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. […]
Personal vs. Corporate Taxes in Canada: What Incorporated Professionals Need to Know
Incorporation is one of the most powerful tax planning tools available to Canadian professionals, but it also introduces complexity that isn’t always well understood. Physicians, dentists, lawyers, consultants, engineers, and other regulated professionals often hear that incorporation will “save tax,” without being shown how personal and corporate taxes actually interact over time. At Cassar CPA, […]
Key Highlights from the 2022 Federal Budget
The federal budget was released on April 7, 2022. While there were no changes to personal or corporate tax rates, the budget contained several key items of interest, including tax and small business implications. Some key highlights: Canada Recovery Dividend The budget introduces the one-time Canada Recovery Dividend (CRD) and a 15% tax on bank […]
What Might Save or Cost You Money from the Federal 2021 Fall Economic Statement
On December 14, 2021 the federal government released its Fall Economic Statement which slot gacor outlined the expected path to economic recovery, and also billions of dollars more in spending. Some of the measures proposed may impact your personal or corporate tax filings next year. Key Personal Tax Highlights: Enhanced Home Office Expense Deduction To […]
Set Yourself Up Now to Save Money Next Tax Season
So you’ve just completed your 2020 tax filing – congrats! While it may be tempting to put away the endless receipts and slips and not think about taxes for another year, don’t do it! While the deck may be stacked against small businesses, there are still many tax breaks available to keep hard-earned money in […]
An Education on Tax Write Offs for the Town of Schitt’s Creek
Is the heart of Schitt’s Creek watching the Rose Family discover the true value of family or is its true message learned by watching them comically perform the do’s and don’ts of business and entrepreneurship? It was a rocky start for the Rose children as they were forced to make their own way in the […]
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 […]