Last updated: Dec. 22, 2023
Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a … Read more
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 … Read more
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 … Read more
Last updated: Jun. 8, 2023 After you prepare your tax return and file it, 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 … Read more
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
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, with a little tax planning, there are many available tax write-offs you can use to reduce your overall tax bill. Keep in mind that the small business … Read more
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
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
Last updated: May. 3, 2023 When you’re a small business owner, every dollar counts. That’s why it’s so important to use every tool available to lower your tax burden, including tax credits. Below, we review the differences between tax deductions and tax credits and highlight some common federal tax credits that may help your small … Read more