Articles: Tax Consultation

Farm Operators and Property Taxes Farm properties can be quite varied and include working farms, farmland, outbuildings, specialized farms, fruit orchards, etc. On top of that, many Canadian farms also have a house on them that the owner/farmer lives in.   As a farmland owner, you may be eligible to apply for a property tax … Read more

On December 13, 2017, the Government published details of its proposals to (in their view) simplify and improve the treatment of income sprinkling, which are proposed to be in effect for the 2018 tax year and beyond. The Canada Revenue Agency (CRA) has also released guidance with respect to these measures. The revised measures, in … Read more

Having a thorough understanding of Canada’s tax law will provide you with everything you need to know about maximizing deductions and minimizing the amount you have to pay to the Canada Revenue Agency. Unfortunately, there is a lot to know when it comes to Canada’s ever-changing tax codes. That said, being aware of some basic … Read more

In addition to the proposed legislation to reduce Canada’s small business tax rate to 9% (from 10.5%) by 2019, Canada Finance Minister Bill Morneau’s fall economic update also makes consequential adjustments to the dividend tax credit rate and enhances the Canada Child Benefit, among other changes. Finance recently announced that it would reduce its small … Read more

The government released further changes to their controversial July 18 proposals on private company tax planning, the third such release during Small Business Week. This announcement focused on the issue of converting income to capital gains and the tax advantages associated with this planning.  The government appears to be backing down on this proposal. Summary … Read more

Finance Minister Bill Morneau issued an announcement outlining how he intends to proceed with changes to how passive income earned in private companies is taxed. This was seen by many as the most controversial feature of the original tax proposals and this announcement includes significant relief from these proposals that will benefit many private businesses. … Read more

Farm Businesses in Canada Whether it’s a family farm that has been in operation for generations or it’s a start-up, there’s an attraction to being your own boss and working outdoors. It also doesn’t hurt that farming in Canada has become more lucrative over the years. The government of Canada offers a number of incentives … Read more

Prime Minister Justin Trudeau and Finance Minister Bill Morneau announced that the small business tax rate would decrease to 9% (from 10.5%) by 2019 as part of new changes to the private company tax proposals. The government has planned additional announcements in the upcoming week to provide further details of changes that it intends to … Read more

Why Startups Need a Managed Accounting Service When you’re running a startup, every dollar counts. You’re busy trying to build the business, manage time, stretch your budget, and cut costs. One place you should never skimp on is hiring a managed accounting service, especially when you consider how many startups fail in the first year … Read more

There are a lot of benefits to being an independent contractor, in addition to being in control of when and where you work, having flexible hours, and, hopefully, a higher income. As an independent contractor, you’re also responsible for keeping track of all your income fulfilling your income tax obligations with the Canada Revenue Agency … Read more