Tax Information
Canadian tax information for small or home-based business owners, from GST/HST information through income tax deductions for sole proprietors and Canadian corporations and business tax tips.
Canadian Income Tax and Your Small Business
Do you operate a Canadian small business? This guide presents all the information you need to know about preparing and filing your Canadian income tax return, from which business expenses qualify as legitimate Canadian income tax deductions through details on completing the T1 Personal and T1 Corporate Income Tax Returns.
Do you operate a Canadian small business? This guide presents all the information you need to know about preparing and filing your Canadian income tax return, from which business expenses qualify as legitimate Canadian income tax deductions through details on completing the T1 Personal and T1 Corporate Income Tax Returns.
What's New in Business Taxes for 2008
There's something for everyone in this package of business income tax changes for 2008 and every Canadian small business should see some benefit from these tax reductions. Here's a list of the Canadian federal government's business tax reductions that may affect your business taxes in 2007 and 2008.
There's something for everyone in this package of business income tax changes for 2008 and every Canadian small business should see some benefit from these tax reductions. Here's a list of the Canadian federal government's business tax reductions that may affect your business taxes in 2007 and 2008.
Business Expenses as Tax Deductions Index
A list of common business expenses for Canadian businesses with links to details about using particular business expenses as tax deductions.
A list of common business expenses for Canadian businesses with links to details about using particular business expenses as tax deductions.
Canadian Income Tax FAQs for Small Businesses
Answers to common income tax questions such as which income tax forms to use, claiming business expenses, reporting income from other countries, and what happens if you file your taxes late or can't pay what you owe.
Answers to common income tax questions such as which income tax forms to use, claiming business expenses, reporting income from other countries, and what happens if you file your taxes late or can't pay what you owe.
Top Canadian Tax Software Programs
Tax preparation software isn't just for calculating your taxes; it's also an excellent tax planning tool. Here are the best for small business people filing Canadian T1 (personal) or T2 (corporate) tax returns.
Tax preparation software isn't just for calculating your taxes; it's also an excellent tax planning tool. Here are the best for small business people filing Canadian T1 (personal) or T2 (corporate) tax returns.
6 Home Based Business Tax Deductions You Don’t Want to Miss
One of the advantages of running a home based business is that there are additional income tax deductions that you can claim. How many of these home based business deductions apply to your Canadian home based business?
One of the advantages of running a home based business is that there are additional income tax deductions that you can claim. How many of these home based business deductions apply to your Canadian home based business?
What Business Expenses Can a Canadian Business Claim?
An explanation of the types of business expenses that Canadian businesses are allowed to claim on their income tax in Canada. This information on business expenses is part of the Canadian Income Tax FAQs for small businesses.
An explanation of the types of business expenses that Canadian businesses are allowed to claim on their income tax in Canada. This information on business expenses is part of the Canadian Income Tax FAQs for small businesses.
What Are the Limits on Charitable Donation Deductions?
An explanation of the charitable donation deduction limits for Canadian businesses. This information on charitable deductions is part of the Canadian Income Tax FAQs for small businesses.
An explanation of the charitable donation deduction limits for Canadian businesses. This information on charitable deductions is part of the Canadian Income Tax FAQs for small businesses.
Annual Allowance
This annual allowance definition explains what kinds of eligible capital property need to be treated as an annual allowance on Canadian income tax.
This annual allowance definition explains what kinds of eligible capital property need to be treated as an annual allowance on Canadian income tax.
Canadian Tax Quiz
Take the tax quiz and test your knowledge of tax topics such as the GST/HST and income tax deductions. Do you know enough to stay "on the right side of Revenue Canada"?
Take the tax quiz and test your knowledge of tax topics such as the GST/HST and income tax deductions. Do you know enough to stay "on the right side of Revenue Canada"?
5 Common Business Tax Myths
When it comes to business taxes, ignorance is definitely not bliss; if you’re not aware of the ins and outs of business taxes, and don’t comply fully with the business tax rules, you can end up facing costly penalties. Here are five of the most common business tax myths – and the truth about business tax deductions.
When it comes to business taxes, ignorance is definitely not bliss; if you’re not aware of the ins and outs of business taxes, and don’t comply fully with the business tax rules, you can end up facing costly penalties. Here are five of the most common business tax myths – and the truth about business tax deductions.
Getting Your Tax Records Together for Your Accountant
Make getting your tax records together for your accountant easier with this checklist of the key records your tax accountant will need for your income tax preparation - and learn how to save money on your tax accountant’s fee.
Make getting your tax records together for your accountant easier with this checklist of the key records your tax accountant will need for your income tax preparation - and learn how to save money on your tax accountant’s fee.
How to Find a Good Accountant
The services of a good accountant can be invaluable to your small business - especially when it comes to dealing with taxes . But how do you find a good accountant? These tips for finding a good accountant will help.
The services of a good accountant can be invaluable to your small business - especially when it comes to dealing with taxes . But how do you find a good accountant? These tips for finding a good accountant will help.
Your First Business Income Tax Return
Filing your first income tax return in Canada as a business this year? Here’s what you need to know about completing and filing your T1 Canadian income tax form.
Filing your first income tax return in Canada as a business this year? Here’s what you need to know about completing and filing your T1 Canadian income tax form.
8 Tax Strategies To Maximize Your Income Tax Deductions
Eight tax strategies that you may be able to use to reduce the amount of income tax you pay if you operate a small business in Canada.
Eight tax strategies that you may be able to use to reduce the amount of income tax you pay if you operate a small business in Canada.
Are You an Independent Contractor or an Employee?
Are you an independent contractor or an employee? There’s a big difference when it comes to taxes. This article explains the four-point test the Canada Revenue Agency uses to determine whether a worker is a contractor or an employee and what you can do to clarify your independent contractor status.
Are you an independent contractor or an employee? There’s a big difference when it comes to taxes. This article explains the four-point test the Canada Revenue Agency uses to determine whether a worker is a contractor or an employee and what you can do to clarify your independent contractor status.
Audit Definition
Basic information on audits such as income tax audits, including how long an audit by the Canada Revenue Agency takes and what such an audit involves.
Basic information on audits such as income tax audits, including how long an audit by the Canada Revenue Agency takes and what such an audit involves.
Business Expenses & Business Losses
What happens when you have business expenses but not enough business income to offset them? This explanation will help you make the most of your business loss (part of the income tax FAQ for Canadian small businesses).
What happens when you have business expenses but not enough business income to offset them? This explanation will help you make the most of your business loss (part of the income tax FAQ for Canadian small businesses).
Business Number
Almost every Canadian business needs a business number; here's an explanation of what it is and how to get one.
Almost every Canadian business needs a business number; here's an explanation of what it is and how to get one.
Canada Pension Plan
A definition of the Canada Pension Plan and an explanation of who has to contribute to CPP and how.
A definition of the Canada Pension Plan and an explanation of who has to contribute to CPP and how.
Capital Cost Allowance Class for Computers
A new Capital Cost Allowance class has been created for computer equipment and systems software. Here are the details.
A new Capital Cost Allowance class has been created for computer equipment and systems software. Here are the details.
Don't Miss out on the SR&ED Tax Credit Program
The SR&ED tax credit program is a great deal for Canadian businesses – and it’s not just for corporations or high-tech businesses. Find out how this Research and Development (R&D) tax incentive might apply to your business.
The SR&ED tax credit program is a great deal for Canadian businesses – and it’s not just for corporations or high-tech businesses. Find out how this Research and Development (R&D) tax incentive might apply to your business.
Efile - Electronic Tax Filing for Income Tax Returns
What is Efile and can you use Efile to file your business income taxes? This Efile definition explains and outlines other electronic tax filing options for Canadian businesses.
What is Efile and can you use Efile to file your business income taxes? This Efile definition explains and outlines other electronic tax filing options for Canadian businesses.
How Do I Change My Fiscal Year End?
If you run a Canadian business and want to change your fiscal year end, here’s the procedure for changing your fiscal year.
If you run a Canadian business and want to change your fiscal year end, here’s the procedure for changing your fiscal year.
Internet Business Tax
How are Internet businesses taxed? Here's an explanation. Part of the income tax FAQ for Canadian small businesses.
How are Internet businesses taxed? Here's an explanation. Part of the income tax FAQ for Canadian small businesses.
Maximize Your Small Business Tax Deductions
This first installment of getting ready for tax time covers keeping track of your receipts, small business tax deductions related to the cost of doing business, and income tax deductions for home-based businesses.
This first installment of getting ready for tax time covers keeping track of your receipts, small business tax deductions related to the cost of doing business, and income tax deductions for home-based businesses.
More Ways to Maximize Your Business Tax Deductions
The second installment of small business tax deductions covers vehicle business expenses, travel-related expenses, employing your child or spouse, advertising expenses, and the kind of business expenses that fall into the CRA's 'other' category.
The second installment of small business tax deductions covers vehicle business expenses, travel-related expenses, employing your child or spouse, advertising expenses, and the kind of business expenses that fall into the CRA's 'other' category.
Tax Deductions for Home Based Businesses
How does having a home-based business affect your income tax? This outline of tax deductions specific to home-based businesses explains.
How does having a home-based business affect your income tax? This outline of tax deductions specific to home-based businesses explains.
6 Year End Small Business Tax Tips
Use these six year end small business tax tips to implement tax-saving strategies before the New Year and reduce this year's income tax.
Use these six year end small business tax tips to implement tax-saving strategies before the New Year and reduce this year's income tax.
One-Stop Tax Index
Use this handy guide to find the specific business-related tax information you need on this site and links to the most useful business guides on the CRA (Canada Revenue Agency) site.
Use this handy guide to find the specific business-related tax information you need on this site and links to the most useful business guides on the CRA (Canada Revenue Agency) site.
Provincial Income Tax Comparison
How much income tax will an "average" small business person pay in each province and territory this year? Here's a comparison of several different tax scenarios for a sole proprietor in 2000.
How much income tax will an "average" small business person pay in each province and territory this year? Here's a comparison of several different tax scenarios for a sole proprietor in 2000.
Business and Professional Income Guide
The page where you can download the Canada Revenue Agency Guide that explains what is and isn't considered business or professional income, allowable expenses, the capital cost allowance, and investment tax credits. MUST reading.
The page where you can download the Canada Revenue Agency Guide that explains what is and isn't considered business or professional income, allowable expenses, the capital cost allowance, and investment tax credits. MUST reading.
The Business Number and Your CRA Accounts
If your business is incorporated, involves importing or exporting, making payroll deductions, or collecting the GST and/or HST, you'll need a business number; this Canada Revenue Agency guide clearly explains what a business number is and how to get one.
If your business is incorporated, involves importing or exporting, making payroll deductions, or collecting the GST and/or HST, you'll need a business number; this Canada Revenue Agency guide clearly explains what a business number is and how to get one.
Employee or Self-Employed?
Pamphlet from the Canada Revenue Agency explains the basic distinction between being an employer and working for yourself.
Pamphlet from the Canada Revenue Agency explains the basic distinction between being an employer and working for yourself.
Guide for Canadian Small Businesses
Produced by the CRA, this outstanding guide covers setting up a business, the GST, HST, and excise taxes, payroll deductions, importing and exporting, business expenses, and, of course, income tax. If you haven't already, you should definitely download a copy!
Produced by the CRA, this outstanding guide covers setting up a business, the GST, HST, and excise taxes, payroll deductions, importing and exporting, business expenses, and, of course, income tax. If you haven't already, you should definitely download a copy!
Reconciliation of Business Income for Tax Purposes
A reference for professionals or business people whose usual fiscal period does not end on December 31. Line-by-line instructions are included (CRA; PDF files).
A reference for professionals or business people whose usual fiscal period does not end on December 31. Line-by-line instructions are included (CRA; PDF files).
Request for a Business Number Form
From this CRA page, you can download the request for a business number form in PDF format.
From this CRA page, you can download the request for a business number form in PDF format.
Statement of Business Activities (T2124)
From this CRA page, you can download the Statement of Business Activities form, an integral part of the income tax form for many self-employed entrepreneurs (PDF format).
From this CRA page, you can download the Statement of Business Activities form, an integral part of the income tax form for many self-employed entrepreneurs (PDF format).
Statement of Professional Activities (T2032)
Are you a self-employed professional? From this page, you can download the Statement of Professional Activities income tax form in PDF format (CRA).
Are you a self-employed professional? From this page, you can download the Statement of Professional Activities income tax form in PDF format (CRA).
Tax Services Offices and Tax Centres
This page, providing links to Canada Revenue Agency Tax Centres in each province and territory, makes it easy to find the address and contact numbers of the Tax Centre nearest you.
This page, providing links to Canada Revenue Agency Tax Centres in each province and territory, makes it easy to find the address and contact numbers of the Tax Centre nearest you.
What You Should Know About Audits
No one wants one, but just in case, you might want to read this outline of what happens when you're audited, what your responsibilities are, and what happens if you disagree with an assessment. From the Canada Revenue Agency.
No one wants one, but just in case, you might want to read this outline of what happens when you're audited, what your responsibilities are, and what happens if you disagree with an assessment. From the Canada Revenue Agency.