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LOCATIONS - FBC
PHONE: New Inquiries: (778) 738-2007 Members Only: (250) 768-8750 USE “RIGHTS OR THINGS” TO SAVE ESTATE INCOME TAX If you decide to file a separate return for rights or things you have to file it by the later of 90 days after CRA mails the Notice of Assessment or Notice of Reassessment for the final return or one year after the date of death.. In some cases you can delay paying part of the tax owing from rights or things, but CRA will charge interest on the unpaid amount from the day after the due date to TAX DEDUCTIONS FOR CANADIAN FARMERS It must be deducted over a period of years. Silos for example are considered Class 8 property which allows you to deduct 20% for your annual CCA. Tractors, trailers and trucks are typically considered Class 10 which allows for 30% CCA. There are different rules and classes depending on the asset, its use and its value. WHAT’S CRA’S POSITION ON FAMILY GIFTS? What’s CRA’s Position on Family Gifts? Last updated: Nov. 29, 2017. Last updated November 23, 2020. 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 andsatisfying for the
CANADIAN TAX RESPONSIBILITIES WHEN CLOSING A BUSINESS Close your GST/HST Account. If your business makes more than $30,000 a year, it collects GST/HST taxes and forwards these payments to the CRA. If your business makes less than $1.5 million, the funds are remitted annually. If revenue is between $1.5 million to $6 million, you pay quarterly and anything above $6 million, you pay monthly. TAX ADVANTAGES OF OPERATING A HOME-BASED BUSINESS Income Tax Advantages. One of the benefits of operating a home-based business is being able to take advantage of unique tax deductions that allow you to reduce the amount of taxes you have to pay. It’s better to have that extra money in your pocket than with the Canada RevenueAgency.
CREATING A SUCCESSION PLAN FOR YOUR SMALL BUSINESS CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FARMLAND COMPLICATES HOUSE EXEMPTION Farmland Complicates House Exemption. October 1, 2004. The principal residence exemption is one of the largest tax breaks in the Canadian personal tax system. It can entirely eliminate tax on capital gain incurred when a principal residence is sold. For a property to qualify as your principal residence in a given tax year, you must first own it FBC - WE MAKE LIFE LESS TAXINGCONTACT USCOVID-19 RESOURCESABOUT USFARMSMALL BUSINESSHOW WE HELP profits to the CRA When small business owners file late, they pay for it. There's still time to protect your bottom line. It's as easy as FBC. Book My Free 15-min Consult We won't let you overpay theLOCATIONS - FBC
PHONE: New Inquiries: (778) 738-2007 Members Only: (250) 768-8750 USE “RIGHTS OR THINGS” TO SAVE ESTATE INCOME TAX If you decide to file a separate return for rights or things you have to file it by the later of 90 days after CRA mails the Notice of Assessment or Notice of Reassessment for the final return or one year after the date of death.. In some cases you can delay paying part of the tax owing from rights or things, but CRA will charge interest on the unpaid amount from the day after the due date to TAX DEDUCTIONS FOR CANADIAN FARMERS It must be deducted over a period of years. Silos for example are considered Class 8 property which allows you to deduct 20% for your annual CCA. Tractors, trailers and trucks are typically considered Class 10 which allows for 30% CCA. There are different rules and classes depending on the asset, its use and its value. WHAT’S CRA’S POSITION ON FAMILY GIFTS? What’s CRA’s Position on Family Gifts? Last updated: Nov. 29, 2017. Last updated November 23, 2020. 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 andsatisfying for the
CANADIAN TAX RESPONSIBILITIES WHEN CLOSING A BUSINESS Close your GST/HST Account. If your business makes more than $30,000 a year, it collects GST/HST taxes and forwards these payments to the CRA. If your business makes less than $1.5 million, the funds are remitted annually. If revenue is between $1.5 million to $6 million, you pay quarterly and anything above $6 million, you pay monthly. TAX ADVANTAGES OF OPERATING A HOME-BASED BUSINESS Income Tax Advantages. One of the benefits of operating a home-based business is being able to take advantage of unique tax deductions that allow you to reduce the amount of taxes you have to pay. It’s better to have that extra money in your pocket than with the Canada RevenueAgency.
CREATING A SUCCESSION PLAN FOR YOUR SMALL BUSINESS CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FARMLAND COMPLICATES HOUSE EXEMPTION Farmland Complicates House Exemption. October 1, 2004. The principal residence exemption is one of the largest tax breaks in the Canadian personal tax system. It can entirely eliminate tax on capital gain incurred when a principal residence is sold. For a property to qualify as your principal residence in a given tax year, you must first own it CANADA EMERGENCY STUDENT BENEFIT The Canada Emergency Student Benefit (CESB) will provide support to students and new graduates who can’t find work due to COVID-19. Eligible applicants will receive $1,250 per month from May to August or $2,000 per month if they have a disability or are taking care ofsomeone else.
PAYROLL SUBSCRIPTION HOW WE SUPPORT OUR MEMBERS "I was 2 years behind on my tax returns and faced a CRA audit. That's when I found FBC and they saved my business"– Darcy K.
PAYING FAMILY TO HELP YOUR FARM OR SMALL BUSINESS Paying Family to Help Your Farm or Small Business. January 9, 2005. Don’t miss an opportunity to pay your spouse and your children for work done to help the business. Canada Revenue Agency (CRA) has no problems with you paying family members as a tax-saving strategy so long as you meet two key conditions. Don’t miss an opportunity topay
CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
RESTRICTED FARM LOSSES AND THE PART-TIME FARMER The restricted farm loss regime in section 31 represents a carve-out of the overall farm loss rules in the Act. These rules have a potentially devastating impact upon the part-time farmer. Where farming, together with incidental activities, represents the principal or chief source of business income, which generally speaking meansmore than 50%
TAX COST OF NOT KEEPING A VEHICLE KILOMETRE LOG BOOK CRA commonly challenges such claims. If the business-use cannot be supported or verified, the vehicle will be classified as a passenger vehicle subject to the $30,000 capital cost limit for CCA and GST ITCs, $800 per month leasing costs and $300 per month interest deduction limits. If the km log supports the thresholds, the vehiclewill be
TAX TIPS FOR BRINGING PERSONAL ASSETS INTO A BUSINESS Since 1952, the tax experts at FBC have worked exclusively with small business owners, self-employed contractors, farm operators, independent contractors, and entrepreneurs, prepare and file their annual taxes accurately and on time. For more information on FBC and the services we offer, call us today at 1-800-265-1002 or submit anonline form
CROP SHARE: FARM OR RENTAL INCOME? It is not unusual to see landlords share 18 to 35% of the crop. In most cases, the Canada Revenue Agency considers that a crop share received by a landowner is rental income and not income from farming. However, the landowner could be considered to be in the business of farming if the sharecropper is an employee who receives a crop sharein
SHOULD I USE AN RRSP OR TFSA AS A BUSINESS OWNER? A TFSA should be funded first, since you are in the lowest tax bracket and reducing your taxable income won’t further lower your tax rate. If you’re earning more than $95,000: In this case, your tax rate approaches 40%, therefore investing in an RRSP will benefit you themost by
IS REVENUE FROM OIL COMPANIES FOR LAND LEASE TAXABLE? Farmers should consult with their financial or tax adviser on how best to structure it for tax purposes before signing such a lease. This article by Grant Diamond first appeared in Western Producer, September 5, 2013.Grant is a tax consultant out of our Saskatoon office. FBC - WE MAKE LIFE LESS TAXINGCONTACT USCOVID-19 RESOURCESABOUT USFARMSMALL BUSINESSHOW WE HELP profits to the CRA When small business owners file late, they pay for it. There's still time to protect your bottom line. It's as easy as FBC. Book My Free 15-min Consult We won't let you overpay theLOCATIONS - FBC
PHONE: New Inquiries: (778) 738-2007 Members Only: (250) 768-8750 CANADA EMERGENCY STUDENT BENEFIT USE “RIGHTS OR THINGS” TO SAVE ESTATE INCOME TAX If you decide to file a separate return for rights or things you have to file it by the later of 90 days after CRA mails the Notice of Assessment or Notice of Reassessment for the final return or one year after the date of death.. In some cases you can delay paying part of the tax owing from rights or things, but CRA will charge interest on the unpaid amount from the day after the due date to WHAT’S CRA’S POSITION ON FAMILY GIFTS? What’s CRA’s Position on Family Gifts? Last updated: Nov. 29, 2017. Last updated November 23, 2020. 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 andsatisfying for the
TAX DEDUCTIONS FOR CANADIAN FARMERS It must be deducted over a period of years. Silos for example are considered Class 8 property which allows you to deduct 20% for your annual CCA. Tractors, trailers and trucks are typically considered Class 10 which allows for 30% CCA. There are different rules and classes depending on the asset, its use and its value. TAX ADVANTAGES OF OPERATING A HOME-BASED BUSINESS Income Tax Advantages. One of the benefits of operating a home-based business is being able to take advantage of unique tax deductions that allow you to reduce the amount of taxes you have to pay. It’s better to have that extra money in your pocket than with the Canada RevenueAgency.
CREATING A SUCCESSION PLAN FOR YOUR SMALL BUSINESS CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FARMLAND COMPLICATES HOUSE EXEMPTION Farmland Complicates House Exemption. October 1, 2004. The principal residence exemption is one of the largest tax breaks in the Canadian personal tax system. It can entirely eliminate tax on capital gain incurred when a principal residence is sold. For a property to qualify as your principal residence in a given tax year, you must first own it FBC - WE MAKE LIFE LESS TAXINGCONTACT USCOVID-19 RESOURCESABOUT USFARMSMALL BUSINESSHOW WE HELP profits to the CRA When small business owners file late, they pay for it. There's still time to protect your bottom line. It's as easy as FBC. Book My Free 15-min Consult We won't let you overpay theLOCATIONS - FBC
PHONE: New Inquiries: (778) 738-2007 Members Only: (250) 768-8750 CANADA EMERGENCY STUDENT BENEFIT USE “RIGHTS OR THINGS” TO SAVE ESTATE INCOME TAX If you decide to file a separate return for rights or things you have to file it by the later of 90 days after CRA mails the Notice of Assessment or Notice of Reassessment for the final return or one year after the date of death.. In some cases you can delay paying part of the tax owing from rights or things, but CRA will charge interest on the unpaid amount from the day after the due date to WHAT’S CRA’S POSITION ON FAMILY GIFTS? What’s CRA’s Position on Family Gifts? Last updated: Nov. 29, 2017. Last updated November 23, 2020. 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 andsatisfying for the
TAX DEDUCTIONS FOR CANADIAN FARMERS It must be deducted over a period of years. Silos for example are considered Class 8 property which allows you to deduct 20% for your annual CCA. Tractors, trailers and trucks are typically considered Class 10 which allows for 30% CCA. There are different rules and classes depending on the asset, its use and its value. TAX ADVANTAGES OF OPERATING A HOME-BASED BUSINESS Income Tax Advantages. One of the benefits of operating a home-based business is being able to take advantage of unique tax deductions that allow you to reduce the amount of taxes you have to pay. It’s better to have that extra money in your pocket than with the Canada RevenueAgency.
CREATING A SUCCESSION PLAN FOR YOUR SMALL BUSINESS CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FARMLAND COMPLICATES HOUSE EXEMPTION Farmland Complicates House Exemption. October 1, 2004. The principal residence exemption is one of the largest tax breaks in the Canadian personal tax system. It can entirely eliminate tax on capital gain incurred when a principal residence is sold. For a property to qualify as your principal residence in a given tax year, you must first own it PAYROLL SUBSCRIPTION HOW WE SUPPORT OUR MEMBERS "I was 2 years behind on my tax returns and faced a CRA audit. That's when I found FBC and they saved my business"– Darcy K.
YOU RECEIVED YOUR CRA NOTICE OF ASSESSMENT. NOW WHAT? Last updated: Jun. 5, 2021 . After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency(CRA).
NOVA SCOTIA: SMALL BUSINESS REOPENING AND SUPPORT GRANT The province announced a new fund that will provide small businesses with a one-time grant of up to $5,000 to help them safely reopen. They’re also offering a voucher of up to $1,500 for consulting services to help businesses adapt to COVID-19. Note: the grant is intended to help businesses reopen and adapt to COVID-19, not toreplace lost
CANADIAN TAX RESPONSIBILITIES WHEN CLOSING A BUSINESS Close your GST/HST Account. If your business makes more than $30,000 a year, it collects GST/HST taxes and forwards these payments to the CRA. If your business makes less than $1.5 million, the funds are remitted annually. If revenue is between $1.5 million to $6 million, you pay quarterly and anything above $6 million, you pay monthly. DETERMINING PROVINCE OF RESIDENCE FOR INCOME TAX January 1, 2010. Your province of residence for the purposes of computing provincial tax payable is where you have the most significant residential ties. Because marginal income tax rates can vary significantly by province, a growing number of Canadian taxpayers are looking for ways to shift income to a province with better rates. TAX ADVANTAGE OF DIFFERENT BUSINESS STRUCTURES Different business structures offer unique advantages and limitations that you should be aware of. There are 4 types of business structures, each with their own tax structures: Sole Proprietorship. Partnership, Corporation. Co-operative. Below is a description of each business type and some of the benefits and potential drawbacks. 1. CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FACTS ABOUT FULL-TIME, PART-TIME & HOBBY FARMING TAXES A farm is considered to be a part-time operation if there is a reasonable expectation of profit but, the operator’s main source of income does not come from farming. Like a full-time farmer, a part-time farmer can claim deductions for home office expenses and farming business expenses. But unlike full-time farmers, part-timefarmers can only
TAX COST OF NOT KEEPING A VEHICLE KILOMETRE LOG BOOK CRA commonly challenges such claims. If the business-use cannot be supported or verified, the vehicle will be classified as a passenger vehicle subject to the $30,000 capital cost limit for CCA and GST ITCs, $800 per month leasing costs and $300 per month interest deduction limits. If the km log supports the thresholds, the vehiclewill be
SHOULD I USE AN RRSP OR TFSA AS A BUSINESS OWNER? A TFSA should be funded first, since you are in the lowest tax bracket and reducing your taxable income won’t further lower your tax rate. If you’re earning more than $95,000: In this case, your tax rate approaches 40%, therefore investing in an RRSP will benefit you themost by
FBC - WE MAKE LIFE LESS TAXINGCONTACT USCOVID-19 RESOURCESABOUT USFARMSMALL BUSINESSHOW WE HELP profits to the CRA When small business owners file late, they pay for it. There's still time to protect your bottom line. It's as easy as FBC. Book My Free 15-min Consult We won't let you overpay theLOCATIONS - FBC
PHONE: New Inquiries: (778) 738-2007 Members Only: (250) 768-8750 CANADA EMERGENCY STUDENT BENEFIT USE “RIGHTS OR THINGS” TO SAVE ESTATE INCOME TAX If you decide to file a separate return for rights or things you have to file it by the later of 90 days after CRA mails the Notice of Assessment or Notice of Reassessment for the final return or one year after the date of death.. In some cases you can delay paying part of the tax owing from rights or things, but CRA will charge interest on the unpaid amount from the day after the due date to WHAT’S CRA’S POSITION ON FAMILY GIFTS? What’s CRA’s Position on Family Gifts? Last updated: Nov. 29, 2017. Last updated November 23, 2020. 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 andsatisfying for the
TAX DEDUCTIONS FOR CANADIAN FARMERS It must be deducted over a period of years. Silos for example are considered Class 8 property which allows you to deduct 20% for your annual CCA. Tractors, trailers and trucks are typically considered Class 10 which allows for 30% CCA. There are different rules and classes depending on the asset, its use and its value. TAX ADVANTAGES OF OPERATING A HOME-BASED BUSINESS Income Tax Advantages. One of the benefits of operating a home-based business is being able to take advantage of unique tax deductions that allow you to reduce the amount of taxes you have to pay. It’s better to have that extra money in your pocket than with the Canada RevenueAgency.
CREATING A SUCCESSION PLAN FOR YOUR SMALL BUSINESS CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FARMLAND COMPLICATES HOUSE EXEMPTION Farmland Complicates House Exemption. October 1, 2004. The principal residence exemption is one of the largest tax breaks in the Canadian personal tax system. It can entirely eliminate tax on capital gain incurred when a principal residence is sold. For a property to qualify as your principal residence in a given tax year, you must first own it FBC - WE MAKE LIFE LESS TAXINGCONTACT USCOVID-19 RESOURCESABOUT USFARMSMALL BUSINESSHOW WE HELP profits to the CRA When small business owners file late, they pay for it. There's still time to protect your bottom line. It's as easy as FBC. Book My Free 15-min Consult We won't let you overpay theLOCATIONS - FBC
PHONE: New Inquiries: (778) 738-2007 Members Only: (250) 768-8750 CANADA EMERGENCY STUDENT BENEFIT USE “RIGHTS OR THINGS” TO SAVE ESTATE INCOME TAX If you decide to file a separate return for rights or things you have to file it by the later of 90 days after CRA mails the Notice of Assessment or Notice of Reassessment for the final return or one year after the date of death.. In some cases you can delay paying part of the tax owing from rights or things, but CRA will charge interest on the unpaid amount from the day after the due date to WHAT’S CRA’S POSITION ON FAMILY GIFTS? What’s CRA’s Position on Family Gifts? Last updated: Nov. 29, 2017. Last updated November 23, 2020. 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 andsatisfying for the
TAX DEDUCTIONS FOR CANADIAN FARMERS It must be deducted over a period of years. Silos for example are considered Class 8 property which allows you to deduct 20% for your annual CCA. Tractors, trailers and trucks are typically considered Class 10 which allows for 30% CCA. There are different rules and classes depending on the asset, its use and its value. TAX ADVANTAGES OF OPERATING A HOME-BASED BUSINESS Income Tax Advantages. One of the benefits of operating a home-based business is being able to take advantage of unique tax deductions that allow you to reduce the amount of taxes you have to pay. It’s better to have that extra money in your pocket than with the Canada RevenueAgency.
CREATING A SUCCESSION PLAN FOR YOUR SMALL BUSINESS CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FARMLAND COMPLICATES HOUSE EXEMPTION Farmland Complicates House Exemption. October 1, 2004. The principal residence exemption is one of the largest tax breaks in the Canadian personal tax system. It can entirely eliminate tax on capital gain incurred when a principal residence is sold. For a property to qualify as your principal residence in a given tax year, you must first own it PAYROLL SUBSCRIPTION HOW WE SUPPORT OUR MEMBERS "I was 2 years behind on my tax returns and faced a CRA audit. That's when I found FBC and they saved my business"– Darcy K.
YOU RECEIVED YOUR CRA NOTICE OF ASSESSMENT. NOW WHAT? Last updated: Jun. 5, 2021 . After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency(CRA).
NOVA SCOTIA: SMALL BUSINESS REOPENING AND SUPPORT GRANT The province announced a new fund that will provide small businesses with a one-time grant of up to $5,000 to help them safely reopen. They’re also offering a voucher of up to $1,500 for consulting services to help businesses adapt to COVID-19. Note: the grant is intended to help businesses reopen and adapt to COVID-19, not toreplace lost
CANADIAN TAX RESPONSIBILITIES WHEN CLOSING A BUSINESS Close your GST/HST Account. If your business makes more than $30,000 a year, it collects GST/HST taxes and forwards these payments to the CRA. If your business makes less than $1.5 million, the funds are remitted annually. If revenue is between $1.5 million to $6 million, you pay quarterly and anything above $6 million, you pay monthly. DETERMINING PROVINCE OF RESIDENCE FOR INCOME TAX January 1, 2010. Your province of residence for the purposes of computing provincial tax payable is where you have the most significant residential ties. Because marginal income tax rates can vary significantly by province, a growing number of Canadian taxpayers are looking for ways to shift income to a province with better rates. TAX ADVANTAGE OF DIFFERENT BUSINESS STRUCTURES Different business structures offer unique advantages and limitations that you should be aware of. There are 4 types of business structures, each with their own tax structures: Sole Proprietorship. Partnership, Corporation. Co-operative. Below is a description of each business type and some of the benefits and potential drawbacks. 1. FARM CORPORATION SHARES AND CAPITAL GAINS The lifetime capital gains exemption (LCGE) for farmers, fishers and incorporated small business owners was increased to $750,000 in 2007. While that is good news for farmers, you still want to make sure that any shares you hold in a family farm corporation meet the criteria that will make them eligible for the LCGE when you dispose of them. CONSEQUENCES OF NOT FILING BUSINESS TAX RETURNS IN The tax and legal consequences for tax evasion and fraud can be strict. Those who are convicted of tax evasion can face the following criminal penalties: Jail time (though this is not common) Fines of up to 200% of the amount the filer is trying to avoid paying. Using a tax consultant who specializes in your industry can ensure you’remeeting
FACTS ABOUT FULL-TIME, PART-TIME & HOBBY FARMING TAXES A farm is considered to be a part-time operation if there is a reasonable expectation of profit but, the operator’s main source of income does not come from farming. Like a full-time farmer, a part-time farmer can claim deductions for home office expenses and farming business expenses. But unlike full-time farmers, part-timefarmers can only
TAX COST OF NOT KEEPING A VEHICLE KILOMETRE LOG BOOK CRA commonly challenges such claims. If the business-use cannot be supported or verified, the vehicle will be classified as a passenger vehicle subject to the $30,000 capital cost limit for CCA and GST ITCs, $800 per month leasing costs and $300 per month interest deduction limits. If the km log supports the thresholds, the vehiclewill be
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* Process My Payroll* Member Services
* Free 15-minute Consultation * Covid-19 Resource Centre* Who We Help
* Agriculture
* Construction
* Transportation
* Other Small Business* Why Choose FBC
* More
* LEARNING CENTRE
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OVER 65 YEARS OF HELPING FARM AND SMALL BUSINESS OWNERS SUCCEED IF THERE'S A BUCK TO BE MADE, YOU SHOULD BE THE ONE TO MAKE IT. ANDKEEP IT.
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Over 65 years supporting Canadian farm and small business owners.$37M
FBC saved Canadian businesses over $37 million in taxes last year.20K
Over 20,000 Canadian businesses choose FBC for accounting support. OVER 65 YEARS AND GOING STRONG FBC TAKES CARE OF THE PAPERWORK SO YOU CAN TAKE CARE OF YOUR FAMILY With 12 offices and over 300 employees, FBC has helped Canadian small businesses succeed for three generations. Book My Free 15-min ConsultWhy People Trust Us
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If you owe income tax - even if you're self-employed - you still have to pay by April 30 or face CRA interest charges. Missed the payment deadline? You can still get yourself organized for the June 15th filing deadline our Tax Prep Toolkit and set yourself up to maximize your tax savings. Download My Free Toolkit Book My Free 15-min ConsultFBC MEMBERS SAY
"FBC HAS ALWAYS BEEN THERE WHEN I NEEDED THEM, AND THIS WAS PROVEN BY THE GREAT JOB THEY DID WITH THE 2018 GST AUDIT THEY WORKED WITH ME ON OVER THE LAST YEAR." - LARRY B. (SASKATCHEWAN) FBC MEMBER SINCE 2004Why People Trust Us
Maximizing assets and minimizing income taxes for Canadian farm and small business owners since 1952.* YouTube
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