3 weeks ago
things you should know about tax write offs

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 year and have $15,000 … Read more

1 month ago
Man doing his own corporate taxes at a desk in Canada

In an attempt to save money at tax time, small business owners often ask: “Can I do my own corporate taxes?” The short answer is: Yes, of course you can! However… … it’s important to know what you are getting yourself into, because DIY business tax filing can end up costing far more than hiring … Read more

2 months ago
Canadian farmer considering capital cost allowance by a tractor.

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 capital cost allowance … Read more

4 months ago

Manitoba Budget 2025 Highlights The Manitoba government has tabled its 2025 provincial budget, with a projected $1.2 billion deficit for 2024–25 and a cautious fiscal outlook extending into 2026. While no changes were made to corporate or personal income tax rates, the budget focuses on targeted tax relief, affordability measures, and support for key sectors, including small businesses and local … Read more

4 months ago

B.C. Budget 2025 Highlights On March 4, 2025, B.C. Finance Minister Brenda Bailey tabled the 2025 Budget, titled Standing for a Strong B.C. The Budget focuses on economic growth, attracting investment, and strengthening public services. However, it projects significant deficits for the next three years: Year Projected Deficit 2024-25 ($9.1 billion) 2025-26 ($10.9 billion) 2026-27 ($10.2 billion) While no changes to corporate or personal tax … Read more

5 months ago

Alberta Budget 2025 Highlights On February 27, 2025, Alberta’s President of Treasury Board and Minister of Finance, Nate Horner, presented the province’s Budget. The Budget does not change corporate income tax rates but does: Introduce a new 8% personal income tax bracket for income up to $60,000, effective January 1, 2025 (one year earlier than expected). Increase education property tax rates for … Read more

6 months ago
What Canadian Self-Employed Contractors Need to Know

Are you an employee or self-employed contractor? There’s a big difference, and understanding the differences between the two can have a significant impact on your income tax. If you’re working as a self-employed, independent contractor or thinking of becoming one, here are some things you should know. Who counts as an independent contractor in Canada? Independent … Read more

6 months ago
shareholder loan blog fbc

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 attractive to many … Read more

6 months ago
What are the tax deadlines and why should I file on time?

Meeting your tax obligations can be overwhelming. Missing a deadline adds stress and can result in penalties and interest charges on top of the taxes you already owe.  This article outlines the key tax deadlines for the 2024 tax year (due in 2025) to help you stay organized and ensure you receive all the tax … Read more