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

Double Dipping the Home Accessibility Tax Credit

In some cases, the renovation expenses qualify for the medical expense tax credit and you can claim both the Home Accessibility Tax Credit and the medical expense tax credit.

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Your CRA Notice of Assessment has Arrived. Now What?

The CRA Notice of Assessment (form T451) includes your taxable income (Line 150) and your allowable registered retirement savings plan (RRSP) contributions and tax-free savings account (TFSA) limit for the current year. Be sure to compare your notice of assessment to your filed T1 or T2 tax return.

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2016 Saskatchewan Budget Summary

The 2016 Saskatchewan budget presented by Finance Minister Kevin Doherty brings no tax rate increases and no new taxes. The budget anticipates a deficit of $434 million for the 2016-2017 fiscal year.

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2016 Saskatchewan Ministry of Agriculture Budget Summary

2016 Saskatchewan Ministry of Agriculture Budget presented by Agriculture Minister Lyle Stewart brings increased investment to keep agriculture strong

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2016 Manitoba Budget Report

Recent Manitoba budget reports that the financial situation for the province has worsened and the revised budget deficit for the 2015/16 fiscal year is now $1.011 billion which is up from the $422 million deficit predicted in last year’s budget.

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New Intangible Property Rules

The 2016 Federal Budget introduced draft legislation that will directly affect depreciation, Capital Cost Allowance (CCA), of intangible assets, such as, goodwill tied up in a farm or small business, licenses, customer lists, franchises, farm quotas or distribution rights.

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Canadian Small Business Income Tax Filing Deadline Checklist

As a self-employed individual, your deadline to file your 2015 return is midnight on June 16, 2015. Use this checklist to make sure you don't miss anything.

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Crop Share: Farm or Rental Income?

CRA considers that a crop share received by a landowner is rental income and not income from farming. However, you could be considered to be in the business of farming if the sharecropper is an employee who receives a crop share in lieu of salary.


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2016 Ontario Budget

“Jobs For Today & Tomorrow!” On February 25, 2016, the Honourable Charles Sousa presented his 5th budget as Minister of Finance. Continuing on its path to balance the budget in 2017-18, the government’s plan for economic growth and job creation focuses on 4 tenets:

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2016 New Brunswick Budget

New Brunswick Finance Minister Roger Melanson delivered the province’s 2016 budget increasing the corporate tax rate and decreasing the personal income tax.

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