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Small Business Taxes

What is a Shareholder Loan?

shareholder loan blog fbc

Last updated: Aug. 11, 2022 
As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may initially … Read more

How to protect yourself against fake CRA scams and fraud

unknown caller fake cra scam fraud

Last updated: Apr. 11, 2022 
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 Canadian Anti-Fraud Centre has reported that this year alone … Read more

Automobile deduction limits announced for 2022

automobile deduction limits 2022 car dashboard and driver

Last updated: Feb. 28, 2022 
The Department of Finance Canada recently announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2022.  These changes reflect recent increases in the Consumer Price Index (CPI). The changes announced are summarized as follows. Capital Cost Allowance for Passenger Vehicles The before-tax … Read more

FBC Member Spotlight: Duke Sewer Service Inc.

Matt Clayton Duke Sewer Service

Last updated: Feb. 26, 2022 
By the time Matthew Clayton was 25 years old, he was self-employed as a rental property owner and owned up to 20 houses in Regina, Sask. He already possessed the entrepreneurial spirit and work ethic that would help him start and run the successful company he still owns today – Duke … Read more

5 mistakes business owners make at tax time

Mistakes at tax time business owner stressed at desk fbc

Last updated: Feb. 25, 2022 
Many business owners don’t know what deductions they can claim, or how important it is to keep their personal and business finances separate. They don’t have time to keep track of all the rules and CRA regulations, so sometimes they end up making mistakes that cost them precious time, and … Read more

What self-employed contractors need to know about taxes

What Canadian Self-Employed Contractors Need to Know

Last updated: Feb. 13, 2022  Are you an employee or self-employed contractor? There’s a big difference, and understanding the differences between the two can have a significant impact on your income tax. If you’re working as a self-employed, independent contractor or thinking of becoming one, here are some things you should know. What is a … Read more

Things you should know about tax write-offs in Canada

things you should know about tax write offs

Last updated: Jan. 24, 2022  What Is a Tax Write-Off? A tax write-off is simply another way of saying “tax deduction.” With a tax write-off, you can deduct a large number of expenses approved by the Canada Revenue Agency, all of which help to significantly reduce your taxable business income. For example, if you make $100,000 … Read more

What you need to know about small business tax filing

what you need to know about small business tax filing

Last updated: Jan. 23, 2022  If you’re self-employed or a small business owner, getting ready for tax filing can be daunting. You already have a lot on your plate from running your business. And you need to keep on top of deadlines and tax changes, and hunt down your receipts, slips and other documents. We … Read more

What is the TFSA limit for 2022?

Last updated: Jan. 5, 2022  We’re nearing the end of 2021 and it’s a good time to think about building up your tax-free savings account (TFSA).  If you haven’t already opened an account, you may want to consider starting one. We’ve covered the TFSA rules and how you can take advantage of this investment option … Read more