Articles

As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your income tax rates. 2025 … 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?

What is a tax write-off? A tax write-off is simply another way of saying “tax deduction.” With a tax write-off, you can deduct a large number of expenses approved by the Canada Revenue Agency, all of which help to significantly reduce your taxable business income. For example, if you make $100,000 a year and have $15,000 … Read more

What is income splitting? Income splitting is the strategy of redistributing income within a family—usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket—to reduce a family’s overall tax bill. In general, income splitting works best when one spouse earns significantly more income than the other, so the … Read more

In an attempt to save money at tax time, small business owners often ask: “Can I do my own corporate taxes?” The short answer is: Yes, of course you can! However… … it’s important to know what you are getting yourself into, because DIY business tax filing can end up costing far more than hiring … Read more

Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.  

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 is capital cost allowance … Read more

That envelope from the CRA just landed in your mailbox (or more likely, your digital inbox these days). Your notice of assessment has arrived — and whether you’re a small business owner or just filing personal taxes, this little document packs a punch. So what exactly is this notice of assessment, and why should you … Read more

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 property tax rates for … Read more

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 you may need to … Read more