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: Apr. 29, 2024
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
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
Last updated: Feb. 4, 2024 Tax season can be a daunting time for small business owners in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable small business tax preparation checklist that lists all … Read more
Last updated: Jan. 26, 2024
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
Last updated: Jan. 10, 2024 Every Canadian incorporated business is required to create and maintain an official record of its activities and transactions, which is known as a minute book. The Canada Business Corporations Act has established a set of requirements for what must be included in these corporate minute books. As a business owner, … Read more