Last updated: Feb. 18, 2025
Unlocking Growth: The Advantages of Incorporation for Canadian Small Businesses Small business owners want to minimize their tax burden and maximize their profits. While incorporating can help you pay less tax, is it right for you and your business? This article will explore the benefits and implications of incorporation. As … Read more
Last updated: Feb. 7, 2025 What Happens If I Pay My Relative an “Unreasonable” Salary from My Corporation? Many Canadian-Controlled Private Corporations (CCPCs) involve family members in their business and pay them a wage for completing specific job duties. It is also common for CCPCs to have spouses and children as shareholders of the corporation. … Read more
Last updated: Feb. 7, 2025 What is a non-capital loss? One of the realities of being a small business owner or farmer is that there are times when you will experience financial losses. Losses occur for a variety of reasons, including economic downturns, poor investments, and unforeseen weather or climate events. When they do, it’s … Read more
Last updated: Feb. 7, 2025 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: Feb. 3, 2025 Meeting your tax obligations can be overwhelming. Missing a deadline adds stress and can result in penalties and interest charges on top of the taxes you already owe. This article outlines the key tax deadlines for the 2024 tax year (due in 2025) to help you stay organized and ensure … Read more
Last updated: Jan. 29, 2025 Know the Rules When Paying Family for Farm Work Farming as a family is a tradition for many, built on shared values and hard work. But when it comes to paying family members, things can get complicated. Should everyone get a paycheck? How do you value the countless hours put … Read more
Last updated: Jan. 22, 2025 Large gifts of money and property will get CRA’s attention. Follow these tips to limit the tax burden for giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has no gift tax, in … Read more
The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.
Charitable giving offers a powerful way to provide tax relief while helping a cause close to your heart.