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Tax Planning

Should I use an RRSP or TFSA as a business owner?

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Last updated: Jan. 25, 2023 
If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges: You don’t have access to an employer-funded savings plan You’re putting as much of your own money into the business as possible You’re so focused on growth that saving for retirement gets … Read more

How to use income splitting to reduce your tax bill

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Last updated: Jan. 9, 2023  What is income splitting? Within Canada’s graduated tax system, the more income you earn, the more tax you pay. Income splitting is the strategy of redistributing income within a family – usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket – to … Read more

Do I have to make tax instalment payments?

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Last updated: Dec. 29, 2022  Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2022, and in either 2021 or 2020, … Read more

Tax Credits for Farmers and Agricultural Producers

tax credits for farmers

Last updated: Dec. 7, 2022  There is no dollar that isn’t hard-earned when you work in agriculture. That’s why it’s critical to use every tool available to lower your tax burden, including tax credits. Below, we outline tax credits that may help farmers, livestock producers, and agri-businesses pay less tax, but first, let’s explore the … Read more

Converting an RRSP to an RRIF

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Last updated: Nov. 25, 2022  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

7 Year-End Tax Planning Tips for Small Business Owners

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Last updated: Nov. 21, 2022  *UPDATED FOR 2023* The calendar year may be winding down, but there’s still time to make your year-end tax planning a little less stressful. To help, we’ve assembled seven of our best year-end tax tips to help you lower your tax burden and boost your bottom line. Organize your files … Read more

How to keep audit-proof mileage logs that lower your taxes

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Last updated: Nov. 20, 2022  A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more

Tax credits for small business owners in Canada

Last updated: Nov. 10, 2022  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 … Read more

Do corporate loans count as taxable income?

Last updated: Nov. 4, 2022  *UPDATED FOR 2022* When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many tax rules, has exceptions. Shareholders and employees can borrow funds from their corporations for many different reasons. Unfortunately, they may end up with significant taxes owing … Read more