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Canadian small business tax planning strategies

Last updated: Jun. 6, 2021 
For many Canadian entrepreneurs, there comes that lightbulb moment when they think of a breakthrough idea for a new product or service. While small business owners are passionate about their ideas and want to change the world, they often regret waiting too long to start their business, or come up with … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 5, 2021 
After you file your tax return, 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 them. What is a … Read more

Benefits of incorporating a small business in Canada

benefits of incorporating business office with light bulb as an idea generator

Last updated: Jun. 3, 2021 
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. The primary tax … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: May. 29, 2021  Keeping a minute book is a legal requirement for all Canadian incorporated businesses. It is used to fulfill the requirements of the Canada Business Corporations Act (CBCA) by documenting the corporation’s activities. Minute books can be subject to government review to ensure your business is in compliance. What is a … Read more

Why incorporated truck drivers need a tax consultant

Truck driver getting into cab

Last updated: May. 29, 2021  Life on the road is different. Running a business from your cab is an experience that few people who sit behind desks or work from home even begin to comprehend. Layer in the fact that you’ve incorporated your business and are trying to manage all the additional paperwork, while juggling … Read more

Should I use an RRSP or TFSA as a business owner?

piles of coins depicting money growth rrsp or tfsa

Last updated: May. 21, 2021  If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges: You don’t have access to an employer-funded savings plan You’re putting as much of your own money into the business as possible You’re so focused on growth that saving for retirement gets … Read more

Top Tax Tips for Canadian Truck Drivers

Tax-Tips for Long-Haul Canadian Truckers

Last updated: Oct. 3, 2018  If you are an owner operator truck driver in Canada, there are a large number of tax deductions that you can take advantage of (and should). Maximizing your tax deductions minimizes your tax burden, which results in you keeping more of your hard-earned money. Below are some tax tips long-haul … Read more

Meals, Lodging, and Showers – Tax Basics for Long-Haul Trucking

Eligible Meal and Lodging Expenses for Long-Haul Truck Drivers in Canada

Last updated: Sep. 19, 2018  Long-haul truck driving in Canada can be grueling, with drivers working 13 hours per day, and even longer if they work north of the 60th parallel. While the average salary ranges from $55,000 to $65,000 per year, long-haul drivers are often paid bonuses, enabling them to earn significantly more. Unfortunately, … Read more

Tax Services for Logistics, Transport & Supply Chain Management

Why You Need a Tax Consultant for Your Logistics and Transportation Business

Last updated: Sep. 5, 2018  There is more to a logistics business and trucking business than handling, moving, and storing cargo and goods. A logistics company is also responsible for customs clearance, GST/HST issues, and tax compliance. Unfortunately, Canada’s tax landscape can be confusing and if you don’t have a comprehensive understanding of Canada’s ever-changing … Read more