Understanding Capital Gains Exemption for Farm Property
When the time comes to sell the family farm, understanding capital gains taxes and exemptions can help you ensure you and the next generation will thrive.
Financial Planning
Year-End Tax Strategies to Maximize Savings for Tradespeople
As a self-employed tradesperson, juggling jobs, quotes, and invoices keeps you busy enough – never mind thinking about taxes before they’re due.
Cultivate a Prosperous Future: Year-End Tax Strategies for Farmers
Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.
Explaining Capital Gains: New Inclusion Rates Simplified.
Whether you sold off assets or hedged your bets before the new capital gains rules kicked in on June 25, understanding these changes is crucial.
Top 7 Tax Write-Offs Canadian Independent Contractors Should Claim
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?
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
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?
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
Are You Negating Your Farm’s Capital Gains Exemption?
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