Last updated: Feb. 28, 2022
The Department of Finance Canada recently announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2022. These changes reflect recent increases in the Consumer Price Index (CPI). The changes announced are summarized as follows. Capital Cost Allowance for Passenger Vehicles The before-tax … Read more
Last updated: Feb. 25, 2022
Many business owners don’t know what deductions they can claim, or how important it is to keep their personal and business finances separate. They don’t have time to keep track of all the rules and CRA regulations, so sometimes they end up making mistakes that cost them precious time, and … Read more
Last updated: Jan. 23, 2022 If you’re self-employed or a small business owner, getting ready for tax filing can be daunting. You already have a lot on your plate from running your business. And you need to keep on top of deadlines and tax changes, and hunt down your receipts, slips and other documents. We … Read more
Last updated: Jan. 5, 2022 After three generations of running a maple sugar bush and custom crop farm, the Palmateer family thought they’d seen it all – then COVID-19 hit. With no in-person sap season events or annual pancake breakfast weekends to help promote their Palmateer Maple Syrup, they found themselves facing an unprecedented challenge … Read more
Last updated: Jan. 5, 2022 Click here to read our updated blog for 2023 We’re nearing the end of 2021 and it’s a good time to think about building up your tax-free savings account (TFSA). If you haven’t already opened an account, you may want to consider starting one. We’ve covered the TFSA rules and … Read more
Last updated: Jan. 5, 2022 Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November … Read more
Last updated: Jan. 5, 2022 Whether you want to shelter farm income from high personal tax rates due to increased off-farm income, or your profits surplus is beginning to go beyond your personal expenses – you may be asking yourself if your business structure needs a revamp. Back in 2016, an average of 51.71 per … Read more
Last updated: Jan. 5, 2022 The New Year is the perfect time to reflect on your business and make plans for 2020. Whether you’re interested in improving the financial health of your company or simply getting organized for the upcoming tax season, we’ve listed some ideas on New Year’s resolutions you can make if you’re … Read more
Last updated: Oct. 8, 2021 Life on the road is different. Running a business from your cab is an experience that few people who sit behind desks or work from home even begin to comprehend. Layer in the fact that you’ve incorporated your business and are trying to manage all the additional paperwork, while juggling … Read more