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How to keep audit-proof mileage logs that lower your taxes

man driving vehicle grey jacket

Last updated: Feb. 13, 2024 
A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Feb. 13, 2024 
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

Small Business Tax Preparation [Free Checklists]

Last updated: Feb. 4, 2024  Tax season can be a daunting time for small business owners in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable small business tax preparation checklist that lists all … Read more

New Trust Reporting and Filing Rules in Canada

trust filing and reporting rules canada

Last updated: Feb. 4, 2024  The Canadian government recently passed amendments to the rules related to annual trust filing, into legislation. Previously, some trusts didn’t have to file a yearly T3 (Trust Income Tax and Information Return). The new filing rules require that almost all private trusts, including bare trusts will now need to file … Read more

Should I use an RRSP or TFSA as a business owner?

Piles of coins depicting money growth rrsp or tfsa

Last updated: Jan. 26, 2024 
If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include:  You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible.  You’re extremely focused on the growth of your … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: Jan. 10, 2024  Every Canadian incorporated business is required to create and maintain an official record of its activities and transactions, which is known as a minute book. The Canada Business Corporations Act has established a set of requirements for what must be included in these corporate minute books. As a business owner, … Read more

How to manage your taxes if you are self-employed [7 tips]

How to manage your taxes if you're self-employed

Last updated: Dec. 22, 2023  If you’re self-employed, you already know how stressful tax preparation and planning can be – keeping track of receipts, staying up-to-date on the Canada Revenue Agency’s policies, and ensuring you’re capturing all of your deductions and expenses. Luckily, we have 7 tried-and-true tax tips that will help you stay on track … Read more

Choosing the right business structure

Last updated: Dec. 22, 2023  Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are … Read more

Canadian small business tax planning strategies

Small business person using tax planning strategies to prepare their taxes.

Last updated: Dec. 22, 2023 
Small business owners are entrepreneurs. Known for having great ideas, they’re passionate about their products or services and want to change the world. This laser-sharp focus often won’t leave them with enough time or energy to handle their taxes. It’s never too early to start thinking about tax planning strategies … Read more