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Farm Taxes

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

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.

Ontario Budget Report 2020

Ontario Flag Budget Update

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

a woman uses a calculator while handling her own bookkeeping

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

a farmer smiles while standing in front of his silos

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

a farmer leans against a tractor

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

CRA data breach: what you need to know

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

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

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

What your small business needs to know about COVID-19

a blue graphic with the text: 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