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Tax Preparation

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

piles of coins depicting money growth rrsp or tfsa

Last updated: Jan. 25, 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

Automobile deduction limits rates announced for 2023

FBC automobile deduction limits announced for 2023 man driving car

Last updated: Jan. 5, 2023  The Department of Finance Canada recently announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2023. The changes announced are summarized as follows. Capital Cost Allowance (CCA) for Passenger Vehicles The before-tax CCA deduction limits for passenger vehicles (new and … Read more

Do I have to make tax instalment payments?

woman at desk with calculator

Last updated: Dec. 29, 2022  Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2022, and in either 2021 or 2020, … Read more

Tax Credits for Farmers and Agricultural Producers

tax credits for farmers

Last updated: Dec. 7, 2022  There is no dollar that isn’t hard-earned when you work in agriculture. That’s why it’s critical to use every tool available to lower your tax burden, including tax credits. Below, we outline tax credits that may help farmers, livestock producers, and agri-businesses pay less tax, but first, let’s explore the … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Nov. 25, 2022  You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

How to keep audit-proof mileage logs that lower your taxes

man driving vehicle grey jacket

Last updated: Nov. 20, 2022  A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more

Tax credits for small business owners in Canada

Last updated: Nov. 10, 2022  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 … Read more

Do corporate loans count as taxable income?

Last updated: Nov. 4, 2022  *UPDATED FOR 2022* When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many tax rules, has exceptions. Shareholders and employees can borrow funds from their corporations for many different reasons. Unfortunately, they may end up with significant taxes owing … Read more

2022 Canadian Corporate Tax Rates and Deadlines

2022 corp tax rates canada

Last updated: Oct. 6, 2022  Everything you need to know about 2022 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with pandemic fall out and now, historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly … Read more