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Tax Preparation

Benefits of incorporating your farm [lower taxes]

female poultry farmer

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 cent … Read more

8 New Year’s resolutions for small businesses

new year's fireworks

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 self-employed … Read more

Why incorporated truck drivers need a tax consultant

Truck driver getting into cab

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 a … Read more

A guide to COVID-19 financial relief for small business

Canada Flag

Last updated: Oct. 8, 2021 
Last updated August 10, 2020. We will update blog posts when more information is released. As we finished writing the introduction to this blog post, several provinces were starting to recover and re-open their economies. It’s heartwarming to see businesses across the country hiring back their employees through government programs, … Read more

New T4 reporting requirements for the 2020 tax year

Person using laptop - FBC logo - image

Last updated: Oct. 8, 2021 
Last year was different. The federal government introduced several support programs to help employers cope with the impacts of the pandemic. As a result, the Canada Revenue Agency (CRA) has their work cut out for them when it comes to validating payments for support programs. It doesn’t just affect them – … Read more

CRA simplifies deducting home office expenses

work-from-home-image

Last updated: Oct. 8, 2021 
Millions of Canadians transitioned to working from home in 2020. Many found themselves cranking up the heat in a drafty house, or using their personal cellphone to make work calls, or picking up supplies for the basement/kitchen table/closet that now functions as their office. To help offset these costs, they are eligible to deduct home office expenses on their 2020 personal tax returns.    That might … Read more

2021 Business Tax Filing Deadlines [Infographic]

Last updated: Oct. 8, 2021 
Last year was different. The federal government extended the business tax filing and payment deadlines. It doesn’t look like the CRA will extend the business tax filing deadlines again this year. In fact, they’re urging you to file earlier than usual. Especially if you signed up for any COVID-19 programs for your … Read more

Calculating Taxes when Day Trading in Canada

Calculating taxes when day trading in Canada woman working at laptop

Last updated: Mar. 16, 2021 
Reporting online day trading income? A growing number of Canadians manage their own retirement portfolio and trade online every day. When you sell a security and make a profit, you realize a capital gain. For most Canadians, the taxable capital gain is determined by multiplying the capital gain amount (profit) … Read more

CRA shuts down online services after cyberattacks

CRA data breach: what you need to know

Last updated: Feb. 3, 2021  The CRA has temporarily shut down its online services after thousands of accounts were compromised by cyberattacks. The attacks targeted the CRA and GCKEY, an online portal where Canadians can access services such as employment insurance and veterans’ benefits. The Canadian government says the attacks were a form of “credential … Read more