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 Retirement … 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 your … Read more
When it comes to farm work, it’s not unusual to offer additional perks for employees.
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, then … 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 tax … 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 the … Read more
Last updated: Feb. 13, 2024
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: Feb. 13, 2024
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more