Category: Tax & Compliance

What are T3s? If you’ve never filed a T3 trust return before, the process can feel confusing… and with new CRA trust reporting rules (including upcoming 2025 requirements) now in place, a lot more Canadians are discovering that they need to file one. Whether you’re an executor, the trustee of a family trust, or a […]

Fixing T4 mistakes might not be on your radar until it suddenly is. You’ve filed your slips, submitted your T4 Summary, and then realize something’s off. Maybe the income was entered wrong, a taxable benefit was missed, or worse, you forgot an employee entirely. If you’re thinking “I made a mistake on a T4… now […]

For small business owners, the line between a taxable benefit and a simple expense reimbursement isn’t always as clear as it seems.  You cover your employee’s phone bill, pay out a mileage claim, or hand out a bonus, but how do you know which one goes on the T4 and which one doesn’t? Understanding taxable […]

T4 vs T4A: Which Slip Does Your Worker Actually Need? If you’ve ever wondered whether someone working for your business counts as an employee or contractor in Canada, you’re not alone. It’s one of the most common questions small business owners ask, especially around tax season. The Canada Revenue Agency (CRA) looks closely at how […]

Let’s be honest. Growing a business is a wild ride.  Whether you’re just getting your first client or you’re thinking about retirement, every business moves through phases. And each one comes with a new set of questions, decisions, and yes… tax implications. Here’s a breakdown of the stages of small-business growth most owners go through, […]

Filing T4s this year? If you’ve got employees… even just a couple… taxable employee benefits are one of the most common spots we see small businesses get tripped up.  Whether it’s a company vehicle, a bonus, or health coverage, failing to report the right benefits on your T4 slips can lead to headaches down the […]

Filing T4 slips might feel like just another step in wrapping up your year-end business taxes, but common T4 mistakes are one of the easiest ways to draw unwanted attention in the form of a CRA review.  And here’s the thing: it’s not usually fraud or shady accounting that leads to penalties. It’s often a […]

If you’ve just incorporated—or you’re thinking about it—you’ve probably already figured out that it’s not just about the paperwork. Incorporating opens the door to better tax planning for professional corporations in Canada, but it also brings a wave of decisions:– Should you pay yourself a salary or dividends?– What about income splitting—can your spouse get […]

How Most Entrepreneurs Quietly Overpay on Taxes (And 4 Fixes That Take 10 Minutes) Let’s be real—just the phrase “small business tax deductions Canada” sounds like something best left to spreadsheets and late-night coffee, right? But here’s what most Canadian business owners don’t realize:You’re probably overpaying on your taxes—not because you’re doing anything wrong, but […]

1. From Panic to Prepared If it’s late March and you’re suddenly thinking, “Wait… when’s that trust return due again?” — you’re not alone. Every year, we hear from trustees who find themselves scrambling at the last minute. Chasing down paperwork, emailing beneficiaries, trying to remember what form to use — it’s a lot. But […]