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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

Tax deductions for Canadian farmers

Last updated: May. 17, 2023 
Many of the tax standards that apply to Canadian business owners also apply to farmers and agricultural producers. However, there are certain expenses, tax deductions, and write-offs that apply specifically to employment income earned through agricultural activities that will help lower your business tax bill. Let’s take a closer look at … Read more

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

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 your … Read more

5 mistakes business owners make at tax time

Mistakes at tax time business owner stressed at desk fbc

Last updated: Feb. 25, 2022 
Many business owners don’t know what deductions they can claim, or how important it is to keep their personal and business finances separate. They don’t have time to keep track of all the rules and CRA regulations, so sometimes they end up making mistakes that cost them precious time, and … Read more

What you need to know about small business tax filing

what you need to know about small business tax filing

Last updated: Jan. 23, 2022  If you’re self-employed or a small business owner, getting ready for tax filing can be daunting. You already have a lot on your plate from running your business. And you need to keep on top of deadlines and tax changes, and hunt down your receipts, slips and other documents. We … Read more

What is the TFSA limit for 2022?

Last updated: Jan. 5, 2022  Click here to read our updated blog for 2023 We’re nearing the end of 2021 and it’s a good time to think about building up your tax-free savings account (TFSA).  If you haven’t already opened an account, you may want to consider starting one. We’ve covered the TFSA rules and … Read more

What you need to know about Bill C-208

multi-generational family image

Last updated: Jan. 5, 2022  Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November … Read more

Benefits of incorporating your farm [lower taxes]

female poultry farmer

Last updated: Jan. 5, 2022  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 … Read more