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NEWS: How to get the 100% GST/HST rebate for builders in Ontario
March 1, 2025

NEWS: How to get the 100% GST/HST rebate for builders in Ontario

NEW: The CRA and Province of Ontario are providing a 100% rebate of the GST/HST on new purpose-built rental housing (PBRH).
Expenses for Canadian TikTok and YouTubers on taxes
March 16, 2025

Expenses for Canadian TikTok and YouTubers on taxes

Claiming YouTube expenses in Canada? Here’s a practical tax deduction checklist for Canadian content creators, including what you can and can’t write off.
Can you claim a YouTube channel or TikTok account on your taxes?
March 23, 2025

Can you claim a YouTube channel or TikTok account on your taxes?

Buying a YouTube channel in Canada? Learn whether it qualifies as a depreciable asset under CRA rules and how to claim it as Class 14.1 on your taxes.
Can I Claim My Nursing Licence on My Taxes in Canada?
March 23, 2025

Can I Claim My Nursing Licence on My Taxes in Canada?

Yes, you can claim your nursing licence and NCLEX exam fees on your Canadian tax return. Here’s what you need to know, straight from a Canadian CPA.
How the CRA Seized a Lamborghini
March 2, 2025

How the CRA Seized a Lamborghini

Yes, if you have unpaid tax debts, the CRA can seize your vehicle—even if you believe it’s protected by another agreement. If you’re behind on taxes, it’s better to work out a payment plan with the CRA before enforcement actions begin.
Can I Open a Corporation for Day Trading in Canada?
March 9, 2025

Can I Open a Corporation for Day Trading in Canada?

Be careful assuming your trading activity qualifies as day trading. Read this first. Thinking about incorporating for day trading in Canada? Learn if a trading corporation qualifies for the small business deduction and what CRA looks for.
Can I Deduct my Rolex Watch on My Taxes in Canada?
March 8, 2025

Can I Deduct my Rolex Watch on My Taxes in Canada?

Can you write off a Rolex as a business expense in Canada? Here’s the truth about tax deductions for luxury watches.
How to Catch Up On Your Back Taxes In Canada Easily
February 23, 2025

How to Catch Up On Your Back Taxes In Canada Easily

Discover effective strategies to catch up on your back taxes in Canada without the stress. Learn actionable steps to regain your financial peace.
How to Keep Your QuickBooks Data Safe from Scams
February 22, 2025

How to Keep Your QuickBooks Data Safe from Scams

Protect your QuickBooks account from scams! Learn key security tips to prevent fraud and unauthorized access.
How Long Do I Have to Keep Tax Records in Canada?
February 22, 2025

How Long Do I Have to Keep Tax Records in Canada?

Wondering how long to keep your tax records in Canada? The CRA requires at least six years, but some situations require longer retention. Learn the rules here.
7 Key Relationships You Need When Starting a Business
February 22, 2025

7 Key Relationships You Need When Starting a Business

Starting a business? Build these 7 key relationships—including a mentor, banker, bookkeeper, and tax accountant—to set yourself up for success.
Can I claim moving expenses on my taxes? Tax education from Canadian CPA
February 8, 2025

Can I claim moving expenses on my taxes? Tax education from Canadian CPA

Moving for work or school? Learn how to claim moving expenses in Canada using Form T1-M and reduce your taxable income. Step-by-step guide included!
How to Pay Business Income Taxes with Online Banking (with TD and RBC Example)
February 9, 2025

How to Pay Business Income Taxes with Online Banking (with TD and RBC Example)

What happens if you declare a bonus on your taxes but don't pay it?
February 16, 2025

What happens if you declare a bonus on your taxes but don't pay it?

Planning to accrue a bonus for tax deductions? Make sure it’s paid within 180 days to avoid CRA penalties. Learn best practices for payroll compliance.
What happens if you miss a payroll tax remittance deadline?
January 26, 2025

What happens if you miss a payroll tax remittance deadline?

Missing a payroll remittance can lead to CRA penalties and interest charges. Learn the consequences of late payments and how to stay compliant.
Here's a long story short about the CRA Tax Clearance Certificate in Canada
January 19, 2025

Here's a long story short about the CRA Tax Clearance Certificate in Canada

Learn how to apply for a Tax Clearance Certificate in Canada, why it’s important, and how it protects estate trustees from unexpected tax liabilities.
‍Does the CRA Have an In-Person Office?
January 18, 2025

‍Does the CRA Have an In-Person Office?

Wondering if the CRA offers in-person services? Learn why walk-in counter services aren’t available, and discover other ways to connect with the CRA, including free tax clinics and drop box locations.
Does Canada have Estate Taxes?
January 18, 2025

Does Canada have Estate Taxes?

Learn how estate tax is handled in Canada, including strategies like trusts, gifts, and life insurance to reduce the tax burden. A practical guide from a Canadian CPA.
‍How Do I Track My Rental Property Income and Expenses? Tax Education from a Canadian CPA
January 12, 2025

‍How Do I Track My Rental Property Income and Expenses? Tax Education from a Canadian CPA

Learn how to track your rental property income and expenses with this simple system from a Canadian CPA. Includes step-by-step tips and a free tracking template.
How to Get Tax Compliance Verification (TCV) from the Ministry of Ontario – Step-by-Step Guide from a Canadian CPA
January 11, 2025

How to Get Tax Compliance Verification (TCV) from the Ministry of Ontario – Step-by-Step Guide from a Canadian CPA

Need a Tax Compliance Verification (TCV) certificate in Ontario? This guide explains the step-by-step process, including setting up your Ontario eTax account and requesting a CRA confirmation letter.
CCA class for goodwill - Notes from a Canadian CPA
January 4, 2025

CCA class for goodwill - Notes from a Canadian CPA

Learn how goodwill and intangible assets like patents are depreciated for tax purposes in Canada. Explore Class 14 (straight-line) and Class 14.1 (declining balance) methods under CCA rules.
Is Quebec Welcome Tax Deductible on My Taxes for My Rental Property? Comments from a Canadian CPA
January 11, 2025

Is Quebec Welcome Tax Deductible on My Taxes for My Rental Property? Comments from a Canadian CPA

Is Quebec’s Welcome Tax deductible for your rental property? Learn why it’s not directly deductible but how it affects your capital gains tax when selling.
Do you have to pay tax on gambling or sports betting? Educational notes from a Canadian CPA
December 29, 2024

Do you have to pay tax on gambling or sports betting? Educational notes from a Canadian CPA

Are sports betting winnings tax-free in Canada? Learn about the CRA’s rules for gambling income, with lessons from court cases like the pizza-and-Xbox brothers.
What does the CRA consider as day trading? How to know if you're day trading or not - Tax Education from a Canadian CPA
January 5, 2025

What does the CRA consider as day trading? How to know if you're day trading or not - Tax Education from a Canadian CPA

What does the CRA consider as day trading? Learn how the CRA distinguishes between day trading and capital gains, and find out what triggers their attention when it comes to your trading gains.
Should I lease or buy a car under my company? Tax education from a Canadian CPA
November 16, 2024

Should I lease or buy a car under my company? Tax education from a Canadian CPA

There is no blanket answer. It always depends. Make the right decision that's best for your personal situation and lifestyle.
How to download the best STRIPE Report for taxes and QuickBooks! Tax education from a Canadian CPA
December 4, 2024

How to download the best STRIPE Report for taxes and QuickBooks! Tax education from a Canadian CPA

How to Get Your Rental Property Valuated (Fair Market Value)
October 14, 2024

How to Get Your Rental Property Valuated (Fair Market Value)

Need to assess the fair market value of your rental property? Four ways to get your property valuated, from asking a realtor friend to hiring a professional appraiser.
Can I Claim My Dog on My Taxes in Canada?
October 13, 2024

Can I Claim My Dog on My Taxes in Canada?

Wondering if you can claim your dog as a deduction on your taxes in Canada? Here's everything you need to know about pet expenses and what, if anything, you can write off.
When Do You Need to Register for a GST/HST Number?
September 22, 2024

When Do You Need to Register for a GST/HST Number?

Unsure when to register for a GST/HST number? This blog clarifies when it’s required, how it works, and what benefits it offers small businesses in Canada.
Students: It Pays to File Taxes!
September 8, 2024

Students: It Pays to File Taxes!

In the 2023 tax year, more than 2.4 million claims were filed for tuition, schooling, and textbook expenses. This applies to claims made by students and those transferred to other qualifying individuals. Did you claim what you were entitled to?
Can Non-profit Organizations (NPOs) use QuickBooks Online?
August 18, 2024

Can Non-profit Organizations (NPOs) use QuickBooks Online?

With experience myself managing an NPO, I still get asked the question all the time:Can NPOs use QuickBooks Online? The answer is YES. They certainly can.Generally speaking, Non-profit Organizations (NPOs) often struggle with recording specific accounting transactions and managing their finances without the help of a software like QuickBooks Online.Here's how:
Do You Have to Pay Tax When You Sell Things on Facebook Marketplace?
August 3, 2024

Do You Have to Pay Tax When You Sell Things on Facebook Marketplace?

Generally speaking, if you're selling personal items you no longer use, like an old computer, or iPhone, for less than you purchased them, then you don't have to pay tax. However, if you regularly sell computers, or iPhones on Facebook Marketplace to make a profit, then CRA might consider this a business activity. If your intention is to earn profit, then you would need to declare your earnings from these sales to the CRA as business income.
Is Psychotherapy exempt from GST/HST?
July 14, 2024

Is Psychotherapy exempt from GST/HST?

Is Psychotherapy exempt from GST/HST tax in Canada? Yes, as of June 20, 2024, psychotherapy and counselling therapy services provided by licensed professionals are exempt from HST, provided they are within the scope of practice of the professional's regulatory body.‍
Is the CRA SimpleFile Legit or a Scam? Emails from CRA about SimpleFile?
August 3, 2024

Is the CRA SimpleFile Legit or a Scam? Emails from CRA about SimpleFile?

The CRA Simplefile program is a legit pilot program by the Canada Revenue Agency. The CRA first sent invitations in July of 2024. If you are invited to use the service, you will receive an invitation letter by mail or email notification.
its never good to file taxes early
October 19, 2024

its never good to file taxes early

Filing taxes early might feel productive, but it can lead to costly mistakes. Learn why waiting until you have all your paperwork is the smarter move to avoid CRA penalties.
For Accountants: How to View a List of clients' NOAs Issued on CRA Rep a Client
January 7, 2024

For Accountants: How to View a List of clients' NOAs Issued on CRA Rep a Client

Learn how you can check your clients' CRA accounts and download their NOAs.
What is a Federal CRA Business Number (BN)?
December 31, 2023

What is a Federal CRA Business Number (BN)?

Certain business activities require a business number. You can register for a business number (BN): a unique, nine-digit number and the standard identifier for businesses which is unique to a business or legal entity. A Canada Revenue Agency (CRA) program account: two letters and four digits attached to a BN and used for specific business activities that must be reported to the CRA.
How to correct errors in T4 tax slip
August 11, 2024

How to correct errors in T4 tax slip

If you think there is an error on your T4 slip, the first step is to always reach out to the employer. The CRA has recently addressed what else you can do, and how the responsibility is always on the taxpayer.
How to fill out TD1 form if you have two jobs
December 30, 2023

How to fill out TD1 form if you have two jobs

The TD1 is for federal taxes, and TD1-ON is for (Ontario) Provincial taxes. These forms are used to determine how much income tax is deducted from your pay cheques. The forms do not impact how much tax you actually pay on your annual income at the end of the year. They only impact the deductions on your cheques.
Missed Something on Your Tax Return? Here's Your Next Step
June 30, 2023

Missed Something on Your Tax Return? Here's Your Next Step

Need to amend your return because you forgot to claim something? Don't stress. Let's keep it simple.
Read This Before Incorporating to Buy a Rental Property!
May 7, 2023

Read This Before Incorporating to Buy a Rental Property!

Discover the pros and cons of incorporating a company to buy a rental property, and learn how to make informed decisions based on your unique financial situation. This article breaks down key considerations, including annual income, property type, down payment, first-time home buyer programs, and tax savings, to help young working professionals navigate the world of real estate investment with confidence.
Understanding the GST/HST New Housing Rebate in Ontario
April 15, 2023

Understanding the GST/HST New Housing Rebate in Ontario

Discover how to calculate the HST New Housing Rebate in Ontario and save money on your new home purchase. Our comprehensive guide includes eligibility criteria, a rebate table, and calculator. Contact Lucas CPA for expert advice on how to apply for the rebate and other tax services. Don't miss out on this opportunity to save!
The Secret Truth about Canada's Medical Expense Tax Credit
April 8, 2023

The Secret Truth about Canada's Medical Expense Tax Credit

Unravel the mystery surrounding Canada's Medical Expense Tax Credit and understand how it works, eligibility requirements, and the surprising truth about claiming this tax-saving opportunity. Learn about the minimum threshold for medical expenses and how to calculate your potential tax credit.
How to pay your business taxes with CRA
March 30, 2023

How to pay your business taxes with CRA

How to pay your business taxes online with CRA.
Are you paying too much HST to the CRA? You may be eligible for the Quick Method
March 26, 2023

Are you paying too much HST to the CRA? You may be eligible for the Quick Method

Discover how the HST Quick Method can save tax and time for eligible Canadian small business owners. Simplify your HST payment process, reduce record-keeping, and maximize your tax savings with this easy-to-understand guide.
Did you take a vacation in Ontario last year? You may qualify for up to $400 back on your taxes
March 3, 2023

Did you take a vacation in Ontario last year? You may qualify for up to $400 back on your taxes

If you're an Ontario resident who's eligible for the tax credit, you can claim up to 20% of your eligible accommodation expenses for 2022.
Can I deduct the repayments of principal on my mortgage?
February 10, 2023

Can I deduct the repayments of principal on my mortgage?

Learn which rental expenses you can't deduct on your tax return as a landlord. Find out why mortgage principal payments can't be claimed as a deduction and discover other common expenses that are not eligible. Plus, get tips on how to calculate expenses for renting part of your home and reduce your tax bill. Read now for essential tax advice for Canadian landlords.
What is a GIFI?
February 4, 2023

What is a GIFI?

Learn about the General Index of Financial Information (GIFI) in the Canadian tax system. This standardized set of codes helps businesses classify financial transactions on their tax return. Discover how the GIFI works, why it's important, and tips for using it correctly in your tax filings.
What to do when a third party requests your business financial statements
February 2, 2023

What to do when a third party requests your business financial statements

As a business owner, it's not uncommon for third parties to request copies of your tax forms and financial statements. In this guide, learn what you need to know about third-party requests and how to protect your business while providing the necessary information.
Tax return versus Annual Return – they are not the same thing!
January 15, 2023

Tax return versus Annual Return – they are not the same thing!

Learn the difference between a Corporation's Canada Annual Return and a Canada Revenue Agency Corporate Income Tax Return
Simplifying Dividend Taxation: Understanding Eligible and Non-Eligible Dividends in Canada
February 12, 2023

Simplifying Dividend Taxation: Understanding Eligible and Non-Eligible Dividends in Canada

Learn about the two types of dividends in Canada - eligible and non-eligible - and how they are taxed. Understand the concepts of gross-up, dividend tax credit, and integration to make sure you pay a similar amount of tax whether you received the income directly or through a dividend. This guide will help small business owners and individuals better understand the taxation of dividends in Canada.
Can You Deduct Fines and Parking Tickets on Your Taxes?
February 11, 2023

Can You Deduct Fines and Parking Tickets on Your Taxes?

Learn about the tax laws surrounding the deductibility of fines and parking tickets in Canada. While most penalties for breaking the law are not tax-deductible, there are some exceptions. Find out what you need to know to stay compliant and minimize your tax liability.
What is a T4 Summary? A Guide for Canadian Payroll Taxes
January 22, 2023

What is a T4 Summary? A Guide for Canadian Payroll Taxes

What is the earliest day you can file your Canadian taxes in 2023?
January 15, 2023

What is the earliest day you can file your Canadian taxes in 2023?

Learn about the tax filing deadlines in Canada. Understand the difference between standard and extended deadlines for self-employed individuals. Get the information you need to stay compliant with Canadian tax deadlines.
How to find a CPA who is right for you
August 5, 2022

How to find a CPA who is right for you

Looking for a CPA who is right for you? Here are some tips to help you find the best one for your needs: determine what you need, research potential candidates, consider their qualifications and experience, meet with them, and choose the right one for you.
How to qualify for $24,000 of rebates from CRA using the GST/HST New Housing Rebate in Ontario.
October 25, 2022

How to qualify for $24,000 of rebates from CRA using the GST/HST New Housing Rebate in Ontario.

Tips from a former CRA officer.
The next big thing in accounting.
May 30, 2021

The next big thing in accounting.

AI, cloud-based technology, and data security.
Should you incorporate or stay self-employed?
December 5, 2022

Should you incorporate or stay self-employed?

Explore the pros and cons of incorporating your business versus staying self-employed.
Why the Canada Revenue Agency Charges Interest and Penalties
December 14, 2022

Why the Canada Revenue Agency Charges Interest and Penalties

Stay informed and avoid costly mistakes by understanding why the CRA charges penalties and interest.
Tax tips from Lucas
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