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Small Business Taxes

What you need to know about small business tax filing

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Last updated: Apr. 12, 2021 
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 know … Read more

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

Last updated: Apr. 3, 2021 
Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage … Read more

What Canadian Self-Employed Contractors Need to Know

Man at construction site self employed contractor in Canada

Last updated: Apr. 3, 2021 
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. Self-Employed Contractors in Canada … Read more

CRA simplifies deducting home office expenses

work-from-home-image

Last updated: Apr. 1, 2021 
Millions of Canadians transitioned to working from home in 2020. Many found themselves cranking up the heat in a drafty house, or using their personal cellphone to make work calls, or picking up supplies for the basement/kitchen table/closet that now functions as their office. To help offset these costs, they are eligible to deduct home office expenses on their 2020 personal tax returns.    That might … Read more

2021 Business Tax Filing Deadlines [Infographic]

Last updated: Apr. 1, 2021 
Last year was different. The federal government extended the business tax filing and payment deadlines. It doesn’t look like the CRA will extend the business tax filing deadlines again this year. In fact, they’re urging you to file earlier than usual. Especially if you signed up for any COVID-19 programs for your … Read more

A guide to COVID-19 financial relief for small business

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Last updated: Mar. 29, 2021 
Last updated August 10, 2020. We will update blog posts when more information is released. As we finished writing the introduction to this blog post, several provinces were starting to recover and re-open their economies. It’s heartwarming to see businesses across the country hiring back their employees through government programs, … Read more

Salary or dividends: Which one is right for me?

a person is calculating salary vs dividends

Last updated: Mar. 23, 2021 
There are 3 ways to take money out of a corporation: 1. Through a shareholder loan (must be repaid) 2. Through dividends 3. By paying yourself a salary As a business owner/manager, you can pay yourself a salary, dividends, or do a mix of both. The method you use to pay … Read more

Late filing penalties for small business taxes

a man rubs his forehead and is looking down at his taxes, stressed about late filing

Last updated: Mar. 16, 2021 
While the federal government extended tax filing and payment deadlines in 2020 to provide some short-term relief to Canadians grappling with the pandemic, it’s unlikely they’ll extend them again in 2021. Take note of the tax deadlines for 2021 so you don’t end up paying interest or penalties on late filing or payments. … Read more