Articles: Tax Preparation

Last updated: Mar. 4, 2022 On February 22, 2022, British Columbia Finance Minister Selina Robinson presented the province’s fiscal 2022-23 budget. B.C. Budget 2022 prioritizes making life better for British Columbians by investing in B.C.’s economic, environmental, and social strengths and taking actions to fight climate change and protect people and communities from climate-related disasters. Provincial … Read more

Last updated: Mar. 4, 2022 Last week Alberta Finance Minister Travis Toews tabled the province’s fiscal 2022-23 budget. Budget 2022 focuses on moving Alberta forward by allocating spending towards building health system capacity and getting Albertans back to work. However, the biggest revelation of Budget 2022 is the announcement of a balanced budget for only the … Read more

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 money, … Read more

Last updated: Jan. 27, 2022  A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … 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 know … 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 to … 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 of … 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 cent … Read more