Articles: Small Business Taxes

Last updated: Sep. 22, 2017 FBC’s tax team has analyzed the looming changes for tax legislation being tabled by the federal government. There is a lot of rhetoric and emotion around the legislation; in addition to much confusion on its impact. Our tax consultants and advisors are receiving many questions about the changes. There are many … Read more

Last updated: Sep. 6, 2017 Business Structures in Canada If you decide to start your own business in Canada, you need to decide which kind of business structure is best suited to your needs. Different business structures offer unique advantages and limitations that you should be aware of. There are 4 types of business structures, each … Read more

Last updated: Aug. 23, 2017 Currently, a private corporation can provide good tax planning strategies to receive income from your business. The Canadian Revenue Agency has proposed legislation that will reduce or even eliminate many of the current tax benefits of a private corporation. The CRA is focused on the perceived inequities between taxation of income … Read more

Last updated: Jul. 19, 2017 Legal Loopholes That Can Reduce Your Taxes While most small business owners in Canada don’t like to prepare their annual tax returns, most business owners say they don’t mind paying their fair share of small business taxes. That said, business owners are always looking for ways to legally minimize their tax … Read more

Last updated: Jul. 5, 2017 Registering a Small Business in Canada Canada is a country of small businesses. In fact, of the 1.16 million businesses in Canada, 1.14 million, or 98%, are small businesses—that is, employers with 99 employees or less. While small businesses may account for all but a sliver of employers in Canada, no … Read more

Last updated: Jun. 8, 2017 The Saskatchewan Budget introduced in March 2017 changed the scope of the services that PST is to be charged on with most changes already effective as of April 1 2017. There are also changes you need to be aware of effective July 1, 2017. Summary of Changes to Saskatchewan PST PST … Read more

Last updated: May. 10, 2017 Income Tax Deductions for Small Businesses Whether it’s a traditional brick-and-mortar operation, home-based, or online, starting a small business in Canada takes a lot of time, money, and patience. It also gives you an appreciation for potential tax deductions you can use to either reduce the amount of income tax you … Read more

Last updated: Apr. 5, 2017 Small Business Tax Return Myths Over the years a number of tax myths have surfaced about filing small business tax returns. This is totally understandable; it’s difficult to keep up with the changes that take place in Canada’s complex tax system. Not only can these tax myths make filing your taxes … Read more

Last updated: Mar. 29, 2017 Tax Season: How to Prevent an Audit by the CRA If there’s any one time you don’t want to draw attention to your small business or agribusiness it’s during tax season. In addition to ensuring your paperwork is in order and your taxes are prepared correctly, a growing number of business … Read more