3 Big Things to Double-Check Before Submitting That Tax Return. Tax season feels like a race against time. Deadlines always loom, and piles of documents build up. The urge to just file your return and be done is strong. But rushing can lead to big mistakes. One small overlooked detail or a simple typing error […]
Have You Missed Your Personal Tax Instalment? Dealing with taxes can be stressful. There are occasions where the Canada Revenue Agency (CRA) requires your taxes to be prepaid in instalments. A tax instalment is a prepayment of your expected income tax to the CRA. This way, you avoid a big lump-sum bill and potential interest or penalties. […]
Running a Ontario small business in Ontario is challenging enough without worrying about tax penalties. Starting in mid-2025, the Canada Revenue Agency (CRA) will roll out a tougher approach to HST (Harmonized Sales Tax) compliance, with new rules and stiffer penalties for late filings, reporting errors, and missed payments. If you collect and remit HST, […]
Navigating taxes when you have income, assets, or residency ties in both the United States and Canada can be complicated. Below is a comprehensive guide to the most common US Canada Cross Border Tax Questions, with clear explanations and practical examples. Q1: How can I determine my tax residency in the USA or Canada? Your […]
If you’re a Canadian resident with investments or property outside Canada, the Canada Revenue Agency (CRA) may require you to file Form T1135: Foreign Income Verification Statement. It’s not an optional disclosure; failing to file can lead to hefty penalties, even if you didn’t earn income from those assets. This guide explains who needs to […]
The Canada Revenue Agency (CRA) carefully defines Tax Residency Determination in Canada. This core idea dictates how individuals and companies pay taxes. Knowing your residency status is key, especially for people with international ties or who travel often. Wrongly judging your tax residency can lead to big fines, double taxation, or missed chances to save […]
In today’s global economy, Canada–U.S. cross-border taxation is a critical factor for individuals and businesses with ties to both countries. Managing tax obligations in two jurisdictions, the Canada Revenue Agency (CRA) and the U.S. Internal Revenue Service (IRS), can feel overwhelming. However, with the right cross-border tax planning strategies, you can transform complex challenges into […]
Running a business in Mississauga isn’t just about having a good product or service. Whether it's a solo operation or a growing enterprise, it comes with responsibilities, and bookkeeping is one of the most important. Yet many business owners still treat bookkeeping services as an afterthought—until tax season rolls around or the CRA comes knocking. […]
Managing a small business in Canada involves more than offering great products or services. Behind every successful business is a well-maintained financial system. Yet many small business owners delay hiring bookkeeping and accounting services until it’s too late—usually when facing a CRA audit, cash flow problems, or tax filing deadlines. Whether you’re running a retail […]
Income splitting in Canada has long been a legal strategy for reducing taxes, especially for high-income families, incorporated professionals, and small business owners. However, the CRA's Tax on Split Income (TOSI) rules significantly changed how and when you can split income with family members. In this guide, we’ll explain how income splitting in Canada works, […]
Understanding Non-Capital Losses in Canada: Running a small business, operating a farm, or managing rental properties in Canada comes with financial ups and downs. From economic slowdowns to natural disasters and unexpected costs, sometimes your business expenses outweigh your income, resulting in what the Canada Revenue Agency (CRA) calls a non-capital loss. Knowing how non-capital […]
Is It Time for Bookkeeping Catch-Up? Let’s face it — bookkeeping might not be the most exciting part of running a business, but it’s one of the most critical responsibilities for every Canadian entrepreneur. Falling behind on your books doesn’t just lead to stress during tax season — it impacts cash flow, decision-making, and growth […]
If you're a post-secondary student in Canada or supporting someone who is, understanding the T2202 form is a must-do for your tax season. The T2202, also known as the Tuition and Enrolment Certificate, is a crucial document that allows eligible students to claim tuition tax credits and potentially reduce the amount of income tax they […]
One of the most common questions among freelancers, contractors, and small business owners in Canada is, “Will I get a tax refund if I’m self-employed?” The answer isn’t always straightforward. While employees often see a tax refund after filing their return, the self-employed tax process is a little different—but yes, it is still possible to […]
Filing your Canadian tax return isn’t something to rush through. A single mistake—like a missed T-slip or incorrect deduction—can delay your refund, trigger a review by the Canada Revenue Agency (CRA), or cost you money in penalties. Whether you're employed, self-employed, or juggling multiple income sources, here are critical things to double-check before submitting your […]
Choosing the right Small Business Accountant in Mississauga isn’t just about number-crunching—it’s about finding a reliable financial partner who understands your business, helps you stay compliant with CRA rules, and guides your long-term growth. Hiring the right accountant in Mississauga can make or break your business finances. Whether you’re running a startup, a retail shop, […]
Running a business in Mississauga comes with many responsibilities — one of the biggest being your corporate tax obligations. Whether you're a small business owner or managing a growing corporation, understanding how Mississauga Corporate Tax Filing works in Canada, and specifically in Ontario, is crucial to staying compliant and avoiding costly penalties. What Is Corporate […]
If you’re self-employed, earn rental or investment income, or have minimal tax withheld from your earnings, the Canada Revenue Agency (CRA) may require you to make tax installment payments throughout 2025. Failing to understand how these work can lead to unexpected interest charges — but the good news is, they’re easy to manage once you […]
Filing taxes can feel overwhelming, especially with all the recent changes. But don’t worry. Understanding what’s new and planning makes submitting your taxes much easier. Staying up-to-date helps you get the most money back and avoid costly mistakes. This guide will walk you through everything you need to know about filing your taxes in Canada […]
Filing corporate taxes is a crucial part of running a business in Canada. Understanding how to do it properly can save you money, time, and potential legal trouble. Many business owners wonder if they can handle this task on their own. The simple answer is yes, but it depends on your business size, complexity, and […]
Running a business in Canada means more than just making sales and signing contracts — it also means filing corporate taxes every year. If you skip this responsibility, it doesn’t just disappear. It builds into bigger problems that can damage your business, your finances, and your future. The Canadian tax system, governed by the Income Tax […]
Giving feels good — and in Canada, it can also lower your tax bill. However, not all charitable donations qualify for a tax break. If you're planning to donate in 2025 and want to know which gifts are eligible for tax credits, here’s what you need to know. Who Can Issue Official Donation Receipts? While […]
Whether you're driving for Uber, Lyft, SkipTheDishes, DoorDash, or Instacart, you're not just earning extra cash — you're also running a business in the eyes of the Canada Revenue Agency (CRA). That means you have tax obligations, but also opportunities to claim expenses and reduce your tax bill. Let’s break down what every rideshare and […]
If you run a small or midsize business, you’re likely a skilled multitasker — and proud of it, too. However, if enlisting help from a small business accountant in Toronto is not part of your overall strategy to drive growth and increase profitability, you could be missing out on important opportunities to take your company […]
Tax season often comes with a mix of stress, deadlines, and last-minute document gathering. Whether you filed early or raced to the finish line, now is the perfect time to pause, reflect, and plan for next year—with the help of a trusted accountant in Toronto. Using tax season as a learning experience can improve your […]
Navigating corporate income tax can be tough. In Canada, corporate income tax rates for 2024 comprise both federal and provincial/territorial components. Here's a comprehensive guide to these rates. Federal Corporate Income Tax Rates: General Corporations: The basic federal tax rate is 38%. After accounting for a 10% provincial abatement and a 13% general rate reduction, the […]
Smart tax planning can help prevent that nasty shock of owing taxes way more than expected when the tax season hits. Understanding the Canadian Tax Landscape for Startups Canada's tax system can seem tough. It's important to know how it impacts new businesses. It affects everything you do, from choosing your business structure to managing […]
Participating in sports and arts helps children grow stronger, happier, and more confident. To make it easier for families to cover the costs, Canada offers the Children’s Sports and Arts Tax Credit. This benefit can significantly reduce your tax bill if you know how to access it. Understanding who qualifies, how to apply, and how much […]
Starting a small business in Canada is an exciting journey—but knowing your tax obligations is essential for long-term success. A common question new entrepreneurs ask is: "At what point does my small business have to start paying taxes?" The answer depends on several key factors, including your business structure, income level, and the province you […]
The federal carbon tax, officially known as the Fuel Charge under the Greenhouse Gas Pollution Pricing Act, is a critical component of Canada’s climate policy. The implementation of the Federal Carbon Tax in Canada has generated significant interest and concern among businesses across the country. Designed to reduce greenhouse gas emissions and combat climate change, […]
