Blog | FBC, Canada's Farm & Small Business Tax Specialist

New T4 reporting requirements for the 2020 tax year

Jan 13, 2021

Last year was different. The federal government introduced several support programs to help employers cope with the impacts of the pandemic.

Tags: Small Business Taxes

Business Owner at Laptop Tax Implications of Covid-19 Government Programs

Tax implications of COVID-19 programs

Dec 11, 2020

Did your business take advantage of federal COVID-19 programs in 2020? If so, questions are likely racing through your mind about the tax implications of receiving benefits from the various programs. Find out how the benefits may impact your tax return.

Tags: Small Business Taxes, Tax Preparation, covid-19 updates, Tax Planning

a woman uses a calculator while handling her own bookkeeping

8 benefits of hiring a professional bookkeeper

Sep 28, 2020

Find out what benefits your business will see if you outsource your bookkeeping.

Tags: Bookkeeping, Farm Taxes, Small Business Taxes, Tax Consultation, Tax Planning, Tax Preparation

a farmer smiles while standing in front of his silos

Capital Cost Allowance for Farmers

Sep 17, 2020

If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation. Learn more about how to use the capital cost allowance (CCA) to reduce your income on your tax return.

Tags: Farm Taxes, Tax Consultation, Tax Planning, Tax Preparation

Why you need a year-end tax plan

Aug 31, 2020

Year-end tax planning means working with your tax or financial advisor before the end of the year to analyze your financial exposure to various tax scenarios. That way you can move quickly to minimize any adverse effects of changes in tax structure.

Tags: Farm Taxes, Financial Planning, Tax Consultation, Tax Preparation

Potential tax implications of COVID-19 spending

Aug 07, 2020

What are the tax implications of the government’s financial response to COVID-19? Our columnist outlines a few possibilities.

Tags: Financial Planning, Small Business Taxes, Tax Consultation, Tax Planning, Tax Preparation

a man writes on a notepad, calculating his work space from home expenses

Work-space-in-the-home expenses for remote employees

Jul 30, 2020

Right now, if an employee wants to claim work-space-in-the-home expenses, certain conditions must be met. Find out what the current rules are surrounding work-space-in-the-home expenses, what paperwork your employees will need and how they can claim this expense on their tax return.

Tags: Bookkeeping, Farm Taxes, Small Business Taxes, Tax Consultation, Tax Planning, Tax Preparation

COVID aid paperwork must be in order as audits loom

Jul 10, 2020

The CRA has announced it is starting to gear up its full auditing powers that were mostly suspended since the outbreak began. Find out how this could affect you if you've applied for COVID-19 financial aid programs.

Tags: Audit Representation, Legal & Compliance, Small Business Taxes, Tax Consultation, Tax Planning, Tax Preparation

Federal Government Canada COVID Update Flag Background

COVID-19 Update: Canada Emergency Response Benefit

Mar 25, 2020

Prime Minister Justin Trudeau announced on Wednesday that the House of Commons has passed an emergency bill for the government’s COVID-19 emergency response. Learn more about the new Canada Emergency Response Benefit.

Tags: member updates, covid-19 updates, government updates

A guide to COVID-19 financial relief for small business

Mar 18, 2020

Read up-to-date information about all new federal programs that help small businesses impacted by COVID-19. You’ll also find links to free tools to help you with program applications.