Articles

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

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

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

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 to $574.6 billion. Across … Read more

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 in Canada may offer … Read more

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 stress that come with … Read more

Tracking and recording receipts for tax purposes can be a time-consuming and arduous process—especially for commercial vehicle drivers. While it may take some extra time to organize and file your daily, weekly, or monthly receipts, doing it consistently is especially helpful when it’s time to file your taxes. Recording Receipts for Taxes and Commercial Vehicle … Read more

Income splitting redistributes income within a family—typically from a higher-earning spouse in a higher tax bracket to a spouse in a lower tax bracket. This strategy may help reduce a family’s overall tax burden, by helping the higher-earning partner reduce their  tax bill.  Income splitting takes advantage of Canada’s progressive tax system, which imposes higher … Read more

Employee or Self-Employed Contractor? There are important differences between a self-employed contractor and an employee.  Employment classification determines entitlement to employment insurance (EI) benefits, Canada Pension Plan (CPP), and Income Tax Act legislation. Here’s what you need to know about employee and self-employed contractor taxes. Self-Employed Taxes: Employer and Employee In a relationship between an … Read more