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New Trust Reporting and Filing Rules in Canada

trust filing and reporting rules canada

Last updated: Mar. 28, 2024 
Canada Revenue Agency Update, Effective March 28, 2024 In an update released March 28, 2024 the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to submit a T3 Income Tax and Information Return along with a Schedule 15 (Beneficial Ownership Information of a Trust) for the … Read more

Farmers and Ag Producers Tax Preparation [Free Checklists]

Last updated: Mar. 4, 2024 
Tax season can be a daunting time for farmers and agricultural producers in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable farm tax preparation checklist that lists all the … Read more

How to keep audit-proof mileage logs that lower your taxes

man driving vehicle grey jacket

Last updated: Feb. 13, 2024 
A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Feb. 13, 2024 
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

Pros and Cons of Doing Your Own Corporate Taxes

Man doing his own corporate taxes at a desk in Canada

Last updated: Jan. 30, 2024  In an attempt to save money, small business owners often ask, “Can I do my own corporate taxes?” Our answer is: “Yes, of course you can!” However, it’s important to know what you are getting yourself into because DIY business tax filing can end up costing far more than hiring … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: Jan. 10, 2024  Every Canadian incorporated business is required to create and maintain an official record of its activities and transactions, which is known as a minute book. The Canada Business Corporations Act has established a set of requirements for what must be included in these corporate minute books. As a business owner, … Read more

Choosing the right business structure

Last updated: Dec. 22, 2023  Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are … Read more

Are You Negating Your Farm’s Capital Gains Exemption?

Round bales of hay in field Canada farm

Last updated: Dec. 22, 2023  If you are renting out your farmland, you could unexpectedly negate your ability for an intergenerational farm rollover, the $1,000,000 lifetime capital gains exemption or both. The following advice will help protect your tax savings when the time comes to sell your farmland or roll it over to the next … Read more

Tools to Manage Farm Risk and Finance

Farmer standing in field using tools to manage farm risk and finance

Last updated: Dec. 22, 2023 
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 … Read more