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.
Last updated: Dec. 29, 2022 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, … Read more
Last updated: Aug. 4, 2022 In 2008, Jamie Myatt was working in the oil patch as an electrician when the economy took a downturn. When he came back home to Dartmouth, he found a job as a journeyman for a local company. But it wasn’t long before he felt unfulfilled in his role and decided … Read more
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 … Read more