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
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
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
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
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
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
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
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
Last updated: Jan. 5, 2022 Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November … Read more