Blog - Jones & O’Connell LLP

The Start of a New Benefit Year - What Can You Receive in 2025-2026?

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJune 26, 20250 comments

Most Canadians, understandably, think of our income tax system as a government “program” that takes money out of their paycheques and out of their pockets. And, while it’s certainly true that virtually every Canadian who earns an income must allocate a portion of ...

Coming Clean with the Tax Authorities - Making a Voluntary Disclosure

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJune 19, 20250 comments

While it’s unlikely that they do so with any great degree of enthusiasm, the vast majority of Canadians prepare their annual tax return each spring and file that return on time. That’s necessary, because the Canadian tax system is a “self-assessing” one, in ...

Cargivers - Getting Help Through the Tax System

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJune 12, 20250 comments

Regardless of their particular circumstances, Canadians who act as unpaid caregivers for disabled, elderly, or chronically ill relatives carry a heavy physical and emotional burden. The weight of those responsibilities is often made greater by financial stresses, particularly where ...

A Mid-Year Check-Up on Your Taxes for 2025

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJune 5, 20250 comments

By mid to late June 2025, most taxpayers have filed their tax return for the 2024 tax year and a Notice of Assessment has been issued by the Canada Revenue Agency outlining the Agency’s conclusions with respect to the taxpayer’s income, tax deduction, and tax credit claims ...

Financing the Political Process - The Political Contribution Tax Credit

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMay 29, 20250 comments

To win elections, politicians need votes. And to run the election campaigns needed to garner those votes, they need an organization, volunteers, and money – a lot of money. To wage the federal election held last month, the major political parties needed to raise and spend millions ...

When You Don't Agree with the CRA - Disputing Your Notice of Assessment

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMay 22, 20250 comments

While no two tax returns filed with the Canada Revenue Agency are identical, all such tax returns have one thing in common. Once those tax returns are filed, the CRA will review the income amounts reported and the tax deduction and credit claims made, and issue a Notice of Assessment ...

When Keeping You with the Mortgage Payments Becomes a Problem - Where (and Where Not) to Turn for Help

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMay 15, 20250 comments

At first glance, it might seem that the financial pressures experienced by Canadian families would have eased over the last year or so. The spike in interest rates which started in early 2022 has abated, with the Bank of Canada cutting its benchmark rate several times since mid-2023. ...

Fixing a Mistake on Your (Already Filed) Tax Return

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMay 8, 20250 comments

It’s likely that very few Canadians view completing and filing the annual tax return as anything other than an unpleasant chore to be endured, with a sigh of relief once it’s finally done. The goal, for both the taxpayer and the Canada Revenue Agency (CRA), is for the ...

Firm Announcement: New Assurance Manager

By Amanda CoombesCommentaryMay 1, 20250 comments

We are pleased to announce the appointment of Hunter Amos as our new Assurance Manager. In this role, Hunter will be leading our assurance team in providing assurance services to our clients. Hunter began his employment with Jones & O’Connell LLP as a Senior ...

What to do When You Can't Pay Your Tax Bill on Time

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsApril 24, 20250 comments

Most taxpayers sit down to do their annual tax return (or wait to hear from their tax return preparer) with some degree of anxiety. In most cases taxpayers don’t know, until their return is completed, what the “bottom line” will be, and it’s usually a case ...

Planning to Avoid the Old Age Security Clawblack

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsApril 17, 20250 comments

When Canadians gather together the information slips, receipts, and other documents needed to prepare and file their annual income tax return, their biggest concern is likely whether completing that return will result in the need to pay a tax amount owing. Taxpayers who are recipients ...

Making Sure You Don't Fall Victim to a Tax Scam

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsApril 10, 20250 comments

Most Canadians live their lives with only very infrequent contact with the tax authorities and are generally happy to keep it that way. Sometime between mid-February and the end of April 2025 the majority of Canadian taxpayers will file a return for 2024 with the Canada Revenue Agency. ...

How, When and Where to Pay Your Taxes for 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsApril 3, 20250 comments

Notwithstanding the considerable complexity of the Canadian income tax system, there is one rule which applies to every individual taxpayer living in Canada, regardless of location, income, age, or circumstances. That rule is that income tax owed for a year must be paid, in full, ...

What's New on the Tax Return for 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 27, 20250 comments

While the tax return form that Canadians prepare and file each spring might look identical to the form that was used the previous year, the reality is that our tax system is constantly changing, and that change is reflected in amendments made to each year’s tax return form, ...

The CPP Post-Retirement Benefit - Deciding Whether to Continue Contributing

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 20, 20250 comments

A few decades ago retirement, for most Canadians, was an event which marked the change from full-time work to not working at all. Usually, that transition took place at age 65, following which the new retiree would begin to receive Canada Pension Plan (CPP) and Old Age Security (OAS) ...

Some Last-Minute Tax Filing Strategies - What (and What Not) to Claim

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 13, 20250 comments

While it’s true that the best year-end tax planning starts on January 1 of the tax year, the reality is that most Canadians don’t turn their attention to their tax situation for 2024 until the spring of 2025, when the deadline for filing a tax return for 2024 approaches. ...