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Small Business Taxes

New T4 reporting requirements for the 2020 tax year

Person using laptop - FBC logo - image

Last year was different. The federal government introduced several support programs to help employers cope with the impacts of the pandemic. As a result, the Canada Revenue Agency (CRA) has their work cut out for them when it comes to validating payments for support programs. It doesn’t just affect them – as an employer, you’ll … Read more

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

Now that we’ve entered a new year, it’s a good time to plan for your annual tax-free savings account (TFSA) contribution. The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021.

Tax implications of COVID-19 programs

Business Owner at Laptop Tax Implications of Covid-19 Government Programs

Last updated Feb. 16, 2021. We will update blog posts when more information is released. Did your business take advantage of federal COVID-19 programs in 2020? If so, questions are likely racing through your mind about the tax implications of receiving benefits from the various programs. What do you need to report as income on … Read more

FBC Member Spotlight: Canada’s Grocery Store and More

Lori and Bobby Hurry - Lake Fraser - FBC Member Spotlight

When the Endako Mine closed at the end of 2014, the Village of Fraser Lake lost its biggest employer. About a year later, the only grocery store in the community closed too. With just a convenience store in town, Fraser Lake residents had to drive almost an hour to the nearest supermarket to stock up … Read more

Canada Emergency Rent Subsidy Program

Federal Government Canada COVID Update Flag Background

Last updated November 23, 2020. We will update blog posts when more information is released. The federal government has launched a new rent relief program for small businesses impacted by COVID-19. Below is a summary of the proposed program. What is the Canada Emergency Rent Subsidy? The Canada Emergency Rent Subsidy (CERS) program provides rent … Read more

Ontario Budget Report 2020

Ontario Flag Budget Update

The Ontario government unveiled its 2020-21 budget on Nov. 5, 2020, amid a backdrop of the ongoing COVID-19 pandemic and the related economic fallout. Ontario Finance Minister Rod Phillips anticipates a deficit of $38.5 billion for 2020–21 and projects deficits for each of the next two years. The budget contains several tax measures affecting individuals … Read more

8 benefits of hiring a professional bookkeeper

a woman uses a calculator while handling her own bookkeeping

As a small business owner, you need accurate and up-to-date financial information so you can make the best decisions for your business. As your business grows and you hire employees, or take on more customers, keeping track of your business expenses and ensuring your books are accurate becomes more complex and time-consuming. It’s a lot … Read more

CRA shuts down online services after cyberattacks

CRA data breach: what you need to know

The CRA has temporarily shut down its online services after thousands of accounts were compromised by cyberattacks. The attacks targeted the CRA and GCKEY, an online portal where Canadians can access services such as employment insurance and veterans’ benefits. The Canadian government says the attacks were a form of “credential stuffing.” “These attacks, which used … Read more