TFSA limit for 2021 announced
Now that we’ve entered a new year, it’s a good time to plan for your annual tax-free savings account (TFSA) contribution. The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021.
Farm Taxes
Ontario Budget Report 2020
The Ontario government unveiled its 2020-21 budget on Nov. 5, 2020, amid a backdrop of the ongoing COVID-19 pandemic and the related economic fallout. Ontario Finance Minister Rod Phillips anticipates a deficit of $38.5 billion for 2020–21 and projects deficits for each of the next two years. The budget contains several tax measures affecting individuals … Read more
8 benefits of hiring a professional bookkeeper
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 time-consuming. It’s a lot … Read more
Capital Cost Allowance for Farmers
If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation, or capital cost allowance (CCA), to reduce your income on your tax return. What is capital cost allowance? Farm owners … Read more
Why you need a year-end tax plan
In our last few articles we’ve highlighted elevated government spending programs and the inevitable increase in the accumulated debt to alleviate the worst economic impacts brought on by the COVID-19 pandemic. Both current and former senior civil servants, economists and at least one former prime minister are all predicting that while these spending programs have … Read more
CRA shuts down online services after cyberattacks
The CRA has temporarily shut down its online services after thousands of accounts were compromised by cyberattacks. The attacks targeted the CRA and GCKEY, an online portal where Canadians can access services such as employment insurance and veterans’ benefits. The Canadian government says the attacks were a form of “credential stuffing.” “These attacks, which used … Read more
Work-space-in-the-home expenses for remote employees
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 a work space in … Read more
A guide to COVID-19 financial relief for small business
To help you keep track of all the announcements, this blog post will always contain the most up-to-date information about new financial relief measures and programs that help small businesses impacted by COVID-19.
What your small business needs to know about COVID-19
Last updated July 28, 2020. We will update blog posts when more information is released. On March 11, 2020, the World Health Organization declared the outbreak of the 2019 coronavirus disease (COVID-19) a pandemic. The World Health Organization says everyone must play a role to stop the spread of the disease. This includes businesses and … Read more