Practical articles on Canadian tax planning, CRA updates, and accounting strategies — written by Swift Accounting's Calgary tax professionals.
Freelancer, consultant, or small business owner? Learn what you owe — CPP both sides, business deductions, GST/HST registration thresholds, quarterly instalments, and when incorporating makes sense.
Read the guide →Step-by-step CPP, CPP2, EI, and income tax withholding with a worked example and free calculator.
Read guide →What the CRA PDOC does, how to use it, its limits, and a faster free alternative.
Read guide →Salary, dividends, and shareholder loans compared — and how to choose the right mix.
Read guide →T1, T2, GST/HST, payroll, and instalment due dates in one calendar.
Read guide →Eligibility, remittance rates, the 1% credit, and a worked savings example.
Read guide →Income tax, CPP at 11.9%, GST, and how much to set aside, with an example.
Read guide →Who gets which slip, deadlines, and the employee-vs-contractor trap.
Read guide →Remitter types, due dates, thresholds, and late-remittance penalties.
Read guide →CRA payroll account, TD1s, source deductions, WCB, and payroll setup.
Read guide →The $3,000 threshold, due dates, calculation options, and avoiding interest.
Read guide →When property tax is deductible, TIPP, residential vs non-residential rates, assessment appeals, and the five mistakes Calgary investors make.
Read guide →Corporate tax rates, GST/HST registration, payroll obligations, key deductions, and CRA deadlines every Calgary small business owner must understand for 2025.
Read guide →How to deduct union dues, professional membership fees, and malpractice insurance on your T1 — eligible amounts, Line 21200, and what CRA disallows.
Read guide →How CRA treats capital property as sold at fair market value at death, calculating the resulting capital gain, and planning strategies to minimize tax.
Read guide →The federal adoption expense credit covers eligible adoption costs up to $18,210 per child. Who qualifies, what expenses count, and how to claim on Line 31300.
Read guide →How the Canada caregiver amount works — eligible dependants, the $2,616 base and $8,375 supplement, income thresholds, and how to claim on Schedule 5.
Read guide →How the federal political contribution tax credit works — the generous 75%/50%/33.3% tiered rate structure, eligible registered parties, and provincial credits.
Read guide →Defined benefit vs. defined contribution RPPs, pension adjustment (PA), vesting rules, locked-in accounts, and how RPP contributions affect RRSP room.
Read guide →How group RRSPs differ from individual plans — employer matching, instant tax savings, locked-in rules, and comparing a group RRSP to a defined contribution RPP.
Read guide →How the northern residents deduction works — prescribed northern and intermediate zones, the residency and travel benefit deduction amounts, and Form T2222.
Read guide →Which legal fees are deductible — employment income disputes, support orders, business expenses, rental income, and what CRA explicitly disallows.
Read guide →How the HBTC works — the $10,000 non-refundable credit, who qualifies as a first-time buyer, eligible properties, and how the credit is split between spouses.
Read guide →How to deduct the business-use portion of vehicle costs: the logbook requirement, Class 10.1 limits, operating expenses, and standby charge rules.
Read guide →Canadian residents must report worldwide income. The foreign tax credit prevents double taxation. Form T1135 foreign asset reporting and treaty benefits explained.
Read guide →15% credit on the first $200, 29%–33% above that. Eligible charities, carry-forward rules, spousal donation strategy, and non-cash donations.
Read guide →Move 40 km closer to work or school and deduct eligible moving costs on Form T1-M. What qualifies, the income limit, and how to carry forward unused amounts.
Read guide →15% federal credit on eligible tuition from Form T2202. Unused credits carry forward indefinitely or transfer up to $5,000 to a parent, grandparent, or spouse.
Read guide →RRSP withdrawals are fully taxable with mandatory CRA withholding. Withholding rates, RRIF conversion at age 71, and the RRSP meltdown strategy explained.
Read guide →Claim eligible out-of-pocket medical costs exceeding 3% of net income or $2,759 on Line 33099. What qualifies, the best 12-month period, and family pooling.
Read guide →Common T1, T2, and GST audit triggers, what documents CRA will request, your rights during an audit, and how to respond to avoid a reassessment.
Read guide →2025 CPP and EI rates, how to calculate income tax withholding, remittance schedules, and using CRA's payroll deductions tables and online calculator.
Read guide →Every box on the T4 explained — employment income, CPP, EI, tax withheld, and taxable benefits. When employers must issue T4s and how employees report them.
Read guide →How to file a Notice of Objection within 90 days, grounds for disputing a CRA assessment, the objection process, and Tax Court appeals.
Read guide →What income is reported on a T5 — interest, dividends, and capital gains distributions — and how to report it on your T1 return.
Read guide →How to get your CRA Business Number, register program accounts for GST/HST and payroll, and keep your registration up to date.
Read guide →What makes a corporation a CCPC, the tax benefits (small business deduction, SR&ED credits, capital gains exemption), and how CCPC status can be lost.
Read guide →How the SBD reduces federal corporate tax to 9% on the first $500,000 of active CCPC income, associated corporation rules, and the passive income phase-out.
Read guide →ITA s.15(2) shareholder loan rules: the one-year repayment rule, exceptions, prescribed interest benefit, and when loans become income.
Read guide →Steps to incorporate under CBCA or ABCA, articles of incorporation, business number registration, costs, and tax advantages of incorporating in Alberta.
Read guide →The $30,000 registration threshold, collecting and remitting GST/HST, input tax credits, quick method accounting, and filing frequency options.
Read guide →Common CCA classes and rates, the half-year rule, immediate expensing for eligible property, recapture and terminal loss, and Schedule 8 filing.
Read guide →How to calculate and claim home office expenses on Form T2125 (self-employed) and T777 (employees), workspace percentage, and what qualifies.
Read guide →When you must pay quarterly tax instalments, how to calculate them using three CRA methods, 2025 due dates, and how to avoid instalment interest.
Read guide →How to register for CRA My Business Account, view balances, file returns, make payments, respond to CRA letters, and authorize your accountant.
Read guide →How a holding company and operating company structure protects assets, defers tax on retained earnings, and enables income splitting for Canadian business owners.
Read guide →What triggers a CRA payroll audit, how auditors examine source deductions and contractor classification, and how to prepare and respond.
Read guide →How an estate freeze under ITA s.86 locks in a business owner's share value today and passes all future growth to family members or a trust.
Read guide →The complete tax process for dissolving a Canadian corporation: deemed dividends, capital dividend account, final T2 filing, and the section 88 cost bump.
Read guide →The 30-day window, affiliated persons (including RRSP and TFSA), identical property, and how to preserve capital losses while tax-loss harvesting.
Read guide →How CRA's attribution rules prevent abusive income splitting, the prescribed rate loan exception, TOSI rules, and legitimate income splitting strategies.
Read guide →Directors can be personally liable for unremitted source deductions and GST/HST. The due diligence defence, two-year limitation, and how to resign properly.
Read guide →How the $1,250,000 LCGE works on qualifying small business shares, farm, and fishing property — QSBC tests, CNIL, purification, and planning strategies.
Read guide →Contribute up to $8,000/year to your FHSA, max $40,000 lifetime. Tax-deductible like an RRSP. Withdrawals for a first home are tax-free like a TFSA. Combine with HBP for $100,000 down payment.
Read guide →Report gross rental income on Form T776. Deduct mortgage interest, property tax, repairs, insurance, and CCA. CCA recapture on sale. Short-term Airbnb rentals over $30,000 trigger GST.
Read guide →Withdraw up to $60,000 from your RRSP tax-free for a first home. Repay over 15 years. Each spouse can withdraw $60,000. Combine with FHSA for up to $100,000 per person.
Read guide →All Canadian corporations must file a T2 within 6 months of fiscal year-end. Tax due 2–3 months after year-end. GIFI financial statements required. Late penalty: 5% + 1%/month.
Read guide →New homes attract 5% GST. New Housing Rebate recovers up to $6,300 for homes under $450,000. Assignment sales of preconstruction condos trigger GST since January 2023.
Read guide →The PRE eliminates capital gains tax on your home if designated as principal residence. Must file T2091 and Schedule 3. Anti-flipping rule: homes sold within 365 days taxed as business income.
Read guide →Small CCPCs get a 35% refundable federal ITC on the first $3M of eligible R&D. Larger corporations get 15%. Alberta adds 20%. File Form T661 with your T2. Document all experiments.
Read guide →Split up to 50% of eligible pension income with your spouse. Eligible at 65+: RRIF withdrawals, defined benefit pensions at any age. Use Form T1032. Reduces OAS clawback.
Read guide →Deduct up to $8,000 per child under 7, $5,000 for ages 7–16. Generally claimed by the lower-income spouse. Eligible: daycare, nannies, summer day camps. Use Form T778.
Read guide →Options taxed at exercise, not grant. Benefit = FMV minus exercise price, included in employment income. 50% deduction available for eligible options. New $200K annual limit for public companies.
Read guide →The DTC is a non-refundable credit worth up to $9,428 federally. A medical practitioner must certify your impairment on Form T2201. Retroactive claims go back up to 10 years.
Read guide →OAS clawback starts at $93,454 net income. Reduce it through pension splitting, TFSA withdrawals, and strategic RRSP drawdown. Deferring to 70 increases OAS by 36%.
Read guide →CPP rate 2025: 5.95% on earnings up to $71,300. Max employee contribution: $4,034.10. Self-employed pay both sides: $8,068.20. CPP2 adds up to $428 on earnings to $81,900.
Read guide →Box 14 = employment income. Box 22 = income tax deducted. Box 52 = pension adjustment. Employers must issue T4s by February 28. What to do if your T4 has errors.
Read guide →Claim medical expenses over 3% of net income or $2,759 (whichever is less). Eligible: prescriptions, dental, vision, therapy. Use any 12-month period ending in the tax year.
Read guide →EI benefits are fully taxable. Earn over $79,000? You repay 30% of EI received. Withholding is often insufficient when you return to work mid-year — plan ahead.
Read guide →Deduct eligible moving costs when you move 40+ km closer to a new job or school. Covers transport, travel, temporary accommodation, and lease cancellation fees.
Read guide →Box 13 = interest. Box 24 = eligible dividends. Box 25 = eligible dividend tax credit. Box 11 = other dividends. The dividend gross-up and tax credit system explained clearly.
Read guide →CRA can garnish wages, freeze bank accounts, and place liens on property without a court order. Options: payment arrangement, taxpayer relief, objection. Act before CRA acts first.
Read guide →Canada withholds 25% on dividends, interest, rent, and royalties paid to non-residents. Tax treaties reduce rates: US 15% dividends, 0% interest. Section 216 election for rental income.
Read guide →Pay CRA online through My Payment, pre-authorized debit, or your bank's bill payment. Personal tax due April 30. Interest at prescribed rate + 4% starts the day after the deadline.
Read guide →File GST/HST returns quarterly, annually, or monthly depending on your annual revenues. Report total sales, GST/HST collected, input tax credits, and net tax owing.
Read guide →A CRA Business Number (BN) is a 9-digit number identifying your business. Register online in minutes. Program accounts: GST/HST (RT), payroll (RP), corporate income tax (RC).
Read guide →Your NOA confirms how CRA processed your return. Check RRSP room, carryforward balances, and whether CRA changed your numbers. You have 90 days to object to a reassessment.
Read guide →File your T1 late if you owe: 5% of balance + 1% per month up to 12 months. Repeat late filers: 10% + 2% per month. If you get a refund: no penalty for filing late.
Read guide →Disagree with a CRA assessment? File a Notice of Objection on Form T400A within 90 days. CRA's Appeals Division reviews your case independently. Appeal to Tax Court if unresolved.
Read guide →The VDP lets taxpayers correct past tax errors before CRA contacts them. Standard track: penalties waived and partial interest relief. Must be voluntary — CRA cannot already be investigating.
Read guide →CRA requires all businesses to keep books and records for 6 years. Set up a chart of accounts, track GST/HST separately, reconcile monthly. QuickBooks vs Xero vs Wave compared.
Read guide →Act before December 31: maximize RRSP contributions, trigger capital losses, defer income, accelerate deductions, gift to family, top up TFSA, and time bonus payments correctly.
Read guide →A corporate minute book is a legal requirement for all Canadian corporations. Contains articles of incorporation, bylaws, shareholder register, and director resolutions. How to update it.
Read guide →Sell losing investments before December 27 to realize capital losses that offset gains. The 30-day superficial loss rule disallows losses if you repurchase the same security within 30 days before or after.
Read guide →Loan money to a lower-income spouse at the CRA prescribed rate. Investment income taxed at their lower marginal rate. Interest must be paid by January 30 annually or attribution rules apply.
Read guide →Issue a ROE within 5 calendar days when an employee's insurable earnings stop. ROE codes A-N indicate reason for separation. Employees need the ROE to apply for EI benefits.
Read guide →Business meals are 50% deductible. Exceptions at 100%: staff parties up to 6 events/year, remote worksite meals. Long-haul truck driver meals: 80%. Documentation required: receipt, date, business purpose, attendees.
Read guide →Deduct the business-use percentage of rent, heat, electricity, insurance, and repairs. Must be principal place of business or used exclusively for meeting clients. Cannot create a loss — excess carries forward.
Read guide →CCA allows deducting capital asset costs over time. Class 8 furniture/equipment: 20%. Class 10 vehicles: 30%. Class 14.1 goodwill: 5%. Immediate expensing up to $1.5M for eligible CCPCs.
Read guide →Deduct business-use percentage of vehicle costs using a CRA logbook. Class 10 vehicles: 30% CCA. Luxury vehicles over $38,000 (or $61,000 ZEV): cost capped for CCA and lease deduction purposes.
Read guide →Company car, parking, group life insurance, and gifts over $500 are taxable and appear on your T4. Employer health and dental premiums, uniforms, and required tools are generally non-taxable.
Read guide →Box 14: employment income. Box 16: CPP. Box 18: EI. Box 22: income tax withheld. How to spot errors, request an amended T4, and what to do if your T4 is missing by mid-March.
Read guide →2025 CPP rate: 5.95% up to $71,300 YMPE. EI rate: 1.66% up to $65,700. Employer matches CPP and pays 1.4x EI. Remittance deadlines: 15th of following month for most employers. Penalties: 3%-20%.
Read guide →Withdraw up to $10,000/year ($20,000 lifetime) from your RRSP tax-free for full-time education. Repay over 10 years starting 5 years after first withdrawal. Missed repayments are added to income.
Read guide →Alberta caps probate at $525. Ontario: 1.5% above $50,000. Assets that bypass probate: registered accounts with named beneficiaries, jointly owned property, life insurance, and assets held in trusts.
Read guide →Allocate up to 50% of RRIF withdrawals and employer pension income to a lower-income spouse on Form T1032. Each spouse claims the $2,000 pension income credit. Annual election, optimize each year.
Read guide →Contribute to your spouse's RRSP using your own deduction room. The 3-year attribution rule prevents immediate withdrawals. In retirement, equalizes income between spouses and reduces combined tax.
Read guide →OAS reduced by 15 cents per dollar of net income above $93,454 in 2025. TFSA withdrawals do not count toward the threshold. Pension income splitting and RRIF timing can protect your OAS.
Read guide →Maximum OAS at 65: $727.67/month. 10% automatic increase at 75: up to $800.44/month. Defer to 70 for 36% more. Need 40 years of Canadian residence for full pension, 10 years for partial.
Read guide →First-time buyers can withdraw up to $60,000 per person (up from $35,000) tax-free from their RRSP. Repay over 15 years (1/15 per year). Coordinate with the First Home Savings Account (FHSA).
Read guide →Maximum CPP at 65: $1,364.60/month. Take at 60: 36% less permanently. Defer to 70: 42% more. Break-even around age 74. CPP2 enhancement adds ~33% more benefit on upper earnings tier.
Read guide →2025 TFSA limit: $7,000. Cumulative room since 2009 for those always eligible: $102,000. Withdrawals restore room January 1 of the following year. Overcontributions: 1% per month penalty tax.
Read guide →Register with a GCKey or Sign-In Partner (your bank). View RRSP room, TFSA room, tax slips, NOAs, and past returns. Authorize your accountant, set up direct deposit, and respond to CRA correspondence.
Read guide →Directors personally liable for unremitted payroll deductions and GST/HST. Due diligence defence, two-year limitation period from resignation date, and why nominee directors are fully exposed.
Read guide →The CDA accumulates the non-taxable portion of capital gains and life insurance proceeds. Elect capital dividends on Form T2054 to distribute these amounts to shareholders completely tax-free.
Read guide →Transfer eligible property to a corporation at a chosen elected amount, deferring capital gains. Boot must not exceed ACB. Form T2057 filed jointly before the tax return due date.
Read guide →Corporate loans to shareholders must be repaid within one year after the fiscal year-end or the full balance is included in personal income. Prescribed rate loans as a tax-safe alternative.
Read guide →CCPCs: 35% refundable ITC on first $3M of eligible R&D spending. Large corporations: 15% non-refundable. Form T661 project descriptions must address scientific or technological uncertainty.
Read guide →CCB is completely tax-free. Under 6: up to $648.91/month. Ages 6-17: up to $547.50/month. Both parents must file taxes annually. Child Disability Benefit supplement: $3,173/year per eligible child.
Read guide →Pay quarterly instalments if you owe more than $3,000 in net tax. Due March 15, June 15, September 15, December 15. Three methods: prior-year (safest), current-year, and instalment base.
Read guide →Refundable credit for low-income workers. Single: up to $1,518; families: up to $2,616; disability supplement: $784. 50% paid quarterly in advance since 2022. Claim on Schedule 6.
Read guide →Lower-income spouse claims child care expenses on Form T778. Maximum: $8,000 under age 7, $5,000 ages 7-16, $11,000 for disabled children. Eligible: daycare, nannies, day camps, overnight boarding.
Read guide →15% non-refundable federal credit on eligible tuition from T2202. Unused credits carry forward indefinitely. Transfer up to $5,000 per year to a parent, grandparent, or spouse on Schedule 11.
Read guide →A discretionary family trust allocates income and capital gains to lower-bracket family members. LCGE multiplication on a business sale, the 21-year deemed disposition, and how TOSI limits adult beneficiary distributions.
Read guide →Leaving Canada triggers a deemed sale of most assets at FMV on departure day. Capital gains taxed immediately. Exempt: Canadian real property, RRSPs, pension benefits. Security required if tax exceeds $100,000.
Read guide →Gig income is self-employment reported on T2125. GST registration required at $30,000. Uber drivers: special GST rules below threshold. Vehicle logbook, phone, platform fee deductions. June 15 filing deadline.
Read guide →Trusts file annual T3 returns. Inter vivos trusts taxed at highest marginal rate unless income allocated to beneficiaries. GREs benefit from graduated rates. 21-year deemed disposition triggers capital gains.
Read guide →Canadian residents taxed on worldwide income but can claim FTC for taxes paid abroad. Non-business FTC for foreign dividends and interest. US withholding in TFSA not creditable. Form T2209 with your T1.
Read guide →Move at least 40km closer to a new work location or full-time school and deduct eligible costs: truck rental, temporary housing up to 15 days, storage, real estate commissions on selling your old home.
Read guide →Property held under 365 days: entire gain is business income (no capital gains treatment, no PRE). Long-term: capital gain. Corporate rental income is passive and does not qualify for the small business deduction.
Read guide →Employer must sign T2200 before you can claim employment expenses on Form T777. Eligible: home office, vehicle (logbook required), supplies, union dues, legal fees. The COVID flat-rate method ended after 2022.
Read guide →Stock options taxed as employment income when exercised (FMV minus exercise price). 50% deduction available for qualifying CCPC and non-CCPC options. 2024: non-CCPC options capped at $200,000 for the deduction.
Read guide →Claim medical expenses above the lesser of $2,759 or 3% of net income. Eligible: prescriptions, dental, vision, hearing aids, attendant care, fertility treatments, service animals. Best 12-month period strategy.
Read guide →First-time filers: gather T4s, RRSP slips, and tuition receipts. Choose NETFILE-certified software, claim the basic personal amount ($16,129), education credits, and moving expenses. April 30 deadline.
Read guide →Missed a deduction or credit? File a T1 Adjustment Request (T1-ADJ) to correct any of the past 10 years' returns. CRA reviews within 8-12 weeks. Eligible: missed RRSP, tuition, medical, charitable donations.
Read guide →CRA can garnish wages, freeze bank accounts, and register liens without a court order. Respond immediately: payment plan, taxpayer relief, or objection. Acting early limits penalties and preserves options.
Read guide →Choose cash or accrual accounting, set up HST accounts, track all business expenses, and file T2 or T2125 by your deadline. Annual year-end checklist for Canadian incorporated and unincorporated businesses.
Read guide →Federal brackets: 15% to 33%. Alberta top combined rate: ~48%. Basic personal amount $16,129 federal. How marginal rates work, why your next dollar is not taxed at the same rate as your first.
Read guide →RRSP: deductible contributions, taxed on withdrawal, best for high earners. TFSA: after-tax contributions, tax-free growth and withdrawal, $7,000 2025 room. How to use both optimally together.
Read guide →CRA audits: correspondence, desk audit, field audit, and net worth audit. Common triggers: large deductions, unreported income, cash businesses, rental losses. Your rights and how to prepare a response.
Read guide →Federal incorporation: $200 online via Corporations Canada. Provincial Alberta: $275. Articles of incorporation, registered agent, minute book, CRA business number, T2 corporate return. Benefits vs sole proprietorship.
Read guide →T1 personal return due April 30 (self-employed June 15). NETFILE-certified software, EFILE through accountant, or paper filing. Key deductions: RRSP, child care, medical, moving expenses. Step-by-step guide.
Read guide →Rental income is fully taxable on Form T776. Deductible: mortgage interest (not principal), property tax, insurance, repairs, utilities, property management fees, and CCA. When to claim CCA and when not to.
Read guide →Individuals: 50% inclusion on gains up to $250,000/year; 2/3 on gains above. Corporations: 2/3 on all gains. LCGE exemption $1.25M for qualifying small business shares. 9 strategies to reduce your bill.
Read guide →The CCR (formerly Climate Action Incentive) pays quarterly tax-free amounts. Alberta family of 4: ~$1,800/year. Rural supplement adds 20%. Paid automatically if you file your tax return.
Read guide →Corporations pay 11% on first $500K of active income vs. up to 48% personal rates. The break-even income for incorporation in Alberta, liability protection, salary vs. dividend trade-offs.
Read guide →File T2 within 6 months of year-end; pay balance in 2-3 months. Key schedules: S1 (net income reconciliation), S8 (CCA), S100/125 (balance sheet/income). How to claim the SBD at 11% combined.
Read guide →Register for a CRA payroll account (RP), calculate deductions using PDOC, remit by the 15th, and issue T4 slips by February 28. Step-by-step for Alberta small businesses hiring their first employee.
Read guide →Pay CRA via My Payment (Interac/Visa Debit), your bank bill payment, pre-authorized debit, wire transfer, Canada Post, or cheque. Which is fastest, how to avoid delays, and how to fix wrong payments.
Read guide →Self-employed, investors, and retirees owing $3,000+ must pay quarterly instalments by March 15, June 15, September 15, December 15. Prior-year safe-harbour method, current-year estimate, or CRA reminder.
Read guide →Businesses with under $1.5M in taxable supplies can file GST/HST annually. Annual filers with $3,000+ net GST must pay quarterly instalments (April 30, July 31, October 31, January 31). How it works.
Read guide →Commercial office rent is 100% deductible. Home office rent uses workspace percentage on T2125. Lease inducements (signing bonuses) are taxable income. Tenant improvements = CCA Class 13.
Read guide →Federal AJCTC: 10% of eligible wages in years 1 and 2, max $2,000/apprentice/year. Alberta ATTC stacks on top — up to $6,000 in year 1. Red Seal trades qualify. Carry forward 20 years.
Read guide →2025 TFSA limit is $7,000. Cumulative room is $102,000 since 2009. Withdrawals replenish room January 1. Over-contribution penalty is 1%/month. What to hold, TFSA vs. RRSP, and the US withholding trap.
Read guide →RESP lifetime limit is $50,000 per child. CESG: 20% on first $2,500/year = $500 annually ($7,200 lifetime). CLB for lower-income families, enhanced CESG, and how EAPs are taxed to students.
Read guide →File a T1 with T2125 business statement by June 15 (pay by April 30). Both CPP sides at 11.9%, GST/HST at $30K threshold, quarterly instalments, home office, and vehicle deductions explained.
Read guide →The 2025 federal DTC is worth up to $1,481 in tax savings ($9,872 × 15%). Children's supplement adds $5,758. How to apply with T2201, which conditions qualify, transfer to caregiver, retroactive 10-year claims.
Read guide →CRA uses control, tools, profit/risk, and integration tests to classify workers. Misclassification triggers retroactive payroll remittances + 10% penalty. Personal services business rules for incorporated contractors.
Read guide →Self-employed claim home office on T2125 — heat, hydro, property tax, mortgage interest as a workspace % of home. Income limitation prevents a loss. Carryforward of unused deduction. Why not to claim CCA.
Read guide →Filing late with a balance owing? CRA charges 5% immediately + 1%/month up to 12 months. Repeat offenders: 10% + 2%/month. Compound daily interest from May 1. Taxpayer relief, extensions, and VDP options.
Read guide →Personal life insurance death benefits are tax-free. Corporate-owned policies: premiums non-deductible, proceeds tax-free, excess over ACB added to Capital Dividend Account (CDA) — pay out to shareholders tax-free.
Read guide →The RDSP provides government grants (CDSG) and bonds (CDSB) for disabled Canadians with an approved DTC. $200,000 lifetime contribution limit, 10-year holdback on grants, LDAP minimum withdrawals at 60.
Read guide →Buy a new home under $450K in Canada? You may qualify for 36% of GST back — up to $6,300 federal. Full rebate on homes up to $350K, phases out to $450K. Builder assignment, owner-built, and rental rebate.
Read guide →CCB pays up to $7,787/year per child under 6 and $6,570 for ages 6-17 in 2025. Income-tested benefit based on net family income — July payments, AFNI thresholds, and how to maximize your CCB.
Read guide →2025 OAS: $727.67/month at 65. Clawback (OAS repayment tax) starts at $93,454 net income. Defer to 70 for 36% more per month. GIS for low-income seniors. How to minimize the OAS clawback.
Read guide →CRA My Account lets you check RRSP room, TFSA room, NETFILE, view NOAs, set up direct deposit, and respond to reviews. Step-by-step registration, 2FA setup, and what each section does.
Read guide →2025: CPP at 5.95% (max $4,034.10), EI at 1.64% (max $1,077.48), income tax per TD1 claim code. How to calculate net pay, employer contributions, and remit to CRA on time.
Read guide →The BPA ($16,129), age amount ($8,396), disability ($9,872), caregiver, tuition, and 20+ other credits reduce your federal tax — but can't create a refund. How to claim every credit you're owed.
Read guide →CRA's VDP lets you come forward voluntarily to correct past errors, unreported income, or unfiled returns — in exchange for penalty relief. General vs. limited track, eligibility rules, and how to apply.
Read guide →Mutual fund distributions are taxed annually even if reinvested. T3 shows eligible dividends, capital gains, and return of capital. How ROC reduces your ACB and creates a future capital gain.
Read guide →In the year of death, a terminal T1 return must be filed with a June 30 deadline. Deemed disposition of all capital property, RRSP/RRIF collapses as income, spousal rollover, and graduated rate estates.
Read guide →CRA distinguishes true reimbursements (not taxable) from allowances and taxable benefits. Cell phone plans, home office, vehicle allowances, meals, professional fees — what goes on the T4 and what doesn't.
Read guide →The BPA is a non-refundable credit worth up to $2,419 federally in 2025. Every Canadian gets it. Alberta's $21,003 BPA is one of the highest provincial amounts. How to claim it and use the spousal transfer.
Read guide →Section 85 lets you roll appreciated property into your corporation at its original cost base — no capital gains triggered. The elected amount, boot rules, ACB after rollover, and when to use it.
Read guide →Canadian residents pay tax on worldwide income — foreign employment, rental, investment, and business income all go on your T1. Foreign tax credits, T1135, and tax treaty relief explained.
Read guide →Double-entry basics, chart of accounts, monthly bank reconciliation, recording GST/HST, CRA receipt requirements, and when to hire a bookkeeper vs. do it yourself.
Read guide →Retiring allowances (severance) are taxable income with 10-30% withholding. Pre-1996 service can be rolled to RRSP tax-free ($2,000/year). How to structure your severance to minimize tax.
Read guide →Must convert RRSP to RRIF by December 31 of the year you turn 71. 2025 minimum withdrawal rates from 5.28% at 71 to 20% at 95+. Pension income credit, spousal RRIF, and drawdown planning.
Read guide →Unremitted payroll source deductions can follow directors personally under ITA s.227.1. The due diligence defence, the 2-year limitation period after resignation, and how to protect yourself.
Read guide →Employer car = taxable benefit. 2025: 2% × cost × months available + 33¢/km operating benefit. How to qualify for the reduced standby charge, and whether your corporation should own the vehicle.
Read guide →T3s from mutual funds, ETFs, and estate trusts arrive up to March 31. Box 21 (capital gains), Box 23 (eligible dividends), Box 26 (other income) — how each is reported on your T1.
Read guide →Your NOA confirms CRA processed your return. How to read each section — RRSP room, refund/balance, adjustments — and how to file a T1-ADJ or formal objection within 90 days if it's wrong.
Read guide →RRSP withdrawals are 100% taxable — 10-30% withheld upfront. Home Buyers Plan ($35K), Lifelong Learning Plan, RRIF conversion at 71, RRSP meltdown strategy, and spousal RRSP attribution.
Read guide →Record gross wages, employee deductions (income tax, CPP, EI), employer contributions, and the CRA remittance entry. Xero and QuickBooks Online examples with sample figures.
Read guide →Attribution rules block most income shifting, but spousal RRSP, pension splitting, prescribed rate loans, family trusts, and TOSI-compliant dividends are fully legal strategies.
Read guide →RRSP optimization, incorporation timing, salary vs. dividend mix, tax-loss harvesting, prescribed rate loans, spousal RRSP, donating securities, CDA, TFSA strategy, and year-end timing.
Read guide →Incorporation fees, website development, equipment, and pre-opening expenses — what CRA allows as immediate deductions vs. capital costs via CCA, and when deductions start.
Read guide →Monthly, quarterly, or annual filer? 2025 GST/HST due dates, the $3,000 instalment rule for annual filers, how to remit online, and late-filing penalties (5-10%).
Read guide →2025 EI employee rate 1.64% on $65,700 max insurable earnings (max premium $1,077.48). Employer rate 1.4×. Qualifying hours, benefit calculation, and self-employed EI opt-in.
Read guide →December 31 is the deadline for most tax strategies. TFSA contributions, capital loss harvesting, charitable donations, corporate bonuses, CCA timing, and RDTOH review.
Read guide →Partnerships are flow-through entities — income/losses allocated to partners at their personal rate. T5013 return, general vs. limited partnerships, and when a corporation makes more sense.
Read guide →Report business income on T2125 with your T1. June 15 deadline (balance due April 30), both sides of CPP self-employment, GST/HST obligations, and the break-even for incorporation.
Read guide →CRA treats crypto as property — every sale is a taxable disposition. Capital gains vs. business income, mining/staking income, NFTs, T1 reporting, and CRA enforcement of unreported crypto.
Read guide →If you hold $100,000+ in foreign property (foreign stocks, bank accounts, real estate), you must file T1135. Simplified vs. detailed method, $2,500/year penalties, and VDP options.
Read guide →Your T5 reports bank interest, dividends, and foreign income. Box 10 (eligible dividends), Box 13 (interest), Box 25 (foreign income), what to do with it on your T1, and the $50 T5 threshold.
Read guide →Split up to 50% of eligible pension income (RRIF, RPP) with your spouse using T1032. No cash movement required — just a tax election that shifts income to the lower-bracket spouse.
Read guide →TOSI applies top marginal rate to split income paid to adult family members of business owners. The 'excluded business' (20+ hours) and 'excluded shares' tests that eliminate TOSI.
Read guide →The CDA tracks tax-free amounts in your corporation — capital gains' non-taxable half and life insurance proceeds. Pay out as capital dividends with a s.83(2) election, tax-free to shareholders.
Read guide →Deduct business-use portion of fuel, insurance, repairs, and CCA on your vehicle. Logbook requirements, the $37,000 capital cost limit for Class 10.1, and standby charge rules.
Read guide →At death, CRA deems you to have disposed of all assets — triggering capital gains. RRSP/RRIF collapse, principal residence, spousal rollovers, and strategies to minimize estate taxes.
Read guide →CRA's attribution rules prevent shifting income to lower-earning family members via gifts or loans. Spouse, adult, and minor child rules — and the exceptions that actually work.
Read guide →Sell investments at a loss to offset realized gains, reducing your capital gains tax. The 30-day superficial loss rule, ACB tracking, and timing trades before the settlement deadline.
Read guide →Compare the top accounting platforms for Canadian small businesses — GST/HST compliance, CRA integration, payroll, bank feeds, and pricing. Which is right for your business size.
Read guide →2025 Alberta tax brackets, combined marginal rates (up to 48%), worked $80,000 salary example, RRSP savings, and the 11% small business corporate rate.
Read guide →Federal vs. Alberta provincial incorporation explained — required document contents, NUANS name search, $100–$200 filing costs, and post-incorporation checklist.
Read guide →The T2200 unlocks home office, vehicle, and other employment expense deductions. Learn when it applies, what employers are obligated to sign, and CRA audit risks.
Read guide →GST is 5% federal, but HST provinces charge up to 15%. Alberta pays only GST. Covers zero-rated vs. exempt supplies, the $30K registration threshold, and the Quick Method.
Read guide →Registration options (CRA login vs. Sign-In Partner), step-by-step walkthrough, two-factor authentication setup, adding authorized representatives, and common errors.
Read guide →2025 TFSA annual limit is $7,000. Cumulative room since 2009 is $102,000. How to find your exact room, withdrawal re-contribution rules, and the 1%/month over-contribution penalty.
Read guide →Every T4 box explained — Box 14 (employment income), Box 16/18 (CPP/EI), Box 22 (tax deducted), Box 40 (benefits). Feb 28 deadline, how to get a missing T4, fixing errors.
Read guide →15% on first $200, 29% above. Combined Alberta credit saves up to 45%. Spouse pooling strategy, donating publicly traded securities (capital gains eliminated), and 5-year carryforward.
Read guide →CCA classes and rates — Class 1 (4%), Class 8 (20%), Class 10 (30%), Class 50 (55%). Half-year rule, Accelerated Investment Incentive, vehicle limits, terminal losses.
Read guide →Section 15(2) income inclusion, the one-year repayment rule, prescribed rate loan exceptions, and why an informal "draw" from your corporation can trigger a surprise tax bill.
Read guide →CRA designation requirement since 2016, one-per-family rule, partial exemption formula, cottage designation planning, house flipping anti-avoidance, and non-resident rules.
Read guide →35% refundable ITC for CCPCs on first $3M of eligible R&D. What qualifies (tech uncertainty test), what doesn't, eligible expenditures, T661 filing, and CRA documentation requirements.
Read guide →Who must file, 6-month filing deadline, key schedules (T2SCH1, T2SCH8, T2SCH50), mandatory e-filing over $1M revenue, Alberta AT1, and late filing penalty schedule.
Read guide →Certified software options (Wealthsimple Tax, H&R Block, TurboTax, StudioTax), the NETFILE access code, step-by-step guide, and who cannot use NETFILE.
Read guide →11% Alberta small business rate, income deferral calculation, TOSI rules for family dividends, Alberta eligible professions, setup process, and the income threshold where incorporation pays off.
Read guide →Online banking, My Payment, pre-authorized debit, cheque, wire transfer — all CRA payment methods for personal, instalment, corporate, and payroll remittances.
Read guide →Both are 0% GST — but exempt suppliers can't claim ITCs while zero-rated suppliers can. Full lists of each category and how the distinction affects your ITC recovery.
Read guide →Your GST number is the 9-digit BN + RT program account. When you need one, how to get it in 15 minutes online, how to verify a supplier's number, and invoice requirements.
Read guide →Alberta's 2% small business + 8% general provincial rate gives combined 11%/23% — the lowest in Canada. SBD eligibility, passive income trap, and planning strategies.
Read guide →CRA's 6-year retention rule, what counts as a valid receipt, the best digital receipt apps (Hubdoc, Dext), bank feed auto-matching, and year-end receipt audit process.
Read guide →T1 return overview, 2025 federal brackets, key deductions (RRSP, child care, moving), non-refundable credits, tax slips to gather, and filing deadlines for Canadians.
Read guide →CRA never emails about refunds or demands gift card payments. The most common 2025 phishing scams, red flags to spot immediately, and how to report a CRA scam to CAFC.
Read guide →A holdco owns your operating company and investments. Tax deferral, capital gains deferral, LCGE multiplication, creditor protection, the passive income trap, and setup costs.
Read guide →Review vs. audit differences, types of CRA review letters (T1 matching, business enquiry, GST), how to respond properly, and when you need professional help.
Read guide →The 2025 RRSP deadline is March 3, 2026. Contribution room is $32,490 (18% of 2024 earned income), spousal RRSP strategy, Home Buyers' Plan, and over-contribution warning.
Read guide →Eligible dividends vs non-eligible: gross-up mechanism, dividend tax credit, 2025 Alberta effective rates, and which type your CCPC can pay — with a worked example.
Read guide →Complete guide to CRA payroll remittances — frequencies, 2025 CPP/EI rates, the penalty schedule, and step-by-step payment instructions for Canadian employers.
Read guide →Credentials, Calgary costs, tasks each handles, and when your growing business needs an accountant, bookkeeper, or both — plain-language guide for Canadian SMEs.
Read guide →Every small business tax deduction available in Canada for 2025 — home office, vehicle, meals, CCA, salaries, software, and exactly what CRA requires to claim them.
Read guide →The Quick Method lets eligible small businesses remit a flat % instead of tracking every ITC. 2025 rates, the $400K cap, worked Alberta example, and how to elect.
Read guide →Hubdoc automatically collects receipts, bills, and bank statements and syncs them to Xero or QuickBooks — setup guide, Canadian connections, pricing, and pros/cons.
Read guide →When you must register ($30K threshold), voluntary registration benefits, how to register online via CRA My Business Account, and your first filing obligations.
Read guide →ITCs let registered businesses recover GST/HST paid on business purchases. CRA documentation rules, the 4-year claim window, blocked ITCs, and how to claim on your return.
Read guide →A Business Number (BN) is your 9-digit CRA identifier. When you need one, program accounts (GST, payroll, corporate), and how to register online in 15 minutes.
Read guide →Federal small business rate (9%), Alberta combined (11%), general corporate rates, CCPC rules, passive income restrictions, and province-by-province comparison for 2025.
Read guide →Key provisions including share transfer restrictions, buy-sell (shotgun clause), drag-along rights, deadlock resolution, and typical Alberta drafting costs.
Read guide →The three CPA assurance levels — compilation (NTR/CSRS 4200), review engagement, and audit — explained with who needs each, Calgary costs, and the CSRS 4200 change.
Read guide →2025 CPP1 and CPP2 rates, YMPE ($71,300) and YAMPE ($81,900) maximums, employer matching rules, self-employed double contribution, and CPP exemptions.
Read guide →2025 limits ($8,000 under 7, $5,000 ages 7–16), lower-income rule, daycare/nanny/camp eligibility, SIN requirements, and what parents commonly miss claiming.
Read guide →Income tax, CPP, and EI withheld from employee pay and remitted to CRA — 2025 rates, TD1 forms, payroll deductions calculator, T4 slips, and employer liability rules.
Read guide →Drop box closures, expanded Bill C-31 audit powers, 42,000+ privacy breaches, year-round reviews, and the GST/HST credit replacement arriving July.
Read guide →Federal rate cut to 14%, capital gains reversal, LCGE raised to $1.25M, CPP2 ceiling up to $85,000, and more — every change that affects your 2026 tax return.
Read guide →Everything you need for the 2026 tax season — key deadlines, new rules, and practical filing tips for individuals and small businesses.
Read guide →When to register, how to file, what qualifies as an input tax credit, and how to avoid the most common GST/HST mistakes.
Read guide →Employees, self-employed, and incorporated owners all have different home office rules. Here's exactly what you can deduct and how to calculate it.
Read guide →A complete walkthrough of the Canadian T1 filing process — what slips you need, which software to use, and when professional help makes sense.
Read guide →What CRA confirmed at the 2025 Roundtable — digital correspondence, audit priorities, cryptocurrency, and clarifications on contentious deductions.
Read guide →The VDP lets taxpayers correct past errors with reduced penalties. Here's how it works, who qualifies, and when it makes strategic sense.
Read guide →Insurance proceeds are often tax-free — but not always. Understand when premiums are deductible, when benefits are taxable, and how corporate policies work.
Read guide →CRA does negotiate — but only in certain circumstances. Learn what settlement options exist, how the Appeals process works, and when to escalate.
Read guide →Dental, prescriptions, medical devices, fertility treatments — a detailed look at which expenses qualify and how the 3% net income threshold works.
Read guide →CRA can waive interest and penalties in cases of financial hardship, illness, or CRA error. Here's how to apply and what to include in your request.
Read guide →Residency status, world income reporting, tax treaties, SIN applications, and which credits apply to you — a complete guide for new Canadians.
Read guide →Not every RRSP contribution is equally valuable. Understand marginal rates, the HBP, spousal RRSPs, and the optimal contribution strategy for your income level.
Read guide →CRA's mandatory e-filing requirements for T2 corporate returns — who is affected, exceptions, and how to ensure your corporation is compliant.
Read guide →Yes — even corporations with zero activity must file a T2. Here's what a nil return includes, the deadline, and the penalties for missing it.
Read guide →CRA has broad powers to demand documents, inspect premises, and require third parties to disclose information. Know your rights and obligations.
Read guide →Tax-free growth vs. upfront deduction — the right choice depends on your current income, expected retirement income, and timeline. Here's the full breakdown.
Read guide →CRA can ask your bank, employer, or business partners for information about you. Understand how these requests work and how to respond effectively.
Read guide →Flow-through shares pass exploration deductions to investors, creating powerful tax advantages. Here's how they work and who benefits most.
Read guide →If your business transacts with related foreign entities, CRA's transfer pricing rules require arm's-length pricing. Here's what Canadian businesses need to know.
Read guide →Non-residents buying Canadian real estate face the Underused Housing Tax, foreign buyer bans, and provincial surcharges. Know what applies to you.
Read guide →Rental income is fully taxable, but many landlords underreport expenses or miss deductions. Know exactly what CRA expects and how to maximize your deductions.
Read guide →Being selected for a CRA audit doesn't mean you've done something wrong — but it does mean you need to respond carefully. Know your rights and the process.
Read guide →The salary vs. dividend decision is one of the most impactful choices for incorporated business owners. The right answer depends on your province, income, and goals.
Read guide →Each type of investment income — interest, dividends, and capital gains — is taxed differently. Understanding the distinctions helps you invest more tax-efficiently.
Read guide →New 2024 rules restrict expense deductions for non-compliant short-term rentals. If you rent on Airbnb or VRBO, you need to understand these changes.
Read guide →The proposed increase to 2/3 inclusion rate changes the math on selling investments, real estate, and business assets. Plan ahead with these strategies.
Read guide →CRA is increasingly focused on unreported capital gains from real estate, crypto, and investments. Know the red flags and how to stay compliant.
Read guide →My Business Account is becoming the primary channel for CRA communications. Here's how to set it up, authorize your representative, and use its key features.
Read guide →GAAR is CRA's broad power to strike down transactions that technically follow the rules but defeat their purpose. Understand how courts have applied it.
Read guide →Child care costs can be deducted from income — but only by the lower-income spouse and subject to per-child limits. Know the rules to maximize your claim.
Read guide →The DTC is one of Canada's most valuable non-refundable credits — and it's often missed. Find out who qualifies, how to apply, and what other benefits it unlocks.
Read guide →The FHSA combines RRSP and TFSA benefits for first-time home buyers — contributions are deductible and withdrawals are tax-free. Here's how to use it strategically.
Read guide →Joint bank accounts, parent-child property ownership, and nominee arrangements may all be bare trusts requiring T3 filings. Are you caught by the new rules?
Read guide →CRA's audit powers expanded significantly in 2024. Understand what they can now demand, inspect, and penalize — and how to protect yourself.
Read guide →Communications with your lawyer may be protected from CRA. Understand what privilege covers, what it doesn't, and how to structure your team wisely.
Read guide →Non-residents renting Canadian property face a 25% withholding tax unless they elect under Section 216. Here's how the rules work and how to comply.
Read guide →Did you move for work or school? Many Canadians miss the moving expense deduction. Know what qualifies, what doesn't, and how to claim it properly on your T1.
Read guide →If you owe more than $3,000 in tax, CRA may require quarterly instalment payments. Know who must pay, the three calculation methods, and how to avoid interest.
Read guide →Two major omnibus bills enacted significant tax changes in 2024. Key provisions include GAAR reform, clean economy credits, and trust reporting rules.
Read guide →Not all goods and services are taxable. Understanding zero-rated vs. exempt supplies affects your ITCs and pricing strategy significantly.
Read guide →Ottawa expanded the GST new rental housing rebate in September 2023 to encourage purpose-built rental construction. Here's who qualifies and how to apply.
Read guide →Passing a business to the next generation involves capital gains, the LCGE, estate freezes, and the new Bill C-208 intergenerational transfer rules.
Read guide →The 2024 budget raised the capital gains inclusion rate, expanded the AMT, and introduced new housing and clean economy measures. Full analysis here.
Read guide →Disagree with a CRA reassessment? You have 90 days to object. Here's how to file a Notice of Objection, what happens next, and when to go to Tax Court.
Read guide →Sell a residential property within 12 months? It's now deemed business income, not a capital gain. Learn the rule, the exceptions, and the tax impact.
Read guide →Non-HST provinces updated their PST rules in 2024 — BC added software/SaaS, Saskatchewan expanded to insurance, Manitoba adjusted rates. Here's what changed.
Read guide →CRA waived the 2023 bare trust T3 filing requirement days before the deadline. What relief was granted, what changed for 2024, and who still needs to file.
Read guide →Canada now has three overlapping vacant home taxes. The federal UHT, Toronto's Vacant Home Tax, and Vancouver's Empty Homes Tax — here's what applies to you.
Read guide →Canada's anti-avoidance rule was significantly strengthened in 2024. Understand what crosses the line from planning into abuse — and the new penalties.
Read guide →Legal requirements, what goes in a minute book, annual maintenance checklist, Alberta-specific rules, and common mistakes to avoid. Plus a free digital minute book tool.
Read guide →Share purchase vs. asset purchase has very different tax implications for buyer and seller. Plus s.85 rollovers, s.86 exchanges, and corporate reorganizations.
Read guide →Our tax professionals offer a 30-minute consultation. No pressure, just answers.
