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What is a Shareholder Loan?

shareholder loan blog fbc

Last updated: Aug. 11, 2022 
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 initially … Read more

How to protect yourself against fake CRA scams and fraud

unknown caller fake cra scam fraud

Last updated: Apr. 11, 2022 
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 Canadian Anti-Fraud Centre has reported that this year alone … Read more

Automobile deduction limits announced for 2022

automobile deduction limits 2022 car dashboard and driver

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

FBC Member Spotlight: Duke Sewer Service Inc.

Matt Clayton Duke Sewer Service

Last updated: Feb. 26, 2022 
By the time Matthew Clayton was 25 years old, he was self-employed as a rental property owner and owned up to 20 houses in Regina, Sask. He already possessed the entrepreneurial spirit and work ethic that would help him start and run the successful company he still owns today – Duke … Read more

What self-employed contractors need to know about taxes

What Canadian Self-Employed Contractors Need to Know

Last updated: Feb. 13, 2022 
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. What is a self-employed … Read more

What you need to know about small business tax filing

what you need to know about small business tax filing

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

What is the TFSA limit for 2022?

Last updated: Jan. 5, 2022 
We’re nearing the end of 2021 and it’s a good time to think about building up your tax-free savings account (TFSA).  If you haven’t already opened an account, you may want to consider starting one. We’ve covered the TFSA rules and how you can take advantage of this investment option in … Read more

What you need to know about Bill C-208

multi-generational family image

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

Budget 2021: 7 Highlights for Farmers and Business Owners

Canada flag COVID announcement federal government

Last updated: Jan. 5, 2022 
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