Articles: Financial Planning

Long hours, harsh conditions, and a constant battle against the clock. As a truck driver, you’ve got a lot on your plate. But what about your taxes?

Long hours, harsh conditions, and a constant battle against the clock. As a truck driver, you’ve got a lot on your plate. But what about your taxes?

Update (March 2025): The federal government has cancelled the proposed capital gains inclusion rate increase, but the Lifetime Capital Gains Exemption (LCGE) will still rise to $1.25M. Read the official announcement here. We will update this content once the LGCE legislation is passed. If you are renting out your farmland, you could unexpectedly negate your ability … Read more

What Happens If I Pay My Relative an “Unreasonable” Salary from My Corporation?  Many Canadian-Controlled Private Corporations (CCPCs) involve family members in their business and pay them a wage for completing specific job duties. It is also common for CCPCs to have spouses and children as shareholders of the corporation.  However, the Canada Revenue Agency … Read more

As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may initially look attractive to many … Read more

Large gifts of money and property will get CRA’s attention. Follow these tips to limit the tax burden for giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has no gift tax, in some cases a gift can … Read more

The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.  

As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your income tax rates. 2025 … Read more

The Canadian government’s 2024 Fall Economic Statement was released on December 16, 2024, and outlines various initiatives to strengthen the economy.

You’ve worked tirelessly on your farm. Now, it’s time to reap the rewards… and pay as little tax as possible.