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Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: Nov. 22, 2023 
As a business owner in Canada, you’ve likely faced the decision of how to pay yourself from your incorporated business. Two common options are paying yourself a salary or taking dividends, though some business owners choose a mix of both. The method you use to pay yourself personally from your corporation … 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

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

Capital Cost Allowance for Farmers

Canadian farmer considering capital cost allowance by a tractor.

Last updated: Oct. 5, 2023 
If you need to purchase a major capital asset, such as a building, machinery, or equipment to use in your farming business, consider buying it before the end of the fiscal year. Doing so can help you claim tax depreciation, or capital cost allowance (CCA), which reduces your taxable income.  What … Read more

2023 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Sep. 22, 2023 
As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your … Read more

Canadian small business tax planning strategies

Small business person using tax planning strategies to prepare their taxes.

Last updated: Aug. 30, 2023 
*UPDATED FOR 2023* Small business owners are entrepreneurs. Known for having great ideas, they’re passionate about their products or services and want to change the world. This laser-sharp focus often won’t leave them with enough time or energy to handle their taxes. It’s never too early to start thinking about tax … Read more

Facts About Full-Time, Part-Time & Hobby Farming Taxes

Two farmers standing among their goats

Last updated: Jul. 6, 2023 
There are many different tax breaks, grants, and income support programs available to farmers in Canada. The tax deductions and programs available differ depending on the type of farm you run, and since agribusinesses are often unique, it can be somewhat challenging to understand what deductions you can claim against your … Read more

Employee or self-employed contractor?

Self employed contractor in shop

Last updated: Jun. 6, 2023 
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 … Read more

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