Articles: Tax Preparation

Last updated: Sep. 11, 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

Last updated: Jul. 15, 2025 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 … Read more

Last updated: Jun. 30, 2025 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 … Read more

Last updated: Jun. 18, 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: May. 11, 2025 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 … Read more

Last updated: Apr. 2, 2025 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 … Read more

Last updated: Apr. 2, 2025 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 … Read more

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. 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