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
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
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
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
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
Last updated: Mar. 29, 2021
Last updated August 10, 2020. We will update blog posts when more information is released. As we finished writing the introduction to this blog post, several provinces were starting to recover and re-open their economies. It’s heartwarming to see businesses across the country hiring back their employees through government programs, … Read more
Last updated: Mar. 28, 2021
Originally published on May 8, 2020 By Jennifer Friesen As Canadians grapple with the uncertainty of COVID-19, the economy and our health and safety have become primary concerns to us all. As a result, the food and agriculture industries are paramount while they work to ensure everyone has access to healthy … Read more
Last updated: Mar. 16, 2021
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 … Read more
Last updated: Mar. 9, 2021
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 will … Read more