FBC Farm and Small Business Tax Consultants

Here's something every business owner in Canada should know 👇

A recent tax case caught our attention — and it's a good reminder of why bookkeeping matters way more than most people think.

The CRA audited a company and found millions in bank deposits that weren't clearly explained in their books. Because the records couldn't account for the transactions, the CRA reconstructed the company's income on their own terms.

The outcome? Millions in reassessed income and a big unexpected tax bill. 😬

The thing is — not all of those deposits were even income. But without documentation to prove it, the CRA treated them like they were.

Loans, account transfers, refunds, shareholder contributions — these are all normal business transactions. They just need to be recorded clearly.

If you run a business, your bookkeeping is your protection. Don't wait until tax season to sort it out.

📖 Read the full blog here:

Weekly Advice: When Bad Bookkeeping Turns into a Tax Disaster A recent Canadian tax case shows how poor bookkeeping can trigger CRA reassessments. Learn why accurate records protect your business from costly tax surprises.

Alberta Budget 2026 is out! There are no changes to corporate or personal income tax rates, but several targeted measures will affect planning over the next two years:

• Tourism levy increasing to 6% (April 1, 2026)
• New 6% passenger vehicle rental tax (expected 2027)
• New Alberta Caregiver Credit beginning 2027
• Education property tax increases for 2026–27

This isn’t a rate-change budget. It’s a cost-and-cash-flow budget.

For Alberta businesses and families, now is a good time to revisit forecasts and planning assumptions.

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Weekly Advice Column: Alberta Budget 2026 AB Budget 2026 holds income tax rates steady, but higher travel levies, property taxes, & a new caregiver credit will affect families & businesses.

Planning Ahead Pays Off — Even at Tax Time

The RRSP deadline is coming up. For small business owners and farmers, an RRSP contribution can be a strategic way to smooth out higher-income years, reduce tax owing, and strengthen your long-term retirement plan.

Smart tax planning isn’t about reacting at the last minute — it’s about making informed decisions that support your future. If you’re unsure whether contributing makes sense this year, let’s talk.

Tax season is in full effect and deadlines are coming up fast. When pressure builds, it is easy to focus only on filing quickly. Taking a more thoughtful approach can make a real difference. Preparation, accuracy, and clarity help reduce stress and create confidence moving forward.

As deadlines approach, now is a good time to check in, get organized, and make sure your tax season stays manageable.

Read more here: https://bit.ly/3NrdjuN

The Pressure Is On: Tax Season Is in Full Effect Tax season is in full effect and deadlines are approaching quickly. Learn how preparation and clarity can help reduce pressure and avoid last minute stress.

Valentine’s Day is a good reminder to check in on the relationships that matter, including the one you have with your business.

Loving your business does not mean working longer hours or pushing harder. It means understanding where it stands, planning ahead, and creating the structure it needs to support you in the long term.

This Valentine’s Day, consider what caring for your business really looks like and whether it is set up to support the future you want.

Read more here:

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Canada’s Federal Budget strikes a balance between investment and fiscal restraint, and contains several updates that matter to Canadian small business owners. From expanded write-offs and innovation incentives to updated rules around corporate structures and transfer pricing, there are opportunities worth understanding as you head into the new year.

Highlights that may impact your business include:
• Immediate expensing for qualifying buildings to improve cash flow.
• A higher SR&ED refundable tax credit limit for research and development.
• Enhanced clean economy incentives that now cover more sectors.
• Updated dividend deferral and transfer pricing rules that may affect corporate planning.

Whether you’re investing in growth, reviewing your structure, or planning ahead for tax season, it’s a good time to think about how these changes could support your strategy.

Read More:

What Budget 2025 Means for Small Business Owners No tax rate changes, but key opportunities in expensing, SR&ED, and housing reform.

Business tax preparation is often treated as a deadline-driven task. File the return, meet the requirement, and move on. However, professional business tax preparation works differently. It focuses on accuracy, compliance, and creating a clear picture of your business so there are fewer surprises and more confidence moving forward.

We explore why professional tax preparation matters beyond filing and how it supports long-term business stability. Understanding the nuances of tax regulations and leveraging strategic tax planning can empower your business to thrive, ensuring you are well-prepared not just for this year, but for many years to come. By partnering with knowledgeable tax advisors, you gain insights that can help you navigate the complexities of business taxation, enabling you to make informed decisions that drive growth.

Read more: https://bit.ly/4jPW02K

Professional Business Tax Preparation and Filing Explained Professional business tax preparation goes beyond filing to ensure accuracy, compliance, and confidence for small business owners.

As businesses grow, tax decisions become more complex and small oversights can add up.

That’s why more small business owners are choosing to work with tax specialists. Not just to file accurately, but to understand their numbers, plan ahead, and ensure their tax strategy aligns with their business goals.

We’ve shared why this shift is happening and what it means for long-term stability.

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Why More Small Businesses Are Turning to Tax Specialists For many small business owners, tax filing has traditionally been treated as a once-a-year task: gather the documents, submit the return, and move on. But that mindset is changing. Across Canada…

Tax season shouldn’t be the first time you think about your taxes. Tax planning helps small business owners understand what’s coming before the return is filed not after. It’s proactive, compliant, and designed to support better decisions all year long.

If you’ve ever been surprised by a tax bill, this one’s worth a read.
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What Is Tax Planning and Why It Matters for Your Business Learn what tax planning is and why it matters for Canadian small business owners seeking clarity, compliance, and control.

The Building Canada Strong budget is here and this time, there’s not much for small business owners to scramble over.

No tax rate changes.
No sweeping new programs.

Just targeted incentives for manufacturers, innovators, and clean-tech investors and the Underused Housing Tax will be repealed starting in 2025.

After years of ongoing adjustments, a little stability might be exactly what business owners need.

At FBC, we help entrepreneurs plan ahead through every Budget — busy or quiet. If you’d like to talk about what this means for your business, we’re here to help.

You can read the full budget summary here https://bit.ly/49BD7NJ