Articles: Small Business Taxes

Donations can take many forms, but there are specific rules about what types of donations qualify for a tax break in Canada.

Last updated: Dec. 4, 2024  *UPDATED FOR 2024* The calendar year may be winding down, but there’s still time to create a strategy to lower your tax bill and boost your bottom line.  1. Long-Term Tax Strategy and Business Transition Plan  If you haven’t already developed a long-term tax strategy or business transition plan, it’s … Read more

While most Canadians are never subject to Alternative Minimum Tax (AMT), business owners who generate high income may find themselves subject to this alternative tax regime. 

Last updated: Nov. 29, 2024 The Canada Revenue Agency (CRA) has announced the 2025 Tax Free Savings Account (TFSA) contribution limit is $7,000.  Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your limit to accurately tracking your contributions. What is a TFSA? Since … Read more

The shift to remote work has become the new normal. One of the biggest questions is: what are my responsibilities when it comes to home office expenses?

Whether you sold off assets or hedged your bets before the new capital gains rules kicked in on June 25, understanding these changes is crucial.

Last updated: Jun. 18, 2024 Every small business owner in Canada must file an annual tax return. However, not everyone fulfills this obligation, which can lead to serious consequences. The Canadian tax system, governed by the Income Tax Act, imposes strict penalties on those who fail to comply with tax filing requirements. This includes not filing … Read more

Last updated: Apr. 29, 2024 Filing a return that is accurate and on time is the best way to avoid tax penalties and over-payment. With that in mind, below is a list of key dates and tax numbers to help you with your tax return. Canada’s tax filing and payment deadlines *If you are paying tax … Read more

Last updated: Mar. 28, 2024 Canada Revenue Agency Update, Effective March 28, 2024 In an update released March 28, 2024 the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to submit a T3 Income Tax and Information Return along with a Schedule 15 (Beneficial Ownership Information of a Trust) for the … Read more