Business Tax Personal Tax Recommendations
CRA Scam Alert: How to Protect Your CRA Account in 2026
Tax season may be behind us, but scammers aren’t taking the summer off. According to the Canada Revenue Agency (CRA), fraudsters operate year-round and continue to target Canadians by impersonating the CRA to steal money, personal information, and account credentials. Protecting your CRA account is especially important because it can Read more
Business Tax Small Business
4 CRA Deadlines Every Business Owner Should Know
August can feel like a quieter month for many businesses, summer vacations are in full swing and the administrative pace may slow down. But for the Canada Revenue Agency (CRA), August brings several important deadlines that, if missed, can lead to interest, penalties, or compliance issues that quietly add up. Read more
Business Tax
Ontario Just Cut the Small Business Tax Rate. Here is What It Means For You
Big news for Ontario entrepreneurs: starting July 1, 2026, the provincial small business corporate tax rate is dropping from 3.2% to 2.2%. That’s a permanent cut that puts more money directly back into your business. Here’s what you need to know, and how to make the most of it. What Read more
Business Tax Personal Tax Uncategorized
Self-Employed in Ontario? June 15 Is Coming Fast! Avoid These Costly CRA Mistakes.
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
Accounting Bookkeeping Personal Tax Small Business
Tax Season Is Over! Now What? 5 Smart Financial Moves to Make Right Now
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
Business Tax Personal Tax Uncategorized
April 30 Is 8 Days Away: What Happens If You Miss Canada’s Tax Deadline — And What You Can Still Do Right Now
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
Audits Personal Tax
Four Areas the CRA Is Targeting in 2026 | And What Ontario Taxpayers Should Know
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
Personal Tax Uncategorized
Understanding CRA SimpleFile: Free Tax Filing in Canada and When Professional Help Still Matters
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
Business Tax Personal Tax Uncategorized
Your Federal Tax Credits Are Increasing in 2026 — Here’s What’s Changing
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
Business Tax Not Your Typical Accountant Personal Tax Uncategorized
Canada’s 2026 Tax Season: Three Important Updates Ontario Taxpayers Should Know
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
Uncategorized
CRA Processing Delays in 2026: What Ontario Taxpayers Need to Know Right Now
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
Business Tax Personal Tax Small Business Uncategorized
CRA Instalment Payments: Who Needs to Pay and When?
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
Business Tax Uncategorized
CPP Contributions Are Increasing in 2026
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
Personal Tax Uncategorized
Adding Your Adult Child to Your Home Title
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
Personal Tax Uncategorized
Who Pays the RRSP and RRIF Taxes When You Die? The Critical Importance of Beneficiary Designations
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
Personal Tax Uncategorized
Death and Taxes in Canada: Understanding Deemed Disposition and How Taxes Can Exceed 50% of Your Estate
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
Personal Tax Uncategorized
Transferring Assets to Your Spouse at Death: Why the Tax-Free Rollover Isn’t Always the Right Answer
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
Business Tax
How to Report Rental Income to the CRA: A Complete Guide for Ontario Landlords
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