Understanding the Capital Gains Exemption for Your Canadian Farm Property
FBC Blog
by
2w ago
When the time comes to sell the family farm, understanding capital gains taxes—and capital gains exemptions—can help ensure you keep all of the profits from the sale that you are entitled to. If you sell your farm for more than you paid for it originally (minus the expenses incurred to sell ..read more
Visit website
TFSA vs. a Personal Account: What’s the Difference, and Which Is Right for You?
FBC Blog
by
1M ago
Whether you want to establish an emergency fund, set aside money for retirement, or compile cash for a down payment on a house, you might think your only option is to open a savings account at your local bank. Although a savings account is a fantastic way to save money, there ..read more
Visit website
Top 7 Tax Write-Offs Canadian Independent Contractors Should Claim
FBC Blog
by
1M ago
As an independent contractor, you’re in control of when you work, who you work for, and how much you charge for your goods or services. But, when you’re your own boss, you’re also in charge of paying your own taxes. Although the Canada Revenue Agency (CRA) clearly defines what it means ..read more
Visit website
Pros and Cons of Doing Your Own Corporate Taxes
FBC Blog
by
1M ago
In an attempt to save money, small business owners often ask, “Can I do my own corporate taxes?” Our answer is: “Yes, of course you can!” However, it’s important to know what you are getting yourself into because DIY business tax filing can end up costing far more than hiring a ..read more
Visit website
New Trust Reporting and Filing Rules in Canada
FBC Blog
by
1M ago
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 a ..read more
Visit website
What is the TFSA Limit for 2024?
FBC Blog
by
2M ago
The Canada Revenue Agency (CRA) has announced the 2024 Tax Free Savings Account (TFSA) contribution limit is $7,000. This is up from the 2023 contribution limit of $6,500. Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your ..read more
Visit website
Consequences of Not Filing Business Tax Returns in Canada
FBC Blog
by
3M ago
Every small business owner needs to file a tax return annually. Not everyone does though. This can result in serious consequences. The imposes penalties on Canadian business owners who do not file a tax return, make false statements, or underreport their income. In the case of willful fraud ..read more
Visit website
Tax Tips for Bringing Personal Assets into a Business
FBC Blog
by
3M ago
Most small business owners use some of their personal assets to get their businesses up and running. In fact, banks want to see that you have a personal stake in the business before lending any money. In addition to seeing you use your personal money, this can also include using personal ..read more
Visit website
Charitable Donations: Personal or From My Corporation?
FBC Blog
by
3M ago
The first question you need to ask is, “Will you receive a registered charitable receipt?” When preparing taxes, you receive a greater tax benefit as an individual for donations made to a registered Canadian charity than you would as a corporate entity. Donations to a registered charity, e.g., Canadian Cancer Society ..read more
Visit website
When Should You Collect GST/HST?
FBC Blog
by
4M ago
Like most small business owners, Canadian farmers are responsible for collecting sales tax on goods and services made in Canada. However, unlike other industries, many farm products are exempt from sales taxes. The goods and services tax (GST) is a nationwide 5 percent sales tax collected by almost all businesses. However ..read more
Visit website

Follow FBC Blog on FeedSpot

Continue with Google
Continue with Apple
OR