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Top 7 Tax Write-Offs Canadian Independent Contractors Should Claim

Independent contractor reviewing tax write-offs in preparation for filing taxes.

Last updated: Feb. 28, 2024 
As an independent contractor, you’re in control of when you work, who you work for, and how much you charge for your goods or services. But, when you’re your own boss, you’re also in charge of paying your own taxes. Although the Canada Revenue Agency (CRA) clearly defines what it means … Read more

When Should You Collect GST/HST?

Farmers in corn field shaking hands

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

3 Ways Gifting Money in Canada Can Benefit Your Small Business

Smiling farmer in a field

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

Top small business tax deductions

Two people looking over tax expenses and paperwork for small business tax deductions they can claim.

Last updated: Jun. 5, 2023 
Top Small Business Tax Deductions If you’re self-employed or a small business owner, you understand how quickly business expenses can add up. Luckily, with a little tax planning, there are many available tax write-offs you can use to reduce your overall tax bill. Keep in mind that the small business tax … Read more

Different methods of reporting farm income

canadian farmer in field with tomatoes

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

5 cash-flow mistakes small business owners make

working at desk with calculator cash flow mistakes

Last updated: Nov. 19, 2021 
When small business owners find themselves facing unexpected shortfalls or can’t pay bills during slow months, it’s a sign that they’re not monitoring their cash flow. For a business, running out of cash is like getting stuck in quicksand: you sink deeper and deeper into the red as you borrow from … Read more

FBC Member Spotlight: Canada’s Grocery Store and More

Lori and Bobby Hurry - Lake Fraser - FBC Member Spotlight

Last updated: Nov. 25, 2020 
When the Endako Mine closed at the end of 2014, the Village of Fraser Lake lost its biggest employer. About a year later, the only grocery store in the community closed too. With just a convenience store in town, Fraser Lake residents had to drive almost an hour to the nearest … Read more

8 benefits of hiring a professional bookkeeper

a woman uses a calculator while handling her own bookkeeping

Last updated: Sep. 28, 2020 
As a small business owner, you need accurate and up-to-date financial information so you can make the best decisions for your business. As your business grows and you hire employees, or take on more customers, keeping track of your business expenses and ensuring your books are accurate becomes more complex and … Read more

Work-space-in-the-home expenses for remote employees

a man writes on a notepad, calculating his work space from home expenses

Last updated: Jul. 30, 2020 
Hundreds of thousands of Canadians transitioned to working from home when the COVID-19 outbreak was declared a pandemic. If you’re one of them, you know that working from home comes with its own costs (heating, electricity, maintenance). As a small business owner, you can deduct expenses for the business use of … Read more