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 […]
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 […]
Should Incorporated Professionals Pay Salary or Dividends? The 2026 Analysis for Ontario-Based Business Owners
If you operate through a Canadian-controlled private corporation (CCPC), one of the most consequential decisions you face each year is how to get money out of your corporation and into your hands. The two primary options are salary and dividends, and the right answer depends on far more than the tax rate alone. At Cassar […]
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 […]
The Most Wonderful Time of the Year: Year-End Review
*While this post is written under the assumption that your fiscal year end is December 31st, these concepts can be applied based on any fiscal year end date. If you own a small business, it is very important to plan how you can set yourself up for success for the year ahead. Most businesses know […]
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 […]
Should I Pay Myself a Salary or Dividends?
One of the common questions we hear from our business owner clients is how they should structure their business to maximize their profits and minimize their tax obligation. If you own a business through a corporation, you have the choice to pay yourself a salary or dividends (or a combination of both). Salary […]
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 […]
5 Key Changes You Need to Know Before Filing Your 2020 Personal Tax Return
The due date for filing your 2020 personal tax return is currently scheduled for April 30, 2021. In order to minimize your tax obligation, make sure you take advantage of the new additions and improvements that you may be able to apply to your 2020 return. Key Change #1: Expanded Eligibility of the Home […]
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 […]
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 […]
2020 Personal Tax Changes
As you know, the major purpose for the basic personal amount (BPA) is to help all Canadians cover their most basic needs and do not impost any income taxes on it. Each year, the BPA index is inflated with a 1.9 percent inflation rate. As the government announced that moving forward the BPA will be […]
The Universe of Tax: Corporate taxes are more than just income
Many business owners think that filling your “T2” corporate tax return is just something they must think about once a year. However, the world of tax contains many intricacies beyond just the income tax aspect, and you should be thinking about tax proactively throughout the year to save you money. In fact, incomes taxes are […]