Articles: Tax Preparation

Last updated: Nov. 22, 2023 As a business owner in Canada, you’ve likely faced the decision of how to pay yourself from your incorporated business. Two common options are paying yourself a salary or taking dividends, though some business owners choose a mix of both. The method you use to pay yourself personally from your corporation … Read more

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: 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. 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: Apr. 10, 2023 Federal Budget 2023 Highlights On March 28, 2023, the 2023 Federal Budget was released by Deputy Prime Minister and Federal Finance Minister, Chrystia Freeland. The Budget is anticipated to result in a deficit of $43 billion for 2022 – 2023, and deficits of $40.1 billion for the 2023 – 2024 budget … Read more

Last updated: Mar. 30, 2023 New Brunswick Budget 2023 Highlights On March 21, 2023, the New Brunswick Budget was delivered by Finance Minister, Ernie Steeves. The Budget is anticipated to result in a surplus of $862.6 million for the 2022-2023 fiscal year, and a $40 million for the 2023-2024 budget year. Here we’ll provide a summary … Read more

Last updated: Mar. 30, 2023 Newfoundland and Labrador Budget 2023 Highlights The Newfoundland and Labrador Budget was released by Finance Minister, Siobhan Coady on March 23, 2023. The Budget is anticipated to result in a surplus of $784 million for 2022 – 2023, and a deficit of $160 million for the 2023-2024 budget year, and $297 … Read more

Last updated: Mar. 27, 2023 Saskatchewan Budget 2023 Highlights The 2023 Saskatchewan Budget was delivered by Finance Minister, Donna Harpauer on March 22, 2023. The Budget is anticipated to result in a surplus of $1.15 billion for 2022 – 2023, and surpluses of $1,017 million for the 2023-2024 budget year, and $208 million for the 2024-2025 … Read more