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Top small business tax deductions

small business owner examines receipts for tax deductions

Last updated: Oct. 8, 2021 
If you’re self-employed or a small business owner, you know how quickly business expenses can add up. Luckily, there are plenty of tax deductions you can take advantage of to lower your taxes. We’ve compiled this list to make sure you’re not overlooking any of the tax deductions available to you … 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

FBC Reviews

A sign that says FBC Reviews on it

Last updated: Nov. 6, 2019 
We love hearing from farmers and small business owners on what they like about being a FBC Member. Here are some of our favourite recent FBC reviews. FBC On-Site Tax Appointment Our Members tell us they appreciate the convenience of an on-site tax appointment at their home or business. Always available … Read more

How the Sharing Economy Impacts Your Taxes

Cottage on the lake

Last updated: May. 8, 2019 
The sharing economy is a kind of shadow economy, where private individuals share products or services, either for free or at a cost. Sharing economy arrangements are typically conducted online, through a community-based website. The sharing economy is hardly new. For thousands of years people have shared their assets, but the … Read more

Why Your Small Business Should Hire a Bookkeeper

8 Reasons Why Your Small Business Should Hire a Bookkeeper

Last updated: Apr. 3, 2019 
If you’re a small business owner chances are you like doing things on your own. While there are a lot of benefits to running your own business, unless you love math and crunching numbers, odds are bookkeeping and preparing your taxes are not something you love to do. If this is … Read more

What Do You Need to Know About ROEs As An Employer?

What Do You Need to Know About ROEs As An Employer?

Last updated: Feb. 20, 2019 
Each year, more than 1 million Canadian employers fill out more than 9 million ROE forms for their employees, according to the Government of Canada. A record of employment (ROE) is the single most important document in the Employment Insurance (EI) program. As an employer, find out what your responsibilities are … Read more

Different Methods of Reporting Farm Income

Farm Business Tax Tips: Methods of Reporting Farm Income

Last updated: Nov. 28, 2018 
Most farm operators probably put bookkeeping, preparing, and filing taxes near the bottom of their to-do list. If you make money from farming though, you need to report that income to the Canada Revenue Agency; failing to do so could result in stiff penalties. If your tax return gets reassessed, you’re … Read more