Articles: Tax Preparation

Last updated: Dec. 22, 2023 If you’re self-employed, you already know how stressful tax preparation and planning can be – keeping track of receipts, staying up-to-date on the Canada Revenue Agency’s policies, and ensuring you’re capturing all of your deductions and expenses. Luckily, we have 7 tried-and-true tax tips that will help you stay on track throughout … Read more

Last updated: Dec. 22, 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 … Read more

Last updated: Dec. 22, 2023  When you’re a small business owner, long-term financial security and retirement planning are critical. Proactively investing today in your future cash flow, taxes, and healthcare expenses can help set you up for a financially stable retirement.  One valuable tool Canadian business owners can use to help them meet their retirement … Read more

Last updated: Nov. 23, 2023 Update: The deadline to file your 2022 Underused Housing Tax Return, without penalties or interest, has been extended to April 30, 2024. On June 9, 2022, the Underused Housing Tax (UHT) Act passed Royal Assent and became law. It is a tax on the ownership of vacant or underused residential housing … Read more

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