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2024 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Apr. 29, 2024 
As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your … Read more

Top 7 Tax Write-Offs Canadian Independent Contractors Should Claim

Independent contractor reviewing tax write-offs in preparation for filing taxes.

Last updated: Feb. 28, 2024 
As an independent contractor, you’re in control of when you work, who you work for, and how much you charge for your goods or services. But, when you’re your own boss, you’re also in charge of paying your own taxes. Although the Canada Revenue Agency (CRA) clearly defines what it means … Read more

TFSA vs. Personal Account: Which Is Right for You?

Person doing research on a TSFA vs. a personal account.

Last updated: Feb. 21, 2024 
Whether you want to establish an emergency fund, set aside money for retirement, or compile cash for a down payment on a house, you might think your only option is to open a savings account at your local bank. Although a savings account is a fantastic way to save money, there … 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

Should I use an RRSP or TFSA as a business owner?

Piles of coins depicting money growth rrsp or tfsa

Last updated: Jan. 26, 2024 
If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include:  You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible.  You’re extremely focused on the growth of your … Read more

What is the TFSA Limit for 2024?

TFSA limit 2024 announced woman reviewing account on laptop

Last updated: Jan. 9, 2024 
The Canada Revenue Agency (CRA) has announced the 2024 Tax Free Savings Account (TFSA) contribution limit is $7,000. This is up from the 2023 contribution limit of $6,500. Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your … 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

2022 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Oct. 7, 2023  Everything you need to know about 2022 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with pandemic fall out and now, historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly … Read more