Our BLOG

We are pleased to provide a variety of resources on accounting, taxation, and other related subjects that we think you will find helpful to both individuals and businesses.

Browse through the Quick Tools resource menu then, if you have a question that isn’t answered, we can help to clarify your situation.

Simply contact us by email or give us a call at 905-252-6796. We would be happy to meet with you for a free, no-obligation consultation to discuss your unique situation.

Are There Tax Benefits for Couples in Canada?

 

Are There Tax Benefits for Couples in Canada?

Curious about the tax advantages that come with getting married or living in a common law relationship? In Canada, there are indeed significant tax perks for couples. The following will begin to outline them.

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Filing Your Personal Tax Return Benefits - Part 3

 

Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:

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Filing Your Personal Tax Return Benefits - Part 2

 

here are five more benefits of filing your personal Canadian income tax return:

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Filing Your Personal Tax Return Benefits - Part 1

Filing your personal Canadian income tax return offers several benefits, including:

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Be Sure to File Your Taxes By April 30th

The deadline for filing 2023 tax returns and payments is Tuesday, April 30, 2024. Typically, personal income tax returns, excluding those with self-employment income, are due by April 30th, along with any outstanding payments. Late filings or payments may incur penalties and interest charges.

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New T3 Requirements for Joint Accounts

Should you have established an in-trust-for (ITF) account for your minor child or hold specific assets jointly, you, and/or they, may now fall under the purview of recently implemented trust reporting regulations, effective for taxation years ending after December 30th. These regulations might necessitate the filing of a T3 Trust Income Tax and Information Return within 90 days of the year-end, irrespective of whether there's any income or activity to report. Given that trusts typically have a calendar year-end, the first tax return for 2023 would be due by April 2, 2024 (as March 30 falls on a Saturday, and April 1 is Easter Monday).

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When Saving, Should I use a TFSA or RRSP?

The choice between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) depends on various factors, including your financial goals, current income, and retirement plans. Here are some key considerations for both:

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Tax Changes in 2024 for Canada

We have compiled a list of Tax Changes and adjustments that are anticipated to affect most Canadians in 2024.

The details here offer estimates for elevated payroll taxes, mandatory contributions to the Canada Pension Plan and Employment Insurance. It also covers increases in carbon and alcohol taxes plus the effect of the possible Digital Services Tax.

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Prepare for Canada's Income Tax at Year-End

As tax laws and regulations change, it's crucial to consult with a tax professional or check the latest resources for the most up-to-date information.

Here are some common steps individuals may take at the end of the tax year:

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What Do Christmas Scams Look Like?

During the holiday season, scammers often take advantage of the festive atmosphere and people's increased online activities. Christmas scams can take various forms, but some common tactics include:

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How To Avoid Online Scams!

Avoiding online scams in Canada (or anywhere else) involves being vigilant, informed, and taking proactive measures to protect your personal and financial information. Here are some tips to help you avoid online scams:

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Best Practices in Record-Keeping for Small Business

Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business:

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Tracking Shareholder Loans

Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.

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How Can I Minimize Taxes of a Deceased Taxpayer?

Minimizing taxes for a deceased taxpayer's estate in Canada involves careful planning and following specific strategies. The goal is to reduce the tax liability of the estate and maximize the assets passed on to beneficiaries. Here are some steps to consider:

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Gifting a Capital Property is a Disposition in Canada

In Canada, gifting a capital property is considered a disposition for tax purposes. When you gift a capital property to someone, it is treated as if you have sold the property at its fair market value (FMV) at the time of the gift. This means that you may be subject to capital gains tax on any accrued gains in the property's value up to the date of the gift, even though you didn't receive any cash in return.

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Are Gifts from an Employer a Taxable Benefit?

In Canada, gifts from an employer can be considered taxable benefits in certain circumstances. The taxation of employer-provided gifts depends on several factors, including the nature and value of the gift, the frequency of such gifts, and the specific rules set by the Canada Revenue Agency (CRA).

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Are Gifts or Inheritances Taxable in Canada?

In Canada, gifts and inheritances are generally not taxable to the recipient. However, there are some important nuances and exceptions to consider:

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How Can a Bookkeeper Help Your Company?

Bookkeepers also play an important role in helping companies manage their financial records, ensuring accurate and up-to-date financial information, and providing valuable insights that can drive strategic decision-making when combined with your accountant. Some of the ways bookkeepers contribute are:

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How Accountants Help Growth-Oriented Companies

Accountants play a crucial role in helping growth-oriented companies by providing financial expertise, analysis, and strategic guidance. Here are several ways accountants contribute to the growth and success of such companies:

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Low-Income Individuals & The Disability Tax Credit

For low-income individuals in Canada, claiming the Disability Tax Credit (DTC) can provide additional financial benefits through refundable tax credits and other programs. Here are some key points to consider:

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Retroactive Disability Tax Credit Claims

If you believe that you were eligible for the Disability Tax Credit (DTC) in previous years but did not claim it, you may be able to make a retroactive claim. Retroactive claims allow you to request adjustments to previous tax returns and potentially receive refunds for the missed credits.

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Claim the Disability Tax Credit (DTC) in Canada

As Canadians advance in age, we are pleased to offer a 3 part series on the Disability Tax Credit (DTC) in Canada.

To claim the Disability Tax Credit (DTC) in Canada, you must meet the eligibility criteria and complete the necessary steps. Here's a general overview of the process:

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Rebates for Fuel Efficient Vehicles

When considering a fuel-efficient vehicle such as a hybrid, or an alternative fuel model you should know that the Canadian Government, as well as some provinces, provide rebates. 

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Accounting Professionals Do Take Holidays

Once tax season is over, tax preparers, bookkeepers, and accountants head to beach resorts for 6 months of relaxation and resting on their laurels... Well, OK, not really, but here are some common things they do undertake:

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Save Tax with a First Home Savings Account

First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered.

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Start Early and Plan for The 2023 Tax Season

As the 2022 tax year is behind us, it is a good idea to start early and plan for 2023. Here are some suggestions on how you can save money on your Canadian income tax for this year:

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Filing Your Income Taxes on Time is Still Necessary

Filing your Canadian income tax on time is essential to avoid penalties and interest charges. Even though there is a strike affecting the CRA, it does not mean you can delay filing your return.

In this blog post, we will discuss the importance of filing your Canadian income tax on time and the penalties you may be subject to if you are late.

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Text & Mail Scams at Tax Time

The CRA will not send text messages, or instant messages (Facebook Messenger, WhatsApp) to start a conversation with you under any circumstances.  

If you receive a text or instant message purporting to be from the CRA, prompting you to click on a link or requesting information, you can safely delete it.  

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CRA Email Scams at Tax Time

The Canada Revenue Agency (CRA) might email you:

  • to let you know that a new message is available on your CRA website account.
  • to send you a link for a webpage, form, or publication that you requested during a call or meeting with a CRA representative.  
  • to let you know about tax credits and benefits for individuals or online services such as My account.
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CRA Phone Scams at Tax Time

Numbers from the Canadian Anti-Fraud Centre show that direct calls remain the number one means of solicitation for fraudsters.

Although the CRA may contact you via phone to review your income tax and benefit return, it's important to note that legitimate government employees will always identify themselves with their name, employee number, and phone number.

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Avoid CRA Scams at Tax Season

It’s tax time again. If you are like others, you may feel overwhelmed by the process. Sadly, scammers are aware of this and take advantage of people's fears by trying to steal money and gain unauthorized access to personal data and financial details. The Canada Revenue Agency has seen a dramatic increase in the sophistication of scam attempts, so it is essential that you learn the difference between legitimate communication and a scam from the CRA. The best way to protect yourself from potential fraud is by learning the signs.  

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Can I claim investment fees on my tax return?

When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.

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Manage Your Cash Flow with 5 Quick Tips

A cash flow projection can act like an early warning system for any period. A leading cause of business failure is a lack of cash flow management, but by taking some simple steps in managing it, you will find it can improve your business outcome.

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You Can Reduce the Cost of Accounting Fees

Reducing the fees associated with the work your accountant does is possible! The great news is that savings are often quite easy to achieve for many owners. If you were only to do one thing, it would be to ensure your records are complete and organized. There are other ways to save as well.

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Expenses Associated with Medical Treatment: What Can You Claim?

With the end of the year fast approaching, we thought it would be timely to discuss the medical expense deduction on your tax return.

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Is Selling my Principal Residence Exempt from Tax

Hello Everyone, today I would like to inform you of an update regarding the sale of one’s principal residence. As you may already be aware, the sale of one’s principal residence in Canada is exempt from capital gain tax, because of this there generally hasn't been a reason to report the sale, but the rules have changed for the 2016 return and onward.

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RN Mabira Professional Corporation
Accounting Services

112 Violet St.
Barrie, ON L4N 9M8 

Phone: (905) 252-6796

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