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Tax Preparation

Tax Preparation

CRA simplifies deducting home office expenses

work-from-home-image

Last updated: Oct. 8, 2021 
Millions of Canadians transitioned to working from home in 2020. Many found themselves cranking up the heat in a drafty house, or using their personal cellphone to make work calls, or picking up supplies for the basement/kitchen table/closet that now functions as their office. To help offset these costs, they are eligible to deduct home office expenses on their 2020 personal tax returns.    That might … Read more

2021 Business Tax Filing Deadlines [Infographic]

Last updated: Oct. 8, 2021 
Last year was different. The federal government extended the business tax filing and payment deadlines. It doesn’t look like the CRA will extend the business tax filing deadlines again this year. In fact, they’re urging you to file earlier than usual. Especially if you signed up for any COVID-19 programs for your … Read more

Calculating Taxes when Day Trading in Canada

Calculating taxes when day trading in Canada woman working at laptop

Last updated: Mar. 16, 2021 
Reporting online day trading income? A growing number of Canadians manage their own retirement portfolio and trade online every day. When you sell a security and make a profit, you realize a capital gain. For most Canadians, the taxable capital gain is determined by multiplying the capital gain amount (profit) … Read more

CRA shuts down online services after cyberattacks

CRA data breach: what you need to know

Last updated: Feb. 3, 2021  The CRA has temporarily shut down its online services after thousands of accounts were compromised by cyberattacks. The attacks targeted the CRA and GCKEY, an online portal where Canadians can access services such as employment insurance and veterans’ benefits. The Canadian government says the attacks were a form of “credential … Read more

8 benefits of hiring a professional bookkeeper

a woman uses a calculator while handling her own bookkeeping

Last updated: Sep. 28, 2020  As a small business owner, you need accurate and up-to-date financial information so you can make the best decisions for your business. As your business grows and you hire employees, or take on more customers, keeping track of your business expenses and ensuring your books are accurate becomes more complex … Read more

Why you need a year-end tax plan

a farmer leans against a tractor

Last updated: Aug. 31, 2020  In our last few articles we’ve highlighted elevated government spending programs and the inevitable increase in the accumulated debt to alleviate the worst economic impacts brought on by the COVID-19 pandemic. Both current and former senior civil servants, economists and at least one former prime minister are all predicting that … Read more

Potential tax implications of COVID-19 spending

man looks at a tax bill

Last updated: Aug. 7, 2020  Former governor of the Bank of Canada David Dodge, writing on behalf of the C.D. Howe Institute while referring to the government’s financial response to COVID-19, said the right decisions were probably made at the time. However, the report also stated that the government must implement a plan to “restore … Read more

Work-space-in-the-home expenses for remote employees

a man writes on a notepad, calculating his work space from home expenses

Last updated: Jul. 30, 2020  Hundreds of thousands of Canadians transitioned to working from home when the COVID-19 outbreak was declared a pandemic. If you’re one of them, you know that working from home comes with its own costs (heating, electricity, maintenance). As a small business owner, you can deduct expenses for the business use … Read more

Nova Scotia Budget Report 2020

A lighthouse in nova scotia with a sunset behind it

Last updated: Feb. 28, 2020  On March 26, 2020, Nova Scotia Finance and Treasury Board Minister Karen Casey presented the province’s fiscal 2020–21 budget. The minister anticipates a surplus of $55 million for 2020–21, and a surplus of $63.2 million, $72.5 million and $74 million in the next three years. There was a general corporate … Read more

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