Last updated: Oct. 10, 2023
For self-employed individuals, claiming tax deductions correctly can be a time-consuming, frustrating, and complex process, especially when it comes to tracking vehicle expenses. Using your personal vehicle for business purposes or to earn business income allows you to deduct a certain percentage of related expenses, such as fuel and maintenance costs … Read more
Last updated: Oct. 7, 2023
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 the … Read more
Last updated: Oct. 5, 2023
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: Jun. 22, 2023
Tracking and recording receipts for tax purposes can be a time-consuming and arduous process—especially for commercial vehicle drivers. While it may take some extra time to organize and file your daily, weekly, or monthly receipts, doing it consistently is especially helpful when it’s time to file your taxes. Recording Receipts for … Read more
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
Last updated: May. 17, 2023
Many of the tax standards that apply to Canadian business owners also apply to farmers and agricultural producers. However, there are certain expenses, tax deductions, and write-offs that apply specifically to employment income earned through agricultural activities that will help lower your business tax bill. Let’s take a closer look at … Read more
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
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
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