The Canada Child Benefit was brought in by the Liberal government in 2016. It’s a replacement for the suite of Conservative childcare benefits, which the Liberal government felt benefited wealthier families unduly, due in part to their focus on income…
// Read More
Tax-Free Savings Accounts, or TFSAs, are a fairly recent addition to the Canadian tax ecosystem. First made available to Canadians in 2008, the TFSA is a way for the average citizen to protect a portion of their savings from income…
// Read More
If you’ve been paying attention to financial and political news over the past few months, you’ve no doubt heard a lot of talk about the proposed tax changes in Canada. There are a lot of opinions (mainly negative) surrounding these…
// Read More
Small businesses often operate with tight margins as they grow and hire more staff. Every dollar that you aren’t spending on tax allows you to grow your business a little more. In the end, fostering small business growth is a…
// Read More
Making charitable donations is an effective way of reducing your tax bill and also supporting good causes. Here’s a quick overview of how donations affect your taxes: Any donations made to registered charities are eligible. They should provide you with…
// Read More
If you’re operating as an incorporated or unincorporated business, determining if you can deduct an expense for meals isn’t based on a definitive and clear-cut rule. This is a very subjective or grey area that depends on your specific business…
// Read More
If an individual owns multiple corporations, he or she will commonly transfer money from one corporation to the other. If one business makes more money, then it will loan funds to another corporation that could use the money. Intercompany loans…
// Read More
Once you’ve incorporated your business, you may wonder what the best way to pay yourself is. After all, being able to take money out of the corporation is one of the primary reasons to operate a business. The end-goal of…
// Read More
With the abolishment of the HST (Harmonized Sales Tax) back in 2013, businesses now have to navigate the rules of both the GST (Goods and Services Tax) and the PST (Provincial Sales Tax) sales tax systems when selling goods and…
// Read More
When you first start selling goods or services to customers you will want to be onside with your responsibilities for charging GST on what you sell. Generally, most goods and services are taxable for GST. So if you’re unsure, it…
// Read More