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 costs … Read more
Last updated: Aug. 30, 2023
*UPDATED FOR 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 … Read more
Last updated: Jul. 26, 2023
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
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
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: 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
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
Last updated: Oct. 8, 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
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