Last updated: Apr. 4, 2025
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 2024, and in either 2023 or 2022, then … Read more
Long hours, harsh conditions, and a constant battle against the clock. As a truck driver, you’ve got a lot on your plate. But what about your taxes?
Last updated: Apr. 2, 2025
Update (March 2025):
The federal government has cancelled the proposed capital gains inclusion rate increase, but the Lifetime Capital Gains Exemption (LCGE) will still rise to $1.25M. Read the official announcement here. We will update this content once the LGCE legislation is passed. If you are renting out your farmland, you … Read more
Last updated: Apr. 2, 2025
Manitoba Budget 2025 Highlights The Manitoba government has tabled its 2025 provincial budget, with a projected $1.2 billion deficit for 2024–25 and a cautious fiscal outlook extending into 2026. While no changes were made to corporate or personal income tax rates, the budget focuses on targeted tax relief, affordability measures, and support for key sectors, including … Read more
Last updated: Apr. 2, 2025
B.C. Budget 2025 Highlights On March 4, 2025, B.C. Finance Minister Brenda Bailey tabled the 2025 Budget, titled Standing for a Strong B.C. The Budget focuses on economic growth, attracting investment, and strengthening public services. However, it projects significant deficits for the next three years: Year Projected Deficit 2024-25 ($9.1 billion) 2025-26 ($10.9 billion) 2026-27 ($10.2 billion) While no changes to … Read more
Last updated: Mar. 24, 2025
Alberta Budget 2025 Highlights On February 27, 2025, Alberta’s President of Treasury Board and Minister of Finance, Nate Horner, presented the province’s Budget. The Budget does not change corporate income tax rates but does: Introduce a new 8% personal income tax bracket for income up to $60,000, effective January 1, 2025 (one year earlier than expected). Increase education … Read more
Last updated: Feb. 20, 2025
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. Who counts as an independent … Read more
Last updated: Feb. 20, 2025
If you need to purchase a major capital asset, such as a building, machinery, or equipment to use in your farming business, consider buying it before the end of the fiscal year. Doing so can help you claim tax depreciation, or capital cost allowance (CCA), which reduces your taxable income. What … Read more
Last updated: Feb. 20, 2025
An important part of the Canadian tax system, a T4A slip, is also considered a statement of pension, retirement, annuity, or other income. This type of slip is issued to anyone who receives income that’s not considered employment-related, such as money earned from pensions, annuities, self-employment, and more. What are the … Read more