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Hand holding alarm clock with hands moving from the year 2022 to 2023
October 18, 2022 Article

End-of-Year Tax Planning Tips

The end of the year is rapidly approaching, which commonly brings about a time when business owners reflect on taxes. There are a few considerations that owners can contemplate to help maximize tax efficiency. Below are some immediate things you can contemplate and
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Black graduation hat with dollar sign tag hanging off end of hat
September 28, 2022 Article

Tuition Savings Strategies for Business Owners

No matter how you slice it, paying for college or university tuition is costly. A 2018 survey of 23,000 students by MacLeans Magazine put the average annual cost of college or university at close to $20,000. For families with young children, the cost will only get
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Illustration of man measuring giant percentage symbol
August 24, 2022 Article

CRA Prescribed Rate Rising – What Does it Mean for You?

The impact of rising interest rates by the Bank of Canada are being felt in many places, including the Canada Revenue Agency. Effective October 1st, the CRA prescribed base interest rate will be rising to 3% (currently at 2%) for the fourth quarter of 2022. The
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Happy contractor sitting in car
July 17, 2019 Article

Independent Contractor vs. Employee

Determining whether you’re an employee or a contractor is a critical decision with important consequences for both the worker and payer (the company, employer or individual paying for the work). Employee or contractor? It might sound like an easy distinction to make,
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Avoid CRA Audits
November 3, 2017 Article

How to Avoid CRA Audits: Staying Under Their Radar

There are ways to stay below the Canada Revenue Agency’s (CRA) radar and, aside from correct and iron-clad calculations on tax returns, being proactive is chief among them. The trick, through proper planning and review, is to avoid sending them an invitation to do
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Personal Services Business (PSB)
November 3, 2017 Article

Personal Services Business – Avoid the Trap

The last thing you want when you incorporate your business is for the Canada Revenue Agency (CRA) to label you a personal services business (PSB). If CRA determines an incorporated individual working as a contractor is just an employee of the company they are
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