Which Charitable Donations Give You a Tax Break?
Donations can take many forms, but there are specific rules about what types of donations qualify for a tax break in Canada.
Small Business Taxes
7 Year-End Tax Planning Tips for Small Business Owners
Last updated: Dec. 4, 2024
*UPDATED FOR 2024* The calendar year may be winding down, but there’s still time to create a strategy to lower your tax bill and boost your bottom line. 1. Long-Term Tax Strategy and Business Transition Plan If you haven’t already developed a long-term tax strategy or business transition plan, it’s … Read more
Alternative Minimum Tax (AMT) Changes: Everything You Need to Know
While most Canadians are never subject to Alternative Minimum Tax (AMT), business owners who generate high income may find themselves subject to this alternative tax regime.
What is the TFSA Limit for 2025?
Last updated: Nov. 29, 2024
The Canada Revenue Agency (CRA) has announced the 2025 Tax Free Savings Account (TFSA) contribution limit is $7,000. Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your limit to accurately tracking your contributions. What is a TFSA? … Read more
CPP Enhancement 2024: A Comprehensive Guide for Employers
The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.
Home Office Expenses: A Guide for Canadian Employers
The shift to remote work has become the new normal. One of the biggest questions is: what are my responsibilities when it comes to home office expenses?
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.
Consequences of Not Filing Business Tax Returns in Canada
Last updated: Jun. 18, 2024 Every small business owner in Canada must file an annual tax return. However, not everyone fulfills this obligation, which can lead to serious consequences. The Canadian tax system, governed by the Income Tax Act, imposes strict penalties on those who fail to comply with tax filing requirements. This includes not … Read more
Do I have to make tax instalment payments?
Last updated: May. 7, 2024 Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2022, and in either 2021 or 2020, … Read more