Last updated: Feb. 20, 2025
Are you an employee or self-employed contractor? There’s a big difference, and understanding the differences between the two can have a significant impact on your income tax. If you’re working as a self-employed, independent contractor or thinking of becoming one, here are some things you should know. Who counts as an independent … Read more
Last updated: Feb. 18, 2025
Unlocking Growth: The Advantages of Incorporation for Canadian Small Businesses Small business owners want to minimize their tax burden and maximize their profits. While incorporating can help you pay less tax, is it right for you and your business? This article will explore the benefits and implications of incorporation. As … Read more
Last updated: Feb. 7, 2025 As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may … Read more
Last updated: Jan. 9, 2025 Tax season can feel overwhelming, but don’t worry. Filing your taxes accurately and on time is easier than you think. We’ve compiled a handy list of key dates and tax numbers to help you get started. Canada’s tax filing and payment deadlines for the 2024 tax year Description Date Registered … Read more
Last updated: Jan. 9, 2025 As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding … Read more
As a self-employed tradesperson, juggling jobs, quotes, and invoices keeps you busy enough – never mind thinking about taxes before they’re due.
Last updated: May. 7, 2024 Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2022, and in either 2021 or 2020, … Read more
Last updated: Apr. 29, 2024 Filing a return that is accurate and on time is the best way to avoid tax penalties and over-payment. With that in mind, below is a list of key dates and tax numbers to help you with your tax return. Canada’s tax filing and payment deadlines *If you are paying … Read more
Last updated: Mar. 28, 2024 Canada Revenue Agency Update, Effective March 28, 2024 In an update released March 28, 2024 the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to submit a T3 Income Tax and Information Return along with a Schedule 15 (Beneficial Ownership Information of a Trust) for … Read more