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2022 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Oct. 7, 2023 
Everything you need to know about 2022 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with pandemic fall out and now, historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the … Read more

2023 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Sep. 22, 2023 
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

Canadian small business tax planning strategies

Small business person using tax planning strategies to prepare their taxes.

Last updated: Aug. 30, 2023 
*UPDATED FOR 2023* Small business owners are entrepreneurs. Known for having great ideas, they’re passionate about their products or services and want to change the world. This laser-sharp focus often won’t leave them with enough time or energy to handle their taxes. It’s never too early to start thinking about tax … Read more

Should I use an RRSP or TFSA as a business owner?

Piles of coins depicting money growth rrsp or tfsa

Last updated: Jul. 26, 2023 
If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include:  You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible.  You’re extremely focused on the growth of your … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 8, 2023  After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is … Read more

Employee or self-employed contractor?

Self employed contractor in shop

Last updated: Jun. 6, 2023  Employee or Self-Employed Contractor? There are important differences between a self-employed contractor and an employee.  Employment classification determines entitlement to employment insurance (EI) benefits, Canada Pension Plan (CPP), and Income Tax Act legislation. Here’s what you need to know about employee and self-employed contractor taxes. Self-Employed Taxes: Employer and Employee … Read more

Top small business tax deductions

Two people looking over tax expenses and paperwork for small business tax deductions they can claim.

Last updated: Jun. 5, 2023  Top Small Business Tax Deductions If you’re self-employed or a small business owner, you understand how quickly business expenses can add up. Luckily, there are many available tax write-offs you can use to reduce your overall tax bill. Keep in mind that the small business tax deductions are allowable expenses … Read more

How to use income splitting to reduce your tax bill

how to use income splitting to reduce your tax bill working at desk

Last updated: Jun. 5, 2023  What is income splitting? Income splitting is the strategy of redistributing income within a family—usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket—to reduce a family’s overall tax bill. In general, income splitting works best when one spouse earns significantly more income … Read more

How to protect yourself against fake CRA scams and fraud

unknown caller fake cra scam fraud

Last updated: May. 19, 2023  It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In 2022, the Canadian Anti-Fraud Centre recorded a significant increase in … Read more