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 tax … 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 than … 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 fraud … 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 businesses … Read more
Last updated: May. 3, 2023
When it comes to tax planning for Canadian small business owners, it might make sense to incorporate your business. As a Canadian business owner, you should be looking for ways to minimize your tax burden and maximize your after-tax income. Incorporating a business can do just that. What are the … Read more
Last updated: May. 3, 2023 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 … Read more
Last updated: May. 3, 2023 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 … Read more
Last updated: Feb. 28, 2023 If you’re self-employed, the Canada Revenue Agency (CRA) needs you to take an extra step when it comes to filling out your business income tax return. In addition to declaring your income and completing the T2125 (which is used to report your business and professional income and expenses), you also … Read more
The Department of Finance Canada announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2023.