Last updated: Jun. 5, 2023
What is income splitting? Income splitting is the strategy of redistributing income within a family—usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket—to reduce a family’s overall tax bill. In general, income splitting works best when one spouse earns significantly more income than … Read more
Last updated: May. 19, 2023
It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In 2022, the Canadian Anti-Fraud Centre recorded a significant increase in fraud … Read more
Last updated: May. 17, 2023
Many of the tax standards that apply to Canadian business owners also apply to farmers and agricultural producers. However, there are certain expenses, tax deductions, and write-offs that apply specifically to employment income earned through agricultural activities that will help lower your business tax bill. Let’s take a closer look at … Read more
Last updated: May. 3, 2023
When you’re a small business owner, every dollar counts. That’s why it’s so important to use every tool available to lower your tax burden, including tax credits. Below, we review the differences between tax deductions and tax credits and highlight some common federal tax credits that may help your small businesses … Read more
Last updated: May. 3, 2023
What Is a Tax Write-Off? A tax write-off is simply another way of saying “tax deduction.” With a tax write-off, you can deduct a large number of expenses approved by the Canada Revenue Agency, all of which help to significantly reduce your taxable business income. For example, if you make $100,000 a … 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