Articles: Tax Planning

Last updated: Mar. 30, 2026 Saskatchewan Budget 2026: 5 Things You May Actually Care About Saskatchewan’s 2026 budget is out. And like most government budgets, it’s filled with technical language that doesn’t always translate into day-to-day decisions for small business owners, farmers, and families. So instead of breaking down everything, here are five updates that may … Read more

Last updated: Mar. 30, 2026 Ontario Budget 2026: What It Means for Business Owners, Farmers, and Families  Ontario’s 2026 budget is out, and while there are not sweeping tax changes across the board, there is one update that stands out right away: a proposed reduction in the small business tax rate.  Beyond that headline, the broader story … Read more

Last updated: Mar. 30, 2026 Manitoba Budget 2026: What It Means for Business Owners, Farmers, and Families Manitoba’s 2026 budget is out. And if you were expecting major tax changes, there aren’t many. Instead, this is a steady, support-focused budget — with continued advantages for small businesses, ongoing support for agriculture, and a few incremental affordability measures for … Read more

Last updated: Nov. 6, 2025 The 2025 Federal Budget, Building Canada Strong, is focused on three big goals: Building more homes Upgrading infrastructure Supporting businesses All while the federal government pledges to tighten its fiscal belt. For small business owners, farmers, and entrepreneurs, Budget 2025 brings both new opportunities and a few policy resets that could … Read more

Last updated: Sep. 11, 2025 As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your … Read more

Last updated: Jul. 15, 2025 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: Jul. 15, 2025 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

Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.  

Last updated: Jun. 18, 2025 If you need to purchase a major capital asset, such as a building, machinery, or equipment to use in your farming business, consider buying it before the end of the fiscal year. Doing so can help you claim tax depreciation, or capital cost allowance (CCA), which reduces your taxable income.  What … Read more