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 […]
April 8, 2021

COVID-19 Interest Relief for Personal Taxpayers – But Penalties Still Apply!

Under normal circumstances, CRA will be begin charging compound daily interest starting May 1st, 2021 on unpaid taxes owing for the 2020 tax year. However, due […]
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 […]
February 11, 2020

Tax Season – Overcome Stress by Being Perpared!

Yes, it’s tax season – AGAIN. Navigating the sea of life’s daily stresses can be challenging enough. What can help us cope with the added challenge […]
January 21, 2020

Curb the Clutter Crisis – Start Housekeeping Now!

Regular housekeeping is good for us mentally, physically and emotionally – especially when managing our personal tax paperwork. How so? Well, suppose you got a notice […]
March 20, 2019

Tax Season – Four Steps to Help You Get Organized

It’s hard to believe that we’ve entered another personal tax season. In fact, April 30th is just 42 days away! To make tax season as stress […]
October 17, 2018

TFSAs – Do You Have Room?

In November 2016, we blogged about Tax Free Savings Accounts. Since inception, CRA has been auditing TFSA accounts and this has resulted in penalties to taxpayers […]
June 20, 2018

Do You Need a Financial Advisor?

Costco, Superstore and Wal-Mart have got us used to the efficiency and convenience of one stop shopping. However, should this same concept be applied to your […]
April 16, 2018

Tax Credits vs Tax Deductions – What’s the Difference?

Although these two terms are used interchangeably, when you’re discussing tax credits and tax deductions you’re not comparing apples to apples. They are very different and […]
March 21, 2018

Personal Tax Season – Overcome Stress By Being Prepared

“By failing to prepare, you are preparing to fail.” With this sobering advice in mind, we have prepared some tips to help you get organized and […]
February 14, 2018

Tax Credit Changes – 2017

CRA giveth and CRA taketh away. Actually, more “taketh” than anything! As you run around getting all your tax slips in order, we wanted you to […]
November 8, 2017

Registered Education Savings Plan (RESP): Withdrawals

So, you did your homework and started a RESP for your child. Bravo! However, now junior is grown up and ready to go off to University […]
May 16, 2017

Disability Tax Credit – Are You Eligible?

How do you know if you are eligible for the disability tax credit (DTC)? CRA’s website has a tool available where you can review some questions […]
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 4, 2017

Deadlines and Penalties For Individuals and Families

Filing personal returns on time is crucial. This is especially important when you have a balance owing because the CRA will charge you a late-filing penalty […]
March 9, 2017

Travel Expenses for Medical Expense

In what situations can you claim? If you drive over 40 kilometers from home to obtain medical treatments, you may be eligible to claim your travel […]
February 28, 2017

Registered Education Savings Plans (RESPs)

What is it? A Registered Education Savings Plan (RESP) is a special investment account that helps families plan for post-secondary education funding, and provides future tax-saving […]
February 7, 2017

RRSP Season For The 2016 Taxation Year is Ending Soon!

A Registered Retirement Savings Plan (RRSP) is a personal savings account registered with Canada Revenue Agency (CRA) to help you save for retirement and reduce your […]
January 3, 2017

Principal Residence Exemption

The Latest Principal Residence Exemption Rule Affects Every Canadian Homeowner You’ve sold your home and there’s lots of financial matters on your mind – legal fees, […]
November 16, 2016

Tax Free Savings Accounts (TFSA)

The Tax Free Savings Account (TFSA) is a savings account that allows any individual over the age of 18 and who has a valid Canadian SIN […]
July 21, 2016

Medical Expenses

It is quite well-known that medical expenses can be claimed as a tax credit, but what is less known is just how such a tax credit […]
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 […]
April 10, 2014

8 Ways to Become Your Accountant’s Fav Client

1. Collect all your stuff in a shoebox – the older the better. You want her to spend all her time sorting through your receipts at […]
June 14, 2013

Adoption Tax Credit

For individuals considering adoption or currently involved in the adoption process CRA offers an Adoption Tax Credit. Adoption period: begins at the earlier of : the […]
May 17, 2013

Moving Expenses Deduction

If you move to a new location, you may be eligible to deduct your moving expenses. The general rules are you may deduct moving expenses from […]
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 […]
February 7, 2013

How RRSP Contributions Work

A registered retirement savings plan (RRSP) is an account you can set up to save money for the future. There are immediate tax benefits in 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 […]
March 20, 2012

The Top Four Reasons To File Your Personal Tax Return On Time

If you are entitled to a refund, the earlier you file, the earlier you will get your money back from the Canada Revenue Agency (“the CRA”). The CRA […]