Articles: Small Business Taxes

Last updated: 2025-04-04 07:42:19 Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2024, and in either 2023 or 2022, then you … Read more

Last updated: 2025-02-20 16:14:19 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. Who counts as an independent contractor … Read more

Last updated: 2025-02-20 14:32:57 An important part of the Canadian tax system, a T4A slip, is also considered a statement of pension, retirement, annuity, or other income. This type of slip is issued to anyone who receives income that’s not considered employment-related, such as money earned from pensions, annuities, self-employment, and more.  What are the T4A … Read more

Last updated: 2025-02-18 13:16:37 Unlocking Growth: The Advantages of Incorporation for Canadian Small Businesses  Small business owners want to minimize their tax burden and maximize their profits. While incorporating can help you pay less tax, is it right for you and your business?  This article will explore the benefits and implications of incorporation. As always, we … Read more

Last updated: 2025-02-07 13:39:17 What Happens If I Pay My Relative an “Unreasonable” Salary from My Corporation?  Many Canadian-Controlled Private Corporations (CCPCs) involve family members in their business and pay them a wage for completing specific job duties. It is also common for CCPCs to have spouses and children as shareholders of the corporation.  However, the … Read more

Last updated: 2025-02-07 10:34:55 What is a non-capital loss? One of the realities of being a small business owner or farmer is that there are times when you will experience financial losses. Losses occur for a variety of reasons, including economic downturns, poor investments, and unforeseen weather or climate events. When they do, it’s important to … Read more

Last updated: 2025-02-07 10:33:59 As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may initially look … Read more

Last updated: 2025-02-03 11:58:19 Meeting your tax obligations can be overwhelming. Missing a deadline adds stress and can result in penalties and interest charges on top of the taxes you already owe.  This article outlines the key tax deadlines for the 2024 tax year (due in 2025) to help you stay organized and ensure you receive … Read more

The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.