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Tax Planning

Capital Cost Allowance for Farmers

farmer with tractor capital cost allowance

Last updated: Oct. 26, 2021 
If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation, or capital cost allowance (CCA), to reduce your income on your tax return. What is capital … Read more

Year-end tax planning for farmers

year end tax planning farmers woman with tablet in field

Last updated: Oct. 24, 2021 
When you’re busy with the harvest, or preparing for the upcoming season, taxes are probably the last thing on your mind. Why worry about taxes now? Proper tax planning is a year-round process. By planning now, you can take advantage of strategies to lower your tax bill in advance of the … Read more

How to use income splitting to reduce your tax bill

how to use income splitting to reduce your tax bill working at desk

Last updated: Oct. 11, 2021 
What is income splitting? Income splitting is the strategy of moving income from a family member in a higher tax bracket to a family member in a lower tax bracket. Since Canada has a graduated income tax system, the idea is to reduce the overall family tax burden. But since the … Read more

Choosing the right business structure

Last updated: Oct. 8, 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 the … Read more

Why incorporated truck drivers need a tax consultant

Truck driver getting into cab

Last updated: Oct. 8, 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 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: Oct. 8, 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

What’s CRA’s Position on Family Gifts?

Family enjoying the outdoors together

Last updated: Oct. 8, 2021  Last updated November 23, 2020. 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 … Read more

Do I have to make tax instalment payments?

someone taking out their credit card to make instalment payments

Last updated: Oct. 8, 2021  If you’re an employee and your employment is your main source of income, there’s a good chance you won’t have to make quarterly instalment payments since your employer is required to withhold payroll deductions. But if you earn income that doesn’t have tax withheld on it, like self-employment, rental or … Read more

How to keep a CRA mileage log for vehicle expenses

Track Mileage for Business Deductions Driver in Vehicle

Last updated: Oct. 8, 2021  If you’re self-employed and using your vehicle for business use, are you keeping a mileage log? If you’re audited by the Canada Revenue Agency (CRA), and you don’t have one, the CRA could reject your claims for motor vehicle expenses. Avoid CRA scrutiny with our tips and tricks on keeping … Read more