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.
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.
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.
The Canada Revenue Agency (CRA) is once again extending the payment deadline for current year individual, corporate, and trust income tax returns, due to the COVID-19 pandemic. Find out how this will impact you.
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.