What Alberta Budget 2021 means for your small business
Last week Alberta Finance Minister Travis Toews presented the province’s fiscal 2021-22 budget. Here’s a summary of the highlights for your small business.
Tax Planning
2021 Business Tax Filing Deadlines [Infographic]
Last updated: Oct. 8, 2021
Last year was different. The federal government extended the business tax filing and payment deadlines. It doesn’t look like the CRA will extend the business tax filing deadlines again this year. In fact, they’re urging you to file earlier than usual. Especially if you signed up for any COVID-19 programs for your … Read more
8 benefits of hiring a professional bookkeeper
Last updated: Sep. 28, 2020
As a small business owner, you need accurate and up-to-date financial information so you can make the best decisions for your business. As your business grows and you hire employees, or take on more customers, keeping track of your business expenses and ensuring your books are accurate becomes more complex and … Read more
Why you need a year-end tax plan
Last updated: Aug. 31, 2020
In our last few articles we’ve highlighted elevated government spending programs and the inevitable increase in the accumulated debt to alleviate the worst economic impacts brought on by the COVID-19 pandemic. Both current and former senior civil servants, economists and at least one former prime minister are all predicting that while … Read more
Potential tax implications of COVID-19 spending
Last updated: Aug. 7, 2020
Former governor of the Bank of Canada David Dodge, writing on behalf of the C.D. Howe Institute while referring to the government’s financial response to COVID-19, said the right decisions were probably made at the time. However, the report also stated that the government must implement a plan to “restore fiscal … Read more
Work-space-in-the-home expenses for remote employees
Last updated: Jul. 30, 2020
Hundreds of thousands of Canadians transitioned to working from home when the COVID-19 outbreak was declared a pandemic. If you’re one of them, you know that working from home comes with its own costs (heating, electricity, maintenance). As a small business owner, you can deduct expenses for the business use of … Read more
Nova Scotia Budget Report 2020
Last updated: Feb. 28, 2020
On March 26, 2020, Nova Scotia Finance and Treasury Board Minister Karen Casey presented the province’s fiscal 2020–21 budget. The minister anticipates a surplus of $55 million for 2020–21, and a surplus of $63.2 million, $72.5 million and $74 million in the next three years. There was a general corporate rate … Read more
Taxing non-cash benefits to employees
Last updated: Feb. 5, 2020
We previously discussed the benefits and limitations of paying a spouse or children for work on the farm. Usually, for record-keeping purposes it is most effective to issue cash amounts by cheque to meet the conditions set out by the Canada Revenue Agency. There are other means of employee compensation, however, … Read more
Free eBook: Tax Readiness Toolkit
Last updated: Jan. 27, 2020
Updated: November 19, 2020 Many self-employed individuals and small business owners feel overwhelmed by the demands of tax season. They often don’t know the filing requirements established by the CRA, or how back office processes can help optimize their tax return. It’s a lot to keep track of on top of … Read more