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
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
Caitlin Lawrence is here in this week’s video explaining Key Components of a Financial Plan A solid financial plan helps you take control of your money and build long-term security. Without a clear plan, it’s easy to overspend, accumulate debt, or miss out on opportunities to grow your wealth. Whether Read more
For new business owners in Ontario, setting up payroll can feel like a daunting task. Missing even a single step can lead to compliance issues, penalties, or unhappy employees. This guide breaks down the essential steps for setting up payroll in Ontario so you can manage your responsibilities with confidence. Read more
Understanding the Differences Between a Bookkeeper and an Accountant In the world of finance, bookkeepers and accountants play vital roles in managing an organization’s financial health. While their functions may overlap, they have distinct responsibilities and require different levels of expertise. Here’s a detailed look at the differences between a Read more
When it comes to financial health, cash flow is key. You might have a profitable business or a steady income, but if you’re struggling to cover your bills, the problem could lie in your cash flow management. Let’s explore what cash flow is, why it matters, and how you can Read more
What Has Changed? 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 Read more
Regular financial reporting is a cornerstone of successful business management. It provides crucial insights that help businesses make informed decisions, maintain financial stability, and plan for future growth. Here’s why regular financial reporting is essential: Informed Decision-Making Financial reports provide up-to-date information about your business’s financial health. This data is Read more
Choosing Between Sole Proprietorship and Incorporation in Canada Starting and managing a business in Canada involves making crucial decisions, one of the most significant being whether to operate as a sole proprietor or to incorporate. Each structure has its distinct advantages and disadvantages, and the choice largely depends on your Read more