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Tax Planning for Canadian Business Owners: How to Keep More of What You Earn
Most Canadian business owners file their taxes once a year and move on. That approach works, but it almost always means overpaying. Tax planning is what separates...
Canada Doesn’t Have LLCs: Here’s What to Use Instead
If you've been Googling how to set up an LLC in Canada, you're not alone. Thousands of Canadian entrepreneurs search for LLC Canada options every month. But here's...
What Is Line 10100 on Your Canadian Tax Return?
If you're working through your Canadian tax return and you're not sure what Line 10100 is or what to put there, you're not alone. It's one of the most searched lines on...
What Is a T5 Slip in Canada? (And What to Do with It)
You just received a slip in the mail from your bank or financial institution and you're not sure what it is or what you're supposed to do with it. If it says T5 on it,...
What Is a Notice of Assessment in Canada?
You just received something in your inbox or mailbox from the CRA, and you're not sure what it means or whether you need to do anything about it. If it's a Notice of...
That “Passive Income” Could Be Killing Your Small Business Deduction
Earning over $50k in passive income in your Canadian corporation? You could be losing your Small Business Deduction. Learn how this tax trap works and protect your low tax rate.
Working from home? Your corporation can pay you back.
Working from home? Discover how your Canadian corporation can reimburse you tax-free for a portion of your home expenses. Learn the simple square footage method.
Salary vs. Dividends: The Big Payout Question for Canadians
Confused about paying yourself in Canada? We break down the pros and cons of salary vs. dividends, covering taxes, RRSPs, and CPP to help you decide.
Think That Client Lunch is Fully Deductible? Think Again.
Think you can write off that whole client lunch? In Canada, business meals are only 50% deductible. Learn what the CRA requires to audit-proof your expenses.