PSB Status: Tax Risks for Truckers & Trades
Long hours, harsh conditions, and a constant battle against the clock. As a truck driver, you’ve got a lot on your plate. But what about your taxes?
Tax Planning
Capital Cost Allowance for Farmers
Last updated: Feb. 20, 2025
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
Advantages of Incorporation for Canadian Small Businesses
Last updated: Feb. 18, 2025
Unlocking Growth: The Advantages of Incorporation for Canadian Small Businesses Small business owners want to minimize their tax burden and maximize their profits. While incorporating can help you pay less tax, is it right for you and your business? This article will explore the benefits and implications of incorporation. As … Read more
Shareholder Loans: How Do They Work In Canada? (2025)
Last updated: Feb. 7, 2025 As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may … Read more
CRA Gift Tax in Canada: Are Family Gifts Taxable in Canada?
Last updated: Jan. 22, 2025 Large gifts of money and property will get CRA’s attention. Follow these tips to limit the tax burden for giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has no gift tax, in … Read more
CPP Enhancement 2024: A Comprehensive Guide for Employers
The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.
Charitable Donations for Taxes: Individuals vs Corporations
Charitable giving offers a powerful way to provide tax relief while helping a cause close to your heart.
2025 Canadian Corporate Tax Rates and Deadlines
Last updated: Jan. 9, 2025 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 … Read more
2024 Fall Economic Statement: Key Takeaways
The Canadian government’s 2024 Fall Economic Statement was released on December 16, 2024, and outlines various initiatives to strengthen the economy.