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Tax Planning

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: Sep. 24, 2023 
As a business owner in Canada, you’ve likely faced the decision of how to pay yourself from your incorporated business. Two common options are paying yourself a salary or taking dividends, or a mix of both. The method you use to pay yourself personally from your corporation has an impact on … Read more

2023 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Sep. 22, 2023 
Everything you need to know about 2023 Canadian corporate tax rates and deadlines 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 … Read more

Canadian small business tax planning strategies

Small business person using tax planning strategies to prepare their taxes.

Last updated: Aug. 30, 2023 
*UPDATED FOR 2023* Small business owners are entrepreneurs. Known for having great ideas, they’re passionate about their products or services and want to change the world. This laser-sharp focus often won’t leave them with enough time or energy to handle their taxes. It’s never too early to start thinking about tax … Read more

Capital Cost Allowance for Farmers

Canadian farmer considering capital cost allowance by a tractor.

Last updated: Aug. 16, 2023 
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

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

Piles of coins depicting money growth rrsp or tfsa

Last updated: Jul. 26, 2023 
If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include:  You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible.  You’re extremely focused on the growth of your … Read more

Facts About Full-Time, Part-Time & Hobby Farming Taxes

Two farmers standing among their goats

Last updated: Jul. 6, 2023  There are many different tax breaks, grants, and income support programs available to farmers in Canada. The tax deductions and programs available differ depending on the type of farm you run, and since agribusinesses are often unique, it can be somewhat challenging to understand what deductions you can claim against … 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: Jun. 5, 2023  What is income splitting? 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 reduce a family’s overall tax bill. In general, income splitting works best when one spouse earns significantly more income … Read more

Tax deductions for Canadian farmers

Canadian farmer sitting in a field.

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 … 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 … Read more