Business and corporate tax guides for BC and Alberta
These guides cover tax for self-employed people and small corporations in British Columbia and Alberta: paying yourself, corporate tax rates, year-end planning, deductions and credits, home office costs, CRA reviews and penalties, and when incorporating makes sense. They're written for owner-managers who want to understand the numbers before deciding what to do.
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Business tax guides by problem
Year-end planning
Year-end tax planning checklist for business owners
What to review before your year-end: how you pay yourself, purchases, instalments and records.
Read the guide Business taxSmall business tax credits and deductions you might be missing
Deductions and credits small businesses often miss, and the records that support each claim.
Read the guide Personal taxHome office tax deductions in Canada: 2026 guide
Who can claim home office costs, how employees and self-employed people differ, and how to work out the share.
Read the guideCRA reviews and penalties
CRA audits and reviews: what to expect and how to prepare
How reviews and audits differ, what the CRA usually asks for and how to respond.
Read the guide Business taxCRA penalties and interest: a guide for BC and Alberta
Why late-filing and instalment penalties keep coming back, and the habits that break the cycle.
Read the guide Business taxPersonal services business: the CRA rules for incorporated employees
The five conditions, the employee test, the 45% and 41% rates, and what a PSB can deduct.
Read the guide Business taxDriver Inc. in trucking: what the CRA expects from carriers and drivers
Employee or self-employed, the personal services business rules, T4A box 048 and the records that settle it.
Read the guide Business taxTen tax deductions tradespeople often overlook
Vehicle logbook, tools and CCA, safety gear, meals on the road, subcontractors and input tax credits.
Read the guide Business taxA year-round tax calendar for contractors
GST/HST, instalments, payroll, T4 and T5018 slips and the 2027 deadlines, quarter by quarter.
Read the guideIncorporation
When does incorporating make sense?
The signs incorporation may make sense, the costs that come with it and what changes.
Read the guide IncorporationHoldco or opco: does a contractor need a holding company?
What a holding company does, what it costs and complicates, and when it is not worth it.
Read the guideSource standard. Each guide lists the official CRA, Government of BC, Government of Alberta, municipal or regulator pages it was checked against, with the date checked. Topic summaries are general information only.
Key dates for self-employed people
| Date | What's due |
|---|---|
| 30 Apr 2027 | Any balance owing on your 2026 personal return |
| 15 Jun 2027 | Your 2026 personal return, with your business income and expenses (form T2125) |
Sources, checked 28 Oct 2026: CRA, Due dates and payment dates. Details are listed under the questions below.
Business tax, answered
When are a self-employed person's 2026 taxes due?
The return is due by 15 June 2027, but any balance owing is due by 30 April 2027. You may also be asked to pay instalments during the year; the CRA sends a reminder when they apply.
How is a corporation taxed differently from a sole proprietor?
A sole proprietor reports business income on their personal return and pays tax at personal rates. A corporation files its own return and pays corporate tax; what you take out as salary or dividends is then taxed on your personal return. Which costs less depends on your income and what you leave in the company.
Should I pay myself salary or dividends?
It depends on your income, whether you want CPP and RRSP room, and how much you leave in the company. Salary is a deduction for the company and builds RRSP room; dividends don't, and carry no CPP. Our salary vs dividend calculator shows the trade-offs.
What business expenses can I deduct?
Generally, reasonable costs you pay to earn business income, such as rent, supplies, phone, professional fees and the business share of a vehicle or home office. Personal costs aren't deductible, and equipment is usually claimed over several years. Keep receipts and notes for each claim.
What happens if the CRA reviews my business?
The CRA may ask for receipts, bank statements or explanations for certain claims. Most reviews are dealt with by sending what's asked for by the date in the letter. Our CRA audit guide explains the steps, and we can deal with the CRA for you if you authorize us.
Can Finvo do my business books and taxes?
Yes. We keep monthly books and prepare returns for sole proprietors and corporations in BC and Alberta, and returns are sent for your approval before filing. The business membership page explains what's included and how pricing works.
Sources, checked 28 Oct 2026. Rules have exceptions and can change. This page is general information, not tax advice for your situation.
- CRA, Due dates and payment dates (canada.ca, modified 17 Sep 2026): filing due dates of 30 April, and 15 June for self-employed people, with payment due 30 April. The page lists the current year; the 2027 dates follow the same rules.
Want a second look at your business taxes?
Book a free 15-minute call by video or phone. Tell us how your business is set up and what's worrying you, and we'll tell you what we'd look at first and what we'd do next.
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Book a free 15-minute call15-minute calls every weekday at 10 am and 2 pm Pacific (11 am and 3 pm Mountain), except holidays.
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