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

Piles of coins depicting money growth rrsp or tfsa

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

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

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

Canadian small business tax planning strategies

Small business person using tax planning strategies to prepare their taxes.

Last updated: Dec. 22, 2023 
Small business owners are entrepreneurs. Known for having great ideas, they’re passionate about their products or services and want to change the world. This laser-sharp focus often won’t leave them with enough time or energy to handle their taxes. It’s never too early to start thinking about tax planning strategies … Read more

Tax Preparation Tip: Handling Work-Related Vehicle Expenses

A toy car on a desk next to a person filling out tax preparation paperwork

Last updated: Oct. 10, 2023  For self-employed individuals, claiming tax deductions correctly can be a time-consuming, frustrating, and complex process, especially when it comes to tracking vehicle expenses.  Using your personal vehicle for business purposes or to earn business income allows you to deduct a certain percentage of related expenses, such as fuel and maintenance … Read more

Recording Receipts for Taxes: Quick Tips for Commercial Drivers

Commercial driver recording receipts for taxes.

Last updated: Jun. 22, 2023  Tracking and recording receipts for tax purposes can be a time-consuming and arduous process—especially for commercial vehicle drivers. While it may take some extra time to organize and file your daily, weekly, or monthly receipts, doing it consistently is especially helpful when it’s time to file your taxes. Recording Receipts … Read more

Benefits of incorporating a small business in Canada

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

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

What you need to know about Bill C-208

multi-generational family image

Last updated: Jan. 5, 2022  Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November … Read more

Why incorporated truck drivers need a tax consultant

Truck driver getting into cab

Last updated: Oct. 8, 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

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