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Farm Taxes

7 simple ways to organize your receipts

Last updated: Jul. 9, 2021 
Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a small … Read more

Benefits of incorporating your farm [lower taxes]

female poultry farmer

Last updated: Jun. 15, 2021 
Whether you want to shelter farm income from high personal tax rates due to increased off-farm income, or your profits surplus is beginning to go beyond your personal expenses – you may be asking yourself if your business structure needs a revamp. Back in 2016, an average of 51.71 per cent … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 5, 2021 
After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is a … Read more

Benefits of incorporating a small business in Canada

benefits of incorporating business office with light bulb as an idea generator

Last updated: Jun. 3, 2021 
When it comes to tax planning for Canadian small business owners, it might make sense to incorporate your business. As a Canadian business owner, you should be looking for ways to minimize your tax burden and maximize your after-tax income. Incorporating a business can do just that. The primary tax … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: May. 29, 2021  Keeping a minute book is a legal requirement for all Canadian incorporated businesses. It is used to fulfill the requirements of the Canada Business Corporations Act (CBCA) by documenting the corporation’s activities. Minute books can be subject to government review to ensure your business is in compliance. What is a … Read more

Choosing the right business structure

Last updated: May. 29, 2021  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

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: May. 29, 2021  There are 3 ways to take money out of a corporation: Through a shareholder loan (must be repaid) Through dividends By paying yourself a salary As a business owner/manager, you can pay yourself a salary, dividends, or do a mix of both. The method you use to pay yourself personally … Read more

Do corporate loans count as taxable income?

Last updated: May. 29, 2021  When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many CRA rules, has exceptions. Many shareholders and employees borrow funds from their corporations for a number of different reasons or end-uses. Unfortunately, many end up with significant taxes owing … Read more

Tax deductions for Canadian farmers

farmer sitting in field

Last updated: May. 12, 2021  Most of the tax rules that apply to Canadian small business owners also apply to farmers and agricultural producers. There are however some expenses, tax deductions and write-offs that apply specifically to income earned through agricultural activities that will help lower your tax bill. Expenses, tax deductions and write-offs for … Read more