Articles: Small Business Taxes

Last updated: Jan. 10, 2018 If you’re a small business owner, or thinking of starting a business, you may be wondering if and how you should structure your company. Of the 4 different ways to structure a business (proprietorship, partnership, co-operative, or corporation), incorporating has the most advantages for small business owners.  When is the right … Read more

Last updated: Jan. 3, 2018 Buying a business in Canada is a big, exciting step with many opportunities and risks. On the plus side, buying a business means you get an immediate revenue stream and customer base. The previous owner might even be able to help show you the ropes in the early stages.   On … Read more

Last updated: Dec. 14, 2017 On December 13, 2017, the Government published details of its proposals to (in their view) simplify and improve the treatment of income sprinkling, which are proposed to be in effect for the 2018 tax year and beyond. The Canada Revenue Agency (CRA) has also released guidance with respect to these measures. … Read more

Last updated: Nov. 9, 2017 As wildfires are still burning in many areas of B.C., and thousands of people remain on evacuation order, the government’s focus will continue to be on fire suppression and emergency social services supports. In the coming weeks, this focus will shift more fully from public safety to recovery. To assist families … Read more

Last updated: Nov. 8, 2017 What a Tax Professional Can Do for Your Family Business Family businesses, big or small, are the backbone of the Canadian economy. In fact, approximately 80% of all businesses in Canada are family-owned. On top of that, family-owned businesses are responsible for the majority of the country’s gross domestic product (GDP). … Read more

Last updated: Oct. 25, 2017 Having a thorough understanding of Canada’s tax law will provide you with everything you need to know about maximizing deductions and minimizing the amount you have to pay to the Canada Revenue Agency. Unfortunately, there is a lot to know when it comes to Canada’s ever-changing tax codes. That said, being … Read more

Last updated: Oct. 24, 2017 In addition to the proposed legislation to reduce Canada’s small business tax rate to 9% (from 10.5%) by 2019, Canada Finance Minister Bill Morneau’s fall economic update also makes consequential adjustments to the dividend tax credit rate and enhances the Canada Child Benefit, among other changes. Finance recently announced that it … Read more

Last updated: Oct. 19, 2017 The government released further changes to their controversial July 18 proposals on private company tax planning, the third such release during Small Business Week. This announcement focused on the issue of converting income to capital gains and the tax advantages associated with this planning.  The government appears to be backing down … Read more

Last updated: Oct. 18, 2017 Finance Minister Bill Morneau issued an announcement outlining how he intends to proceed with changes to how passive income earned in private companies is taxed. This was seen by many as the most controversial feature of the original tax proposals and this announcement includes significant relief from these proposals that will … Read more