Accounting

Is Your Car Lease Payment a Tax Write-Off?

Individuals who lease a passenger vehicle for work-related purposes can deduct part of their leasing costs on their tax return. That being said, there is a limit on the amount you can claim. This limit is based on a calculation involving your lease payments and the value of your car. How to calculate your car

Update on New bare trust reporting requirements for T3 returns

On December 15, 2022, the government passed Bill C-32 bringing into effect new trust reporting rules that apply to trusts with tax years ending December 31, 2023. Included in these new rules are the reporting requirements for Bare Trusts. The new disclosure rules apply to trust-like relationships whereby a person holding legal title to an

Most Common Mistakes Canadians Make on Tax Return Filing

Filing income tax returns can be a complicated task, hence it’s common for taxpayers to make errors on their returns. These errors might result in overpaying taxes or necessitate returning previously obtained benefits, possibly incurring penalties or additional fees. To help in ensuring accuracy from the outset, we’ve compiled a list of prevalent mistakes made

Things You Need to Know About High-Interest Car Loans in Canada

Whether you’re buying a new or used car, odds are you’re going to be taking out a car loan. But if this is your first time buying a car or making a purchase of any kind this substantial, you might not be aware of how large loans work in Canada. So, we’re going to explain how

Saving for Your First Home? Open Your FHSA Now

In Canada, the struggle to find affordable housing is no secret. Prices seem to continue to rise post-pandemic and more and more people continue to get priced out of the housing market. To combat the housing market crisis, the federal government introduced First Home Savings Account (FHSA) as part of its 2022-23 budget. As of April

Getting CRA to Waive or Cancel Penalties & Interest

Canada Revenue Agency (CRA), under provisions of the Income Tax Act that are usually referred to as “Taxpayer Relief”, has the discretion to waive any or all amount of penalties and interest. The provisions can protect a taxpayer who is unable to meet their tax obligations due to circumstances beyond their control. However, this comes

5 Bookkeeping Tips to Help You Manage Your Small Business Finances

Managing the financial aspects of your small business can be daunting, but it’s essential for long-term success. Effective bookkeeping not only provides insight into your business’s fiscal well-being but also empowers you to make well-informed decisions. Building a consistent bookkeeping practice can feel daunting, particularly if this is your first rodeo. But it doesn’t have

Government of Canada Extends Deadline for Homeowners to File their Underused Housing Tax Return

The Federal Government of Canada has extended the deadline for homeowners to file their Underused Housing Tax (UHT) return until April 30, 2024. Homeowners affected by the Underused Housing Tax (UHT) will have until April 30, 2024 to file their returns for the 2022 calendar year without being charged penalties or interest. Penalties and interest were previously

All You Need to Know About Navigating the CEBA Loan Repayment Extension

Program Overview The federal government introduced the Canada Emergency Business Account (CEBA) in April 2020 as part of its COVID-19 pandemic relief initiatives. CEBA program initially offered interest-free loans of up to $40,000, to eligible small businesses or not-for-profit organizations. Eligible CEBA loan holders were later offered an expansion of up to $20,000 (i.e., for a

Flipping A House? B.C. To Introduce House-Flipping Tax

Flipping A House? B.C. To Introduce House-Flipping Tax Effective as of January 1, 2023, the new residential anti-flipping tax rule came into effect in Canada according to which all flipped properties profits are subject to full income inclusion. The primary goal of this law is to combat excessive price growth in the housing market. It uses