Articles: Archived News

More small businesses including farms, are being audited. Some audits are random. Others are in response to common red flags. A survey of the 100,000+ members of the Canadian Federation of Business indicates that about 21% of small businesses were audited in 2005, compared with only 16% in 2001.

You could donate it to charity or to a government agency for protection in perpetuity and get peace of mind and a nice tax break in return.

It might have been prompted by the spirit of the season. Then again, election campaigns have been known to loosen the purse strings of many a government seeking a return to power. Regardless, goodies are goodies.

One recently announced by the federal government is an increase in the tax credit applied to dividends from large corporations.

Losing a business is heartbreaking. Losing all your personal assets at the same time is a disaster. Here are some tips to protect your retirement nest egg and your home should the worst-case scenario occur.

Most business owners invest a great deal – financially, emotionally and physically – in creating a successful venture. That’s why it’s critical to be prepared for the worst-case business scenario and put plans in place to protect those hard-earned assets from creditors

The Canadian Cooperative Association is pleased that the federal government will follow through on its 2005 budget commitment to reduce the tax burden of co-op patronage dividends.

Incorporating a farm or small business brings its share of headaches, but for farmers paying what they think is too much income tax, incorporation deserves a serious look. Preferential tax rates available to small businesses make incorporation a lucrative tax advantage for these companies.

There are many reasons why Ontario residents might want to be part of the Alberta experience: the Rockies, wide open spaces, clean air, and last, but not least, lower taxes. The combined federal-provincial corporate income tax rates for small businesses in Alberta are 2.5 points lower than in Ontario. The combined top marginal personal income tax rate is almost 7.5 points lower.

Tax Court of Canada found that expenses incurred while breeding and racing thoroughbred horses could be claimed as deductions against the stockbroker’s substantial commission income.

Running your farm or small business with your spouse provides the opportunity for tax benefits from a partnership and income splitting.