Managing your small business taxes effectively can mean the difference between keeping more of your hard-earned revenue or overpaying the government. We partnered with tax expert Mark Solis, Founder of Solis Financial , to bring you five essential tax-saving strategies for small business owners that can help maximize savings and build long-term financial security. 1. Incorporate Your Business & Pay Yourself Smartly If your business is generating consistent revenue, incorporation can help you take advantage of lower corporate tax rates. Instead of taking all earnings as a salary, consider a mix of salary and dividends to lower your personal tax bill. A salary is subject to payroll taxes but provides RRSP contribution room, while dividends are taxed at a lower rate but do not generate RRSP room. This strategy provides flexibility and can help optimize your tax situation. 2. Maximize Small Business Tax Deductions Every eligible business tax deduction you claim reduces your taxable income. Common small business tax write-offs include: Home office expenses (if you work from home) Vehicle costs (if used for business) Advertising and marketing Office supplies and business meals Tracking and categorizing expenses properly ensures you don’t leave money on the table when filing your business taxes. 3. Use an Individual Pension Plan (IPP) or RRSP to Reduce Taxable Income Saving for retirement while lowering your small business taxes is a win-win. If you’re incorporated, an Individual Pension Plan (IPP) allows for higher contribution limits than an RRSP and is a great tax-deferral tool. If you’re a sole proprietor, contributing to an RRSP helps reduce taxable income while building long-term wealth. 4. Set Up a Health Spending Account (HSA) for Tax-Free Medical Expenses Health and dental expenses can add up, but with a Health Spending Account (HSA), you can cover these costs 100% tax-free. HSAs allow small business owners to deduct medical expenses as a business expense, reducing taxes while providing essential health benefits for themselves and their employees. However, to qualify, business owners must earn more than half of their income from the business. Be sure to review all HSA eligibility criteria to ensure compliance. 5. Split Income with Family Members to Reduce Your Tax Burden If your spouse or children help out in your business, consider paying them a reasonable salary for their work. This strategy shifts income to lower tax brackets and helps reduce your overall tax burden. Just ensure their compensation aligns with the work performed to meet CRA requirements. About Mark Solis – Small Business Tax Expert With over a decade of experience in the financial services industry, Mark Solis founded Solis Financial Services  to help Canadians maximize tax savings and achieve financial security through proven insurance and investment strategies. His career began as an Associate Financial Advisor with The Co-operators, where he eventually managed his own office before launching his independent brokerage. Today, he partners with Canada's top insurance and investment companies to deliver the best financial planning solutions to his clients.

Last week, Mastercard and Pier Five hosted the highly anticipated Priceless Experience in Toronto, a transformative gathering for the 2024 Mastercard Small Business Fund recipients. This exclusive event was designed to connect the 10 exceptional women entrepreneurs with each other, Mastercard experts, and experienced mentors, providing them with the tools and inspiration to take their businesses to the next level. Each recipient had already received $10,000 in funding, but the Priceless Experience was about more than just financial support—it was about fostering community, learning from industry leaders, and gaining insights that are often inaccessible to small business owners. Entrepreneurship can be an isolating journey, and taking time away from daily operations is challenging. That’s why Pier Five, a strong advocate for meaningful connections, collaborated with Mastercard to create an experience that balanced learning, networking, and inspiration. (Swipe for photos) The Mastercard Small Business Fund recipients were flown into Toronto from across the country, with accommodations provided at the luxurious Le Germain Hotel for a two-night stay. The experience kicked off on Monday evening with a warm and welcoming reception at the hotel, allowing the entrepreneurs to connect with one another, as well as the Mastercard and Pier Five teams, in an intimate setting over drinks and conversation. Tuesday was a full day of insightful programming designed to help these entrepreneurs refine their strategies, expand their knowledge, and strengthen their businesses. The day began with a breakfast gathering, setting the stage for an engaging and interactive workshop led by two-time Canada’s Top Female Entrepreneur of the Year, Kelsey Kitsch. She guided the business owners through key themes of growth, leadership, and team-building, sharing actionable advice drawn from her own experiences. (Swipe for photos) Following the workshop, Pier Five facilitated a dynamic roundtable session featuring three rotational group discussions on essential business themes: marketing and brand visibility, customer loyalty and retention, and financial sustainability and growth. These sessions provided a space for the entrepreneurs to exchange ideas, ask questions, and gain targeted insights tailored to their unique business challenges. (Swipe for photos) After an incredible lunch at Bar Ardo, the participants attended an inspiring innovation panel featuring industry leaders and small business experts, including Luchila Mado of Digital Main Street, Jessica Pachis of Fiserv, Amber Mac, a public figure and tech entrepreneur, Nishant Raina, the Head of Small Business at Mastercard, and Andrea Grand, the founder of Barbet and a 2022 Small Business Fund recipient. The panel covered a range of topics, from leveraging digital tools to enhancing customer experiences, providing real-world advice to help the entrepreneurs sustain and scale their businesses. (Swipe for photos) To cap off this incredible experience, the entire group was treated to an unforgettable evening at the Toronto Raptors game in the Mastercard suite. This celebratory moment allowed the entrepreneurs to unwind, strengthen their new connections, and enjoy a well-deserved break from their daily business responsibilities. The Mastercard x Pier Five Priceless Experience was more than just an event—it was a testament to both organizations’ commitment to supporting small businesses and fostering community among female entrepreneurs. By creating a space for connection, education, and inspiration, this initiative reinforced the power of collaboration and the importance of investing in the future of women-led businesses. As these 10 remarkable entrepreneurs return to their respective businesses, they do so with renewed confidence, valuable insights, and a network of peers and mentors who will continue to support them on their journeys. The impact of the Priceless Experience will undoubtedly extend far beyond these two days, shaping the next chapter of their entrepreneurial success. Learn more about the Mastercard & Pier Five Small Business Fund, and discover the other 2024 recipients here .

Explore the Mastercard x Pier Five Small Business Fund Introducing The Magpie Cakery, one of the ten recipients of the Mastercard x Pier Five Small Business Fund 2024! Founders: Libby Brewer-Dulac & Maggie Frith Location: Toronto, ON Discover Mess Hall online: Website // Instagram About The Magpie Cakery The Magpie Cakery is a commercial kitchen space and hub for culinary professionals, built with the goal of empowering emerging entrepreneurs in the food space to launch and grow their own businesses. The Magpie Cakery residents gain access to a vibrant community, a storefront for customer interaction, and resources that act as a launchpad for success. Since early 2023, The Magpie Cakery has welcomed 24 small food businesses, with residents achieving milestones like securing wholesale clients and growing revenue. With big plans for the future, including an expansion of their space and a new business education program, the Magpie Cakery will look to increase the potential of its offerings for residents to help them thrive and achieve long-term success. How will the fund make an impact with your business? The mentorship from Mastercard, combined with Pier Five’s support, will be instrumental in ensuring our initiatives drive measurable success. We plan to use the $10,000 CAD grant to fund kitchen renovations and equipment, develop a business education program, grow outreach efforts to support women-led food startups, and offset increased operating costs. Expanding our kitchen space will double our capacity for residency clients, prioritizing bakers and women entrepreneurs. With these enhancements, we can provide immediate benefits and long-term growth opportunities for our residents. What is your long term goal for the company? Within the next 3-5 years, our goal is to support the launch of 10 new women-led food businesses annually through our residency program, with some residents staying for extended six-month terms to hone their craft. We plan to fully optimize our current space and pursue partnerships with George Brown College and other local culinary and community organizations to reach more early-stage women entrepreneurs. Additionally, we aim to host baking workshops and events that showcase our resident bakers, foster community connections, and provide local residents with opportunities to learn new skills and celebrate the art of baking. Learn more about the Mastercard & Pier Five Small Business Fund, and discover the other 2024 recipients here .

Cubed Style Inc. Qui: Christine, Candace & Camille Oliver Emplacement: Toronto, ON Instagram / Website Cubed Style Inc. a été fondée en 2020 pour répondre à une réelle nécessité. Les trois sœurs à l’origine de Cubed Style Inc. ont voulu trouver une solution à l’eczéma, mais les pommades et les crèmes prescrites par les médecins ne donnaient pas les résultats escomptés. Elles ont donc pris les choses en main et formulé des beurres naturels pour le corps et les cheveux, adaptés à tous les types de peau et de cheveux. Stimulées par les liens qu’elles ont noués avec des parents à la recherche de solutions et avec des adultes et des enfants souffrant d’eczéma, les créatrices de Cubed Style en ont créé une marque primée reconnue par sa communauté comme l’une des principales entreprises noires de Toronto. À quoi servira la subvention de Mastercard et Pier Five pour petite entreprise de 10 000 $? La majeure partie des 10 000 $ sera consacrée à l’achat de nouveaux emballages 100 % écologiques. À l’heure actuelle, nous utilisons des bocaux en verre recyclable ainsi que des boîtes en carton recyclé et des billes d’emballage biodégradables de styromousse pour l’expédition. Nous aimerions devenir totalement écologiques en achetant des sachets 100 % biodégradables. Nous aimerions également acheter de nouveaux ingrédients afin d’élargir notre offre et de collaborer avec certains grands détaillants de produits de beauté. Enfin, étant donné qu’une grande partie de notre stratégie de marketing englobe des marchés et des boutiques éphémères à travers le pays, nous espérons améliorer l’installation de nos vendeurs grâce à une signalisation, des bannières, des tables et des décors rehaussés et améliorés. Quel est votre grand objectif pour l’avenir de l’entreprise? L’un de nos principaux objectifs est d’élargir notre gamme de produits avec un shampooing et un revitalisant naturels, tout en respectant notre engagement de créer des produits ne contenant pas plus de cinq ingrédients. En tant que femme noire aux cheveux bouclés 4C, Christine utilisait beaucoup de shampooings et revitalisants, tous affirmant être naturels ou biologiques, et qui laissaient ses cheveux très secs et déshydratés. Nous voulons créer une collection complète que nos clients pourront utiliser de la tête aux pieds et qui leur permettra d’hydrater quotidiennement leur peau et leurs cheveux. See All Recipients

Parkerview Brews Kombucha Who: Amy Kaban Where: Saskatoon, SK Instagram / Website In 2017, only a handful of kombucha brands were available in grocery stores. After trying all the kombucha Amy could get her hands on with little satisfaction, her natural inclination was to create her own! The goal was to brew kombucha that tasted better than existing ones - less tangy (vinegary), lightly sweetened, bubbly - and to incorporate local ingredients from Saskatchewan growers. Together with her husband, she began experimenting and created a kombucha that was better than any other brand she had tried previously. Today, Parkerview Brews Kombucha is the largest commercial kombucha brewery in Saskatchewan and can be found in 200+ stores across the province. The brand also has their own cafes and e-commerce making them a go-to destination for all things kombucha. Parkerview Brews is known for making kombucha that simply tastes great - it's sparkling, balanced in flavour and uses unique Saskatchewan ingredients like Saskatoon berries, sour cherries and chaga mushrooms. The business also supports local charities that help provide at-risk youth and families with food throughout the year. How has the Mastercard x Pier Five Small Business fund helped you? Being a recipient of the Mastercard x Pier Five Small Business Fund has been a game change for our business. The $10,000 injection has allowed us to scale and get into canning, which has been a huge goal of ours. Having the opportunity to meet other women entrepreneurs has been amazing and also to get to meet with experts in their fields, providing us with advice and motivation and connecting us with resources is just the cherry on top. "When we support other small businesses, we are supporting our local economy. When customers support me, I'm able to then put my kids into another program or course that is being run by a small business owner, which is a beautiful thing." See All Winners

Colour The Trails Qui: Judith Kasiama Emplacement: Vancouver, C.B. Instagram / Website Colour the Trails (CTT) a été créée en 2017 pour améliorer l’accès aux amateurs d’activités de plein air faisant partie de la communauté de personnes autochtones, noires et de couleur (PANDC), notamment ceux qui se situent à la croisée de la communauté PANDC et 2SLGBTQAI+, après avoir constaté un manque important de représentation dans le secteur des activités de plein air. Avec des chapitres dans tout le Canada, CTT touche plus de deux mille personnes grâce à diverses cliniques d’initiation et à des programmes de mentorat visant à doter les gens des connaissances et des compétences nécessaires pour qu’ils se sentent en confiance et en sécurité lors de leurs activités de plein air, tout en travaillant avec des organismes autochtones de plein air pour être solidaires et poursuivre la réconciliation en cours. À quoi servira la subvention de Mastercard et Pier Five pour petite entreprise de 10 000 $? Les 10 000 $ serviront à mettre sur pied le programme Wellness in Colour partout au Canada. Wellness in Colour est une initiative de Colour the Trails visant à favoriser et à promouvoir le bien-être de la population noire autochtone et des personnes racialisées. Notre bien-être englobe non seulement notre santé physique, mais aussi notre bien-être psychologique, émotionnel et social. La création d’un espace sécuritaire pour renforcer et soutenir les groupes de couleur est essentielle à la guérison et à la promotion du bien-être. Chaque événement sera lié à un mode de guérison spécifique telle que la méditation, le yoga, la thérapie, l’art-thérapie, les pratiques de pleine conscience ou les techniques de guérison culturelles traditionnelles. Quel est votre grand objectif pour l’avenir de l’entreprise? D’ici trois à cinq ans, nous espérons et croyons que la participation et l’intérêt augmenteront pour nous permettre de passer de la programmation d’un événement unique à un programme de mentorat dans le cadre du programme Wellness in Colour. Le mentorat soutient les membres de la communauté en leur proposant des ateliers ou des formations en fonction de leurs intérêts. Il est axé sur le développement personnel, les compétences professionnelles et la défense des intérêts de la communauté. Nous pourrions également jumeler des personnes de la communauté avec des mentors expérimentés qui pourraient les guider, les soutenir et les encourager de manière régulière. Au final, nous opérerions selon une approche « payez au suivant » en comptant sur le réinvestissement des participants dans la communauté grâce à leurs nouvelles compétences. See All Recipients