Articles: Tax Planning

Last updated: Jan. 26, 2024 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 business, … Read more

Last updated: Dec. 22, 2023 If you’re self-employed, you already know how stressful tax preparation and planning can be – keeping track of receipts, staying up-to-date on the Canada Revenue Agency’s policies, and ensuring you’re capturing all of your deductions and expenses. Luckily, we have 7 tried-and-true tax tips that will help you stay on track throughout … Read more

Last updated: Dec. 22, 2023 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

Last updated: Dec. 22, 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 planning strategies … Read more

Last updated: Dec. 22, 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

Last updated: Nov. 22, 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, though some business owners choose a mix of both. The method you use to pay yourself personally from your corporation … Read more

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

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 differences … Read more

Last updated: Jan. 27, 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