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A cartoon scene depicting an older looking bear sitting at a wooden desk filling out a tax return form
February 7, 2024 Article

The Bare Facts on The New Bare Trust Reporting Requirements

The government has introduced new reporting requirements for bare trusts that are expected to have a significant impact on a large number of trusts that have not had to file in the past. How do you know if you are part of a bare trust arrangement?  Here a few
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Close up of pen filing in dollar amount on cheque
January 19, 2024 Article

CRA Imposes Penalty for Cheques

If writing a cheque is your preferred method of paying CRA, you might want to rethink that approach if you owe the government $10,000 or more. In an effort to encourage more electronic payments, CRA will soon be imposing a penalty of $100 for all payments of $10,000 or
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A concept image of car maintenance costs with keys, wrench, calculator and coins on financial spreadsheet
January 15, 2024 Article

DOs and DON’Ts of Claiming Car Expenses for Business Owners

Vehicle expenses. It is one simple line on a tax return, but it can cause all sorts of problems if CRA decides to take a closer look.
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Money transfer between US and Canada, and foreign affiliate tax traps
November 30, 2023 Article

Surplus Accounts and Foreign Affiliate Tax Traps

Canadian corporations with subsidiaries in other countries (a “foreign affiliate”) could find themselves facing a nasty surprise tax bill from the Canada Revenue Agency (“CRA”) when they transfer funds back to Canada. Aside from being located outside of Canada,
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Illustration - calendar with December 31str circled
November 3, 2023 Article

Window Closing on Immediate Expensing Tax Incentive Program

The ‘Immediate Expensing’ tax incentive program offered by the Federal Government is coming to an end on December 31st. To help ensure that you’re making the most of this incentive, it is essential to understand the concept of immediate expensing and the
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accounting calculation
August 24, 2023 Article

Business Overhead Costs: When and Where to Cut When Sales are Slowing

While talk of a recession in Canada has waned in recent months, many small and mid-sized businesses are experiencing increasingly challenging economic conditions. In its most recent report on the state of the small business economy in Canada, accounting software
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