What Happens If You Miss the Tax Filing Deadline?
1. Will I be charged a penalty if I file late?Yes—if you owe taxes and don’t file by the deadline, the Canada Revenue Agency (CRA) charges a late-filing penalty of 5% of your balance owing, plus 1% per month for each month your return is late (up to 12 months).If you’ve filed late before, the […]
Simple Tips to Organize Your Receipts Before Tax Season
Tax season doesn’t have to be stressful—if you keep your receipts organized throughout the year, preparing your return becomes faster, cheaper, and far less overwhelming. Here are some practical tips to stay on top of your paperwork: 1. Go Digital 2. Sort by Category Group receipts into key tax categories as you go: 3. Track […]
What documents do I need to file my taxes?
Personal Tax Preparation Filing your personal taxes can feel overwhelming—but having the right documents ready makes the process smooth and stress-free. Below is a comprehensive list of what you’ll need to provide so we can accurately prepare and file your return. Income Documents Gather all slips and statements that show income you earned during the […]
What’s the difference between bookkeeping and accounting?
A bookkeeper manages the daily financial activity of a business—recording expenses, paying bills, issuing invoices, collecting payments, processing payroll, and submitting CRA remittances and WCB premiums. An accountant takes that organized information and analyzes it to help the business owner make strategic decisions, identify tax-saving opportunities, and plan for growth. Because accountants typically charge a […]
Do I Need a Bookkeeper if I Already Have an Accountant?
If you have the knowledge and the time, you can technically handle your own bookkeeping—but most small business owners find it challenging to keep up. An accountant plays a crucial role in ensuring financial obligations are met, especially with CRA, but they typically focus on higher-level analysis and tax planning rather than daily record-keeping. In […]
Top 10 Tax Deductions Most People Forget About
1. What are some of the most overlooked tax deductions?Many Canadians miss out on valuable deductions simply because they don’t realize they qualify. Some of the top overlooked deductions include medical expenses, moving costs, and home office expenses. 2. Can I claim medical expenses even if I have insurance?Yes. Any out-of-pocket medical expenses not covered […]
