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How to protect yourself against fake CRA scams and fraud

unknown caller fake cra scam fraud

Last updated: May. 19, 2023 
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 … Read more

Tax deductions for Canadian farmers

Canadian farmer sitting in a field.

From the purchase of livestock to money spent on machinery maintenance, there are many tax deductions in Canada that farmers can claim. Learn about these deductions.

Tax credits for small business owners in Canada

Last updated: May. 3, 2023 
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 … Read more

Benefits of incorporating a small business in Canada

benefits of incorporating business office with light bulb as an idea generator

Last updated: May. 3, 2023 
When it comes to tax planning for Canadian small business owners, it might make sense to incorporate your business. As a Canadian business owner, you should be looking for ways to minimize your tax burden and maximize your after-tax income. Incorporating a business can do just that. What are the … Read more

What is a Shareholder Loan?

shareholder loan blog fbc

Last updated: May. 3, 2023  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 … Read more

What self-employed contractors need to know about taxes

What Canadian Self-Employed Contractors Need to Know

Last updated: May. 3, 2023  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. What is a … Read more

Choosing the right business structure

Last updated: Apr. 12, 2023  Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are … Read more

How to manage your taxes if you are self-employed [7 tips]

How to manage your taxes if you're self-employed

Last updated: Apr. 11, 2023  If you’re self-employed, you already know how stressful tax preparation and filing can be – keeping track of receipts, staying up-to-date on the Canada Revenue Agency’s policies, and ensuring you’re capturing all of your deductions and expenses. Luckily, we have 7 tried-and-true tax tips that will help you stay on track … Read more

Different methods of reporting farm income

canadian farmer in field with tomatoes

Last updated: Mar. 23, 2023  Many farm operators put bookkeeping, preparing, and filing taxes near the bottom of their to-do list. If you earn an income through farming activities though, you need to report it to the Canada Revenue Agency (CRA) on your income tax return; failing to do so could result in penalties. If … Read more