Articles: Tax Preparation

Last updated: Mar. 23, 2023  At tax time, we’re consumed with finding every deduction we can to lower our final tax bill. One that is commonly missed (and misused) is interest expense deductions. As a small business owner or farmer, you are entitled to deduct certain types of interest payments related to your business or … Read more

Last updated: Mar. 10, 2023  The list of medical and disability tax credits and deductions is longer than most Canadian taxpayers realize and it’s not difficult to miss an eligible expense or credit. The Income Tax Act offers a wide range of tax credits and deductions to persons who are ill or disabled, or support … Read more

Last updated: Mar. 10, 2023 Manitoba Budget 2023 Highlights The 2023 Manitoba Budget, titled “Historic Help for Manitobans”, was released by Finance Minister Cliff Cullen on March 7, 2023. The Budget is anticipated to result in a deficit of $378 million for 2022–2023, and deficits of $363 million for the 2023-2024 budget year, and $294 million … Read more

Last updated: Mar. 7, 2023 British Columbia Budget 2023 Highlights The 2023 British Columbia Budget was released by Finance Minister Katrine Conroy, on February 28, 2023. The Budget is anticipated to result in a surplus of $3.592 billion for 2022 – 2023, and a deficit of $4.2 billion for the 2023-2024 budget year. No corporate or … Read more

Last updated: Mar. 6, 2023 Alberta Budget 2023 Highlights The 2023 Alberta Budget was delivered by the Finance Minister, Travis Toews, on February 28, 2023. The Budget is anticipated to result in surpluses of $10.4 billion for 2022 – 2023, then $2.4 million in the 2023-2024 fiscal year and $2million in the following year. No corporate … Read more

Last updated: Feb. 28, 2023 If you’re self-employed, the Canada Revenue Agency (CRA) needs you to take an extra step when it comes to filling out your business income tax return. In addition to declaring your income and completing the T2125 (which is used to report your business and professional income and expenses), you also need … Read more

The Department of Finance Canada announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2023.

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 differences … Read more

Last updated: May. 5, 2022 Last week, Ontario Finance Minister, Peter Bethlenfalvy, tabled the province’s fiscal 2022–23 budget. Titled Ontario’s Plan to Build, budget 2022 introduces measures to rebuild Ontario’s economy, support workers, build highways and key infrastructure, reduce costs on everyday expenses, and increase healthcare capacity to keep the province open. The government is forecasting … Read more