Personal Tax Instalments in Canada: When and Why You Have to Pay
Most Canadians are used to the routine: file your tax return and pay any balance owing by April 30. But if you earn income that does not have enough tax withheld at source, from rental properties, investments, self-employment, or pension payments, the CRA may require you to prepay your taxes in quarterly instalments throughout the […]
What Is a Capital Gain? And Why Does It Matter for Your Taxes in Canada?
If you have sold an investment, a property, or any other asset for more than you paid for it, you have likely realized a capital gain, and you may owe tax on it. Capital gains are one of the most common tax events Canadians encounter outside of employment income, yet many people are unsure exactly […]
Taxes When Selling a Rental Property in Canada
Selling a rental property is not as straightforward as selling your personal home. Unlike a principal residence, which is generally exempt from tax, a rental property comes with multiple tax layers that can catch investors off guard, particularly if you have claimed Capital Cost Allowance (CCA) in prior years. At Cassar CPA, we work with […]
GST/HST Filing for Small Businesses: Common Mistakes to Avoid for Ontario Business Owners
For most small businesses in Ontario, GST/HST is the tax you interact with most frequently. You collect it on every invoice, pay it on most purchases, and remit the difference to the CRA on a regular schedule. It sounds straightforward, and conceptually, it is. But in fifteen years of working with small business owners across […]
T3 Trust Returns: What Ontario Business Owners Need to Know for 2026
Filing Requirements, Deadlines, Bare Trust Changes, and Penalties If you own a business through a corporation, hold property in a family trust, or act as an executor for an estate, the T3 Trust Income Tax and Information Return may be relevant to your tax obligations. Over the past three years, the CRA has significantly expanded […]
2026 Canadian Tax Deadlines
Your Complete Guide to Personal, Corporate and Filing Deadlines for the 2025 Tax Year Tax season has arrived. Whether you run a professional practice, manage a growing business, or simply want to stay on top of your personal filing obligations, knowing when things are due can save you real money. The Canada Revenue Agency (CRA) […]
Common Tax Filing Mistakes We See Every Year, and How to Avoid CRA Headaches
Tax season can be stressful even for experienced professionals and business owners. Beyond meeting deadlines, the quality of your tax return, meaning accuracy, completeness, and documentation, determines whether you’ll get an easy assessment or weeks of back-and-forth with the Canada Revenue Agency (CRA). The most costly mistakes aren’t always the big ones. They’re often small, […]
What Documents Your CPA Actually Needs for Tax Season (and Why Missing One Slows Everything Down)
Preparing for tax season isn’t just about meeting deadlines, it’s about giving your CPA everything they need to file accurately, maximize deductions, and avoid time-consuming follow-ups. Whether you’re an incorporated professional or a business owner with personal and corporate returns, a missing document can delay your entire filing process and increase your risk of errors. […]
How to Save Money this Tax Season – Part 2
One of the best parts about tax season is getting credit and money back from the government for eligible expenses! Read on to learn more about several key tax credits specific to Ontario that could save you money. (If you missed Part 1 which outlined some key Canadian tax credits click here!) Credit Benefit […]
How to Save Money this Tax Season (Part 1)
With inflation making headlines, any opportunity to save money is surely welcomed. As you file your taxes for 2021, be sure to take advantage of all the available tax credits that you are eligible for. Read on to learn more about several key Canadian credits that could save you money. Credit Benefit Eligibility Canada […]
On the Move: Claiming Moving Expenses
Many people moved away from cities during the pandemic when their jobs went remote. Some of those people may soon be looking to move back closer to their work once the pandemic ends, if they are required to return to the office. If you find yourself in this situation, you may be eligible to claim […]
5 Common Reasons the CRA may Audit You
Imagine this scenario: You’ve spent time and money putting together your tax return and are eagerly awaiting your notice of assessment so you can finally put the previous tax year to bed and focus on moving ahead. However, you receive that dreaded notification that you are the subject of a Canada Revenue Agency (CRA) audit. […]
Need to Hire More Workers? Details of the Proposed Canada Recovery Hiring Program Announced
The proposed Canada Recovery Hiring Program has been designed to help businesses who have been hit hardest by COVID-19 hire the workers they need. The program would provide a subsidy of up to 50 per cent of eligible salary or wages for employers who have experienced qualifying revenue declines. Support would be available retroactively from […]
How can I best claim home office expenses during COVID-19?
Zoom, Google Hangouts, and Microsoft Teams became the default office for many of us during 2020. While working from home was an option for some businesses prior to COVID-19, the pandemic accelerated the use of digital platforms as the main source of business communication. One of the impacts of this change in business practice is […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan (PART 2)
A Letter to Small Business Owners: Hope that you are all keeping well and safe as we progress through this crisis. We wanted to reach out to you again because you likely would have seen some of the Federal government’s announcements over the past few days as it attempts to bolster its Economic Response Plan for […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan
A Letter to Small Business Owners: Hope that you are all doing well in spite of this COVID-19 crisis. What a situation this is… We just wanted to take a moment to let you know that we continue to be fully operational and are ready to assist you with any of your tax/accounting needs. We […]