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How to protect yourself against fake CRA scams and fraud

cell-phone-unknown-caller-cra-scam

Last updated: May. 12, 2021 
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 fact, the CRA has reported that this year alone (as of … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: May. 11, 2021 
Keeping a minute book is a legal requirement for all Canadian incorporated businesses. It is used to fulfill the requirements of the Canada Business Corporations Act (CBCA) by documenting the corporation’s activities. Minute books can be subject to government review to ensure your business is in compliance. What is a minute … Read more

Tax credits for small business owners in Canada

business owner working on laptop in workshop

Last updated: May. 3, 2021 
As a small business owner, you should always take advantage of the tax credits available to you. As tax season rolls around, you should make a point of checking what’s available to you, ensure your eligibility and that you’re applying them properly. There are tax credits available at both the federal … Read more

What are the tax deadlines and why should I file on time?

small business owner stressed at desk over late filing

Last updated: Apr. 30, 2021 
Take note of the tax filing and payment deadlines for 2021 so you don’t end up paying interest or penalties on late filing or payments. Individual tax deadlines Individual tax returns are typically due April 30 each year. If you or your spouse or common-law partner carried on a business in … Read more

Choosing the right business structure

Last updated: Apr. 29, 2021 
Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are the … Read more

Small Business Tax Preparation [Free Checklists]

Last updated: Apr. 27, 2021 
Preparing your own taxes if you’re a small business owner or self-employed can be time-consuming, difficult and let’s be honest – boring. Especially if paperwork isn’t really your thing. You want to get back to the good stuff – running your business. If the filing deadline is looming over your head, … Read more

Budget 2021: 7 Highlights for Farmers and Business Owners

Canada flag COVID announcement federal government

Last updated: Apr. 26, 2021 
Last week, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the federal budget for 2021. Below are select highlights that may have a positive impact your business or farm: 1. Covid-19 subsidy extensions and program winddowns The good news is that proposed budget will extend the current wage subsidy, … Read more

What you need to know about small business tax filing

a clock with a sticker that says "tax time" on it

Last updated: Apr. 12, 2021 
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

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

Last updated: Apr. 3, 2021 
Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage … Read more