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
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
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
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
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
Business Tax Personal Tax Small Business Small Business Month
Ontario’s Minimum Wage Increase
As of October 1, 2024, Ontario has implemented a significant increase in the minimum wage, impacting workers and businesses across the province. Understanding these changes is crucial for employees anticipating a boost in their paychecks and for employers adjusting to new payroll requirements. In this article, we’ll delve into the Read more
Business Tax Personal Tax
2024 Canada Federal Budget Update
The 2024 Canada Federal Budget brings several significant tax changes that will impact both businesses and individuals. Understanding these changes can help you make informed financial decisions for the year ahead. Changes in Corporate Tax Rates The federal government has introduced a lower tax rate for small businesses earning under Read more
Business Tax Capital Gains Personal Tax
The Capital Gains Inclusion Rate Hike
The federal government’s recent announcement about the capital gains inclusion rate hike has left many Canadians scrambling to understand the implications. Effective June 25, 2024, the inclusion rate for capital gains will increase from 50% to two-thirds. Here’s a detailed breakdown of what this means for you and how you Read more
Business Tax
Incorporating vs. Sole Proprietor
Choosing between incorporating your business or running it as a sole proprietor is a critical decision for any entrepreneur. Each structure has its benefits and drawbacks, and the right choice depends on your business needs, financial goals, and personal liability tolerance. Advantages of a Sole Proprietorship Starting as a sole Read more
Business Tax deduction Personal Tax
The Basics of the Canadian Tax System
Taxes are a part of everyday life in Canada. Understanding how the system works helps you manage your money better. Let’s go over the basics of the Canadian tax system and explain how it impacts you. Progressive Taxation Canada’s tax system is progressive. This means that if you earn more, Read more
Business Tax
Understanding GST/HST for Small Business Owners
Figuring out GST (Goods and Services Tax) and HST (Harmonized Sales Tax) is crucial for small business owners in Canada. This article breaks down what you need to know about these taxes, including who needs to register, how to file, and how you can save money through input tax credits. Read more
Business Tax
Debits and Credits Explained
Accounting can feel overwhelming due to its many technical terms and concepts, especially for beginners. Debits and credits, however, are key to grasping the basics of finance. Far from being just intimidating jargon, these principles form the foundation of all accounting systems. This article aims to clarify these critical concepts Read more
Audits Business Tax
How to Keep Audits Away from Your Business
How to Keep Audits Away from Your Business Nobody likes audits. They’re a headache, take up a ton of time, and can even cost you money if things go sideways. The good news? Most audits aren’t random. They’re triggered by stuff you can actually control. Let’s talk about how you Read more
Business Tax deduction
Business Travel Expenses and Record Keeping
Navigating Business Travel Expenses Navigating the complexities of business travel expenses can be a daunting task for Canadian businesses. This guide provides insights into what constitutes a deductible travel expense, how to track these expenses accurately, and the necessary documentation to substantiate claims to the Canada Revenue Agency (CRA). Deductible Read more