Last updated: Jun. 13, 2018
If you’re a small business owner in Canada, there are a large number of tax deductions you can claim against your small business spending. This helps minimize your tax burden and maximize your business income. Take Advantages of Tax Deductions This is the most obvious option. Tax deductions help reduce your … Read more
Last updated: Jun. 6, 2018
The number of Canadians who are self-employed has risen dramatically over the last 20 years. While working for yourself has a lot of benefits, figuring out your self-employment income, calculating your taxes, and how to claim certain-business related expenses isn’t one of them. Below is a list of important tax tips … Read more
Last updated: May. 2, 2018
Farm businesses have special status under certain provisions of the Canadian Income Tax Act (ITA). Along with fishing operations, farmers can use the cash method of accounting (or cash accounting) for reporting income for income tax purposes. If you have a valid farming business under the ITA, you are eligible to … Read more
Last updated: Apr. 11, 2018
On April 10, 2018, Finance Minister Donna Harpauer delivered her first budget as Finance Minister. The Finance Minister pointed to the province’s continued shift away from a reliance on natural resource revenue as a positive sign for the economy: Natural resource revenue is projected to make up 10% — or $1.48 … Read more
Last updated: Mar. 29, 2018
“A Plan for Care and Opportunity” On March 28, 2018, the Honourable Charles Sousa presented his seventh budget as Minister of Finance. The budget contains several tax measures affecting individuals and corporations, including the elimination of the high-income surtax from the calculation of total Ontario personal income tax. Highlights Surplus of … Read more
Last updated: Mar. 23, 2018
On March 22, 2017, the Honourable Joe Ceci, President of Treasury Board and Minister of Finance, presented his fourth budget and the fourth budget of Alberta’s NDP government. The budget contained no new taxes, and no new tax increases or decreases that had not previously been announced. Highlights Deficit of $8.8 … Read more
Last updated: Mar. 14, 2018
It’s tax season. For many small business owners in Canada, this is a season of dread: making sure your bookkeeping is in order and up-to-date, collecting receipts, and taking time to fill out the Canada Revenue Agency’s (CRA) often confusing tax forms. Unfortunately, waiting until the last minute can lead to … Read more
Last updated: Mar. 13, 2018
Keeping Our Promises … Real Progress for Manitobans On March 12, 2018, the Honourable Cameron Friesen presented his third budget as Minister of Finance. The budget contains several tax measures affecting individuals and corporations. Although the budget does not include any changes to Manitoba’s corporate or personal tax rates, it … Read more
Last updated: Jan. 31, 2018
Preparing income tax returns for small businesses can be daunting. Not only are the tax forms a little confusing, Canada’s tax laws change with great frequency and without fanfare; it’s up to you to keep track of everything going on at the Canada Revenue Agency (CRA). To avoid tax-related problems, ensure … Read more