Articles: Tax Planning

Last updated: 2025-07-15 13:40:25 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 than the … Read more

Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.  

Last updated: 2025-06-18 08:46:51 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 is … Read more

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?

Last updated: 2025-02-18 13:16:37 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 always, we … Read more

Last updated: 2025-02-07 10:33:59 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 initially look … Read more

Last updated: 2025-01-22 07:13:26 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 some cases … Read more

The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.  

Charitable giving offers a powerful way to provide tax relief while helping a cause close to your heart.