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Did you know that after the 2026 tax filing deadlines, more than 7.5 million Canadians owed money to the Canada Revenue Agency (CRA)? If you're one of them, you're not alone—but delaying payment can become much more expensive than many people realize. One of the biggest reasons to act quickly is interest. While the CRA's prescribed interest rate remains at 3% for the first half of 2026, taxpayers who owe money are charged 7% interest on overdue income taxes, Canada Pension Pl

One of the most common questions small business owners ask is how much they should set aside for taxes. While there is no single number that works for everyone, understanding the main factors that affect your tax bill can help you plan with confidence. Setting aside the right amount protects your cash flow, reduces stress during tax season, and keeps your business on track. The amount you need to save depends on a few key elements. Your business structure is one of the bigges

The holiday season is an exciting time for small businesses, but it can also bring financial challenges. Planning ahead and managing your finances carefully ensures that you finish the year strong and start the new year on the right foot. Here are some practical tips to keep your business financially healthy during the holidays. 1. Review Your Cash Flow Before the holiday rush, check your cash flow. Knowing what money is coming in and going out helps you make informed decisio

When you run a business, structuring it correctly from the start is essential. The type of corporation you register affects how you’re taxed, what deductions you can claim, and even your risk of a CRA audit. we see many business owners overlook these details — creating more work and more tax exposure than needed. What are the main corporation types? In Canada, the Canada Revenue Agency defines several different corporation types: ⦁ Canadian-controlled private corporation (CC

If you’re a small business owner, employee, or an entrepreneur, understanding how to handle vehicle expenses for tax time is key. With the end of the year approaching, it’s a good moment to review how auto expense deductions work — and how to make sure you’re claiming them correctly. If you use a vehicle for work or business, you may be able to deduct some of those costs — but the allowable deductions depend on how you earn your income. The rules for salaried employees diffe

When it comes to managing your business finances, understanding the difference between Cost of Goods Sold (COGS) and Operating Expenses...

When running a corporation, one major decision shareholders face is how to pay themselves: salary or dividends. Both options have pros...