Last updated: Feb. 20, 2025
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 … Read more
Last updated: Feb. 20, 2025
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 … Read more
Last updated: Feb. 7, 2025
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 … Read more
Last updated: Feb. 3, 2025
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 … 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.
Last updated: Jan. 9, 2025
Tax season can feel overwhelming, but don’t worry. Filing your taxes accurately and on time is easier than you think. We’ve compiled a handy list of key dates and tax numbers to help you get started. Canada’s tax filing and payment deadlines for the 2024 tax year Description Date Registered Retirement … Read more
Last updated: Jan. 9, 2025
As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your … Read more
The Canadian government’s 2024 Fall Economic Statement was released on December 16, 2024, and outlines various initiatives to strengthen the economy.