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Tax Preparation

How to protect yourself against fake CRA scams and fraud

unknown caller fake cra scam fraud

Last updated: May. 19, 2023 
It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In 2022, the Canadian Anti-Fraud Centre recorded a significant increase in fraud … Read more

Tax deductions for Canadian farmers

Canadian farmer sitting in a field.

From the purchase of livestock to money spent on machinery maintenance, there are many tax deductions in Canada that farmers can claim. Learn about these deductions.

Tax credits for small business owners in Canada

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

Things you should know about tax write-offs in Canada

things you should know about tax write offs

Last updated: May. 3, 2023 
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

Small Business Tax Preparation [Free Checklists]

Last updated: May. 3, 2023 
Preparing your own taxes if you’re a small business owner or self-employed can be time-consuming, difficult and let’s be honest – boring. Especially if paperwork isn’t really your thing. You want to get back to the good stuff – running your business. If the filing deadline is looming over your head, … Read more

What is a Shareholder Loan?

shareholder loan blog fbc

Last updated: May. 3, 2023 
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

7 simple ways to organize your receipts

Last updated: May. 3, 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 small … Read more

What self-employed contractors need to know about taxes

What Canadian Self-Employed Contractors Need to Know

Last updated: May. 3, 2023 
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. What is a self-employed … Read more

Should I use an RRSP or TFSA as a business owner?

piles of coins depicting money growth rrsp or tfsa

Last updated: May. 3, 2023 
If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges: You don’t have access to an employer-funded savings plan You’re putting as much of your own money into the business as possible You’re so focused on growth that saving for retirement gets … Read more