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2024 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Apr. 29, 2024 
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

Understanding Capital Gains Exemption for Farm Property

Canadian farmer on his property considering capital gains exemptions.

Last updated: Mar. 5, 2024 
When the time comes to sell the family farm, understanding capital gains taxes—and capital gains exemptions—can help ensure you keep all of the profits from the sale that you are entitled to. If you sell your farm for more than you paid for it originally (minus the expenses incurred to sell … Read more

TFSA vs. Personal Account: Which Is Right for You?

Person doing research on a TSFA vs. a personal account.

Last updated: Feb. 21, 2024 
Whether you want to establish an emergency fund, set aside money for retirement, or compile cash for a down payment on a house, you might think your only option is to open a savings account at your local bank. Although a savings account is a fantastic way to save money, there … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Feb. 13, 2024 
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

Tax Tips for Bringing Personal Assets into a Business

Tax Tips for Bringing Personal Assets into a Business

Last updated: Dec. 22, 2023  Most small business owners use some of their personal assets to get their businesses up and running. In fact, banks want to see that you have a personal stake in the business before lending any money. In addition to seeing you use your personal money, this can also include using … 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: Dec. 22, 2023  If you’re self-employed, you already know how stressful tax preparation and planning 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

Choosing the right business structure

Last updated: Dec. 22, 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

Canadian small business tax planning strategies

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

Last updated: Dec. 22, 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 planning strategies … Read more

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 … Read more