Canada-wide Toll Free:

Tax Planning

Tax deductions for Canadian farmers

Canadian farmer sitting in a field.

From the purchase of livestock to money spent on machinery maintenance, there are many tax deductions in Canada that farmers can claim. Learn about these deductions.

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

Things you should know about tax write-offs in Canada

things you should know about tax write offs

Last updated: May. 3, 2023 
What Is a Tax Write-Off? A tax write-off is simply another way of saying “tax deduction.” With a tax write-off, you can deduct a large number of expenses approved by the Canada Revenue Agency, all of which help to significantly reduce your taxable business income. For example, if you make $100,000 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: May. 3, 2023 
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. What are the … Read more

What is a Shareholder Loan?

shareholder loan blog fbc

Last updated: May. 3, 2023  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

7 simple ways to organize your receipts

Last updated: May. 3, 2023  Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a … Read more

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

piles of coins depicting money growth rrsp or tfsa

Last updated: May. 3, 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

What’s CRA’s Position on Family Gifts?

multigenerational family photo

Last updated: May. 3, 2023  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

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: May. 3, 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