NEW: The CRA and Province of Ontario are providing a 100% rebate of the GST/HST on new purpose-built rental housing (PBRH).

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.

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.

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.

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.

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 you write off a Rolex as a business expense in Canada? Here’s the truth about tax deductions for luxury watches.

Discover effective strategies to catch up on your back taxes in Canada without the stress. Learn actionable steps to regain your financial peace.

Protect your QuickBooks account from scams! Learn key security tips to prevent fraud and unauthorized access.

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.

Starting a business? Build these 7 key relationships—including a mentor, banker, bookkeeper, and tax accountant—to set yourself up for success.

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!

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.

Missing a payroll remittance can lead to CRA penalties and interest charges. Learn the consequences of late payments and how to stay compliant.

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.

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.

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.

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.

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.

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’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.

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? 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.

There is no blanket answer. It always depends. Make the right decision that's best for your personal situation and lifestyle.

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.

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.

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.

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?

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:

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 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.‍

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.

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.

Learn how you can check your clients' CRA accounts and download their NOAs.

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.

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.

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.

Need to amend your return because you forgot to claim something? Don't stress. Let's keep it simple.

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.

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!

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 online with CRA.

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.

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.

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.

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.

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.

Learn the difference between a Corporation's Canada Annual Return and a Canada Revenue Agency Corporate Income Tax Return

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.

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.

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.

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.

Tips from a former CRA officer.

AI, cloud-based technology, and data security.

Explore the pros and cons of incorporating your business versus staying self-employed.

Stay informed and avoid costly mistakes by understanding why the CRA charges penalties and interest.