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Farm Taxes

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 Canadian … Read more

How to protect yourself against fake CRA scams and fraud

cell-phone-unknown-caller-cra-scam

Last updated: May. 12, 2021 
It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In fact, the CRA has reported that this year alone (as of … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: May. 11, 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 minute … Read more

Tax credits for small business owners in Canada

business owner working on laptop in workshop

Last updated: May. 3, 2021 
As a small business owner, you should always take advantage of the tax credits available to you. As tax season rolls around, you should make a point of checking what’s available to you, ensure your eligibility and that you’re applying them properly. There are tax credits available at both the federal … Read more

Choosing the right business structure

Last updated: Apr. 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 the … Read more

Do corporate loans count as taxable income?

Last updated: Apr. 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 because … Read more

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: Apr. 28, 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 from … Read more

Budget 2021: 7 Highlights for Farmers and Business Owners

Canada flag COVID announcement federal government

Last updated: Apr. 26, 2021 
Last week, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the federal budget for 2021. Below are select highlights that may have a positive impact your business or farm: 1. Covid-19 subsidy extensions and program winddowns The good news is that proposed budget will extend the current wage subsidy, … Read more

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

Last updated: Apr. 3, 2021 
Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage … Read more