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Small Business Taxes

What are the Repayment Deadlines for the CEBA Loan?

Banking representative meeting with small business owner

Last updated: Nov. 20, 2023 
The Canadian federal government established the Canada Emergency Business Account (CEBA) loan to provide financial support to Canadian small businesses and non-profits during the challenges posed by the COVID-19 pandemic. Here we’ll provide information on: CEBA repayment deadlines CEBA partial loan forgiveness Tax considerations for the forgivable portion of the CEBA … Read more

What You Should Know About Non-Capital Losses

Canada accountant working at desk with laptop and caclulator

Last updated: Nov. 17, 2023 
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 … Read more

Tax Preparation Tip: Handling Work-Related Vehicle Expenses

A toy car on a desk next to a person filling out tax preparation paperwork

Last updated: Oct. 10, 2023 
For self-employed individuals, claiming tax deductions correctly can be a time-consuming, frustrating, and complex process, especially when it comes to tracking vehicle expenses.  Using your personal vehicle for business purposes or to earn business income allows you to deduct a certain percentage of related expenses, such as fuel and maintenance costs … Read more

Facts About Running a Canadian Family Business

Farming Family sitting in field with bales

Last updated: Oct. 10, 2023 
Like any business, running a family business in Canada has its rewards and challenges. But a lot of Canadians make it work. According to a study by the Family Enterprise Xchange Foundation, families own about 65% of Canadian businesses and they contribute 48.9% to Canada’s Gross Domestic Product (GDP), which amounts … Read more

3 Ways Gifting Money in Canada Can Benefit Your Small Business

Smiling farmer in a field

Last updated: Oct. 7, 2023 
Gifting money and transferring property from one family member to another are common, and although Canada doesn’t impose a gift tax, gifting of certain assets may trigger certain tax rules that could increase your income taxes – which can catch people by surprise.  However, in some situations, gifting money and property … Read more

2022 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Oct. 7, 2023 
Everything you need to know about 2022 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with pandemic fall out and now, historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the … Read more

CRA Audit Triggers and What to Do If CRA Audits You

Auditor at desk reviewing paperwork

Last updated: Jul. 31, 2023 
As a small business owner, you know the importance of staying on the right side of the Canada Revenue Agency (CRA) when it comes to tax preparation and filing. If the CRA audits you, it can cost you a substantial amount of time and money, not to mention the headaches and … Read more

T4A Requirements for Contractors and Self-Employed Workers

A contractor with a calculator reviewing T4A requirements for contractors

Last updated: Jul. 26, 2023 
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 … Read more

Recording Receipts for Taxes: Quick Tips for Commercial Drivers

Commercial driver recording receipts for taxes.

Last updated: Jun. 22, 2023 
Tracking and recording receipts for tax purposes can be a time-consuming and arduous process—especially for commercial vehicle drivers. While it may take some extra time to organize and file your daily, weekly, or monthly receipts, doing it consistently is especially helpful when it’s time to file your taxes. Recording Receipts for … Read more