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What are the tax deadlines and why should I file on time?

small business owner stressed at desk over late filing

Last updated: Jun. 15, 2021 
Take note of the tax filing and payment deadlines for 2021 so you don’t end up paying interest or penalties on late filing or payments. Individual tax deadlines Individual tax returns are typically due April 30 each year. If you or your spouse or common-law partner carried on a business in … Read more

Benefits of incorporating your farm [lower taxes]

female poultry farmer

Last updated: Jun. 15, 2021 
Whether you want to shelter farm income from high personal tax rates due to increased off-farm income, or your profits surplus is beginning to go beyond your personal expenses – you may be asking yourself if your business structure needs a revamp. Back in 2016, an average of 51.71 per cent … Read more

Canadian small business tax planning strategies

Last updated: Jun. 6, 2021 
For many Canadian entrepreneurs, there comes that lightbulb moment when they think of a breakthrough idea for a new product or service. While small business owners are passionate about their ideas and want to change the world, they often regret waiting too long to start their business, or come up with … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 5, 2021 
After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is a … Read more

Benefits of incorporating a small business in Canada

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

Last updated: Jun. 3, 2021 
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. The primary tax … Read more

Why incorporated truck drivers need a tax consultant

Truck driver getting into cab

Last updated: May. 29, 2021  Life on the road is different. Running a business from your cab is an experience that few people who sit behind desks or work from home even begin to comprehend. Layer in the fact that you’ve incorporated your business and are trying to manage all the additional paperwork, while juggling … Read more

Choosing the right business structure

Last updated: May. 29, 2021  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

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: May. 29, 2021  There are 3 ways to take money out of a corporation: Through a shareholder loan (must be repaid) Through dividends By paying yourself a salary As a business owner/manager, you can pay yourself a salary, dividends, or do a mix of both. The method you use to pay yourself personally … Read more

Do corporate loans count as taxable income?

Last updated: May. 29, 2021  When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many CRA rules, has exceptions. Many shareholders and employees borrow funds from their corporations for a number of different reasons or end-uses. Unfortunately, many end up with significant taxes owing … Read more