Articles: Small Business Taxes

Last updated: 2023-10-10 10:23:13 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 to … Read more

Last updated: 2023-10-07 14:08:54 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 in … Read more

Last updated: 2023-07-31 16:15:35 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 stress … Read more

Last updated: 2023-06-22 10:48:47 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 Taxes … Read more

Last updated: 2023-06-08 10:15:57 Income splitting redistributes income within a family—typically from a higher-earning spouse in a higher tax bracket to a spouse in a lower tax bracket. This strategy may help reduce a family’s overall tax burden, by helping the higher-earning partner reduce their  tax bill.  Income splitting takes advantage of Canada’s progressive tax system, … Read more

Last updated: 2023-06-06 13:05:47 Employee or Self-Employed Contractor? There are important differences between a self-employed contractor and an employee.  Employment classification determines entitlement to employment insurance (EI) benefits, Canada Pension Plan (CPP), and Income Tax Act legislation. Here’s what you need to know about employee and self-employed contractor taxes. Self-Employed Taxes: Employer and Employee In a … Read more

Last updated: 2023-06-05 14:01:16 Top Small Business Tax Deductions If you’re self-employed or a small business owner, you understand how quickly business expenses can add up. Luckily, with a little tax planning, there are many available tax write-offs you can use to reduce your overall tax bill. Keep in mind that the small business tax deductions … Read more

Last updated: 2023-05-19 07:21:15 It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In 2022, the Canadian Anti-Fraud Centre recorded a significant increase in fraud and … Read more

Last updated: 2023-05-03 10:28:05 When you’re a small business owner, every dollar counts. That’s why it’s so important to use every tool available to lower your tax burden, including tax credits. Below, we review the differences between tax deductions and tax credits and highlight some common federal tax credits that may help your small businesses save … Read more