September 28, 2021

CRA COLLECTIONS: Potential Impact on Business

As some businesses struggle with cash flow, they may be motivated to prioritize suppliers and other creditors ahead of CRA. A recent court case demonstrates CRA’s […]
July 29, 2020

Income Tax Payment Deadlines Extended AGAIN!

The New Payment Deadline is now September 30, 2020! The CRA initially extended the payment deadlines for individual, corporate and trust income tax returns to September […]
April 2, 2020

COVID-19 Support for Canadian Businesses

Our understanding of the most important provision of the current relief programs is summarized below.  This information is currently as of April 1, 2020 only. Canadian […]
April 10, 2017

Personal and Corporate Tax Instalments

An instalment payment is a partial payment of the total amount of tax payable for the year.  Instalments are not paid in advance; they are paid […]
April 11, 2016

T1135 New Simplified Reporting Method

Commencing in 2015, the Canada Revenue Agency has implemented changes to reporting foreign property on Form T1135. The changes include a simplified method for reporting foreign […]
April 6, 2016

Tax Rates Effective March 2016

On February 15, 2016, Finance Minister Charles Sousa delivered the 2016 Ontario Budget. Please find below some highlights from that release that we thought would be […]
March 8, 2013

Mandatory Requirements For Efiling Personal & Corporate Tax Returns

Starting in January 2013, CRA requires tax returns to be filed electronically. This applies to both T1 individual income tax returns and T2 corporation income tax […]
January 9, 2013

Incorporation Of The Business; The Advantages

limited liability – separates your personal assets from business and limits legal liability exposure to business assets only. Becomes even stronger factor if consider expanding the […]
December 10, 2012

Year End Tax Loss Selling

One often reads or hears about year end tax loss selling and the deadline to execute these kinds of trades that comes along each December.  Here’s […]