … Read more
Last updated: Nov. 20, 2023
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 … Read more
Last updated: Nov. 16, 2023
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, … Read more
Last updated: Oct. 10, 2023
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 … Read more
Last updated: Oct. 10, 2023
Like any business, running a family business in Canada has its rewards and challenges. But a lot of Canadians make it work. According to a study by the Family Enterprise Xchange Foundation, families own about 65% of Canadian businesses and they contribute 48.9% to Canada’s Gross Domestic Product (GDP), which amounts … Read more
Last updated: Oct. 7, 2023
Gifting money and transferring property from one family member to another are common, and although Canada doesn’t impose a gift tax, gifting of certain assets may trigger certain tax rules that could increase your income taxes – which can catch people by surprise. However, in some situations, gifting money and property … Read more
Last updated: Oct. 7, 2023
Everything you need to know about 2022 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with pandemic fall out and now, historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the … Read more
Last updated: Jul. 31, 2023
As a small business owner, you know the importance of staying on the right side of the Canada Revenue Agency (CRA) when it comes to tax preparation and filing. If the CRA audits you, it can cost you a substantial amount of time and money, not to mention the headaches and … Read more
Last updated: Jul. 6, 2023
There are many different tax breaks, grants, and income support programs available to farmers in Canada. The tax deductions and programs available differ depending on the type of farm you run, and since agribusinesses are often unique, it can be somewhat challenging to understand what deductions you can claim against your … Read more