Tax season ended for most Canadians on April 30. If you are self-employed, you still have time to file, but “having time to file” and “having no outstanding obligations” are two very different things, and that gap is exactly where most self-employed Ontarians get hurt. According to the CRA, self-employed Read more
For many Canadians, April 30 feels like the finish line. Once taxes are filed, receipts are tucked away, and refunds are received, it is easy to mentally move on until next year. But for individuals, self-employed professionals, and business owners across Ontario, tax season should not be viewed as the Read more
Tax season in Canada closes fast. The personal income tax filing deadline for most Canadians is April 30, 2026, and as of today, that is eight days away. If you have not filed your return yet, you are not alone. But the clock is running, and the cost of missing Read more
Every year, the Canada Revenue Agency (CRA) selects a portion of filed tax returns for closer review. While some audits are triggered by random selection, the majority are anything but random. The CRA actively concentrates its audit resources on specific areas it has identified as high-risk, and those priorities shift Read more
Filing income taxes in Canada can feel overwhelming, especially for individuals who are new to the tax system or who have limited financial knowledge. To simplify the process for eligible taxpayers, the Canada Revenue Agency (CRA) introduced SimpleFile, a free service designed for individuals with very basic tax situations. While this Read more
Most Canadians don’t realize that several federal tax credits adjust automatically based on inflation. No application required. No new form to fill out. Each year, the federal government applies an indexation factor to certain non-refundable credits and bracket thresholds, and for the 2026 tax year, that factor is 2.0%. If you’re Read more
Canada’s 2026 Tax Season: Three Important Updates Ontario Taxpayers Should Know Canada’s 2026 tax season officially begins on February 23, 2026. While this year brings relatively few structural tax changes for individuals, it introduces important federal adjustments and a significant expansion of digital services at the Canada Revenue Agency (CRA). Read more
If you’ve been waiting months for the Canada Revenue Agency (CRA) to process your tax return, correct an error, or issue a refund, you’re not alone. As we move through the 2026 tax season, thousands of Canadians, particularly in Ontario, continue to experience significant processing delays that are causing real financial Read more
Not everyone needs to make CRA instalment payments, it depends on your situation. If your net tax owing exceeds $3,000, you may be required to make quarterly payments to avoid interest charges. Let’s break down everything you need to know about tax instalments in Ontario so you can stay compliant Read more
Here’s What Business Owners and Employees Need to Know If you run payroll, pay yourself through a corporation, or receive a T4, there’s a change coming in January 2026 that will affect your paycheque, or your business cash flow. The Canada Pension Plan (CPP) maximum pensionable earnings are increasing, which Read more
A Simple Probate Solution… or a Costly Mistake? Many parents are told that adding an adult child to their home title is a smart way to avoid probate fees. It sounds simple. It sounds safe. But in reality, depending on how it is done, this strategy can create serious tax, legal Read more
Here’s a scenario that plays out far too often: Sarah’s father passed away last year with a $450,000 RRIF. He had named Sarah and her brother David as direct beneficiaries on the RRIF, each receiving $225,000. They were grateful for the inheritance and used it to pay off their mortgages. Read more
In Canada, these two certainties collide in a particularly expensive way when you die. While Canada doesn’t have a formal “estate tax” or “inheritance tax” like the United States, don’t let that fool you, the government assumes all your assets were sold at fair market value immediately before death, potentially triggering Read more
When it comes to estate planning, many Canadians assume that leaving everything to their surviving spouse is always the smartest tax move. After all, Canada’s spousal rollover provisions allow most assets to transfer tax-free to a spouse or common-law partner, deferring taxes until they sell the assets or pass away Read more
Whether you’re renting out a basement apartment, an investment property, or even listing a room on Airbnb, understanding how to properly report your rental income to the Canada Revenue Agency (CRA) isn’t just good practice, t’s the law. But here’s the good news: when done correctly, reporting rental income can Read more
96% of Canadian parents with Millennial children are providing financial support well into their 30s. But 61% admit they’re not confident they can keep doing it. If you’ve helped with a down payment, covered tuition, or quietly paid for groceries when times were tight, you’re not alone. What was once Read more
Understanding Tax & HST Instalments in Canada If you’ve ever received a letter from the Canada Revenue Agency (CRA) that says something like “Send us money by March/June/September/December 15th”, even though you haven’t filed your taxes yet — you’re not alone. It catches people off guard every year. The letter Read more
Managing your business’s finances can be a time-consuming and complex task. Outsourcing your bookkeeping can provide numerous benefits that help streamline your operations and drive growth. Here are the top benefits of outsourcing bookkeeping: Save Time and Focus on Core Activities Outsourcing bookkeeping frees up your time, allowing you to Read more
Finding a trustworthy accountant is vital for the financial health and success of your business. A reliable accountant can help you navigate complex financial landscapes, ensure compliance with regulations, and provide valuable financial advice. Here are the top five tips for finding a trustworthy accountant: Look for Proper Qualifications A Read more
