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Accessing home equity in retirement

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 30, 20250 comments

It’s an acknowledged fact that the cost of living has been on a steady upward trend for the past several years. Making that trend even more problematic is the reality that such cost increases have been greatest in areas where eliminating or cutting back on expenditures is hardest. ...

Maximizing the medical expense tax credit for 2025

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 23, 20250 comments

Notwithstanding the fact that Canada has a publicly funded health care system, the reality is that each year millions of individual Canadians incur medical and para-medical expenses (like prescription drug costs) which can be significant and which are not covered by that public health ...

When are home office expenses deductible in 2025?

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 16, 20250 comments

For individual Canadians, one of the few positive aspects of the recent pandemic was the opportunity it provided to work from home – first as a mandated public health necessity and later as a choice provided by employers. For most employees, working from home was a welcome ...

CRA makes changes to the Voluntary Disclosures Program

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 9, 20250 comments

Canada’s tax system is what is known as a “self-assessing” one, in which taxpayers are expected (in fact, in most cases, required) to take the initiative to prepare and file an annual tax return by a specified deadline, to report all taxable income on that return, ...

New Quarterly Newsletters

By Web AdminAccounting, Auditing, Tax & Consulting NewsOctober 2, 20250 comments

Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues. They can be accessed below. Corporate: Issue #73 Corporate Personal: Issue #73 Personal The information presented is only of a general nature, may omit many ...

Some tax breaks for the upcoming post-secondary school year

By Web AdminAccounting, Auditing, Tax & Consulting NewsSeptember 25, 20250 comments

As September approaches, students who are beginning post-secondary education this year have received one or more offers of admission and then chosen a college or university, have hopefully been offered a place in a university residence or have secured off-campus housing, and are ...

Claiming a tax credit for adoption expenses

By Web AdminAccounting, Auditing, Tax & Consulting NewsSeptember 18, 20250 comments

The process of adopting a child is often a lengthy one, in which a myriad of requirements must be met and legal processes followed. Where the adoption is an international one, the process can be even lengthier and more complex, as often the legal requirements of more than one government ...

Making the most of the Tax-Free Savings Account program

By Web AdminAccounting, Auditing, Tax & Consulting NewsSeptember 12, 20250 comments

Tax-free savings accounts (TFSAs) have been a part of the Canadian tax system since 2009, and the TFSA program can be utilized by more Canadians than any other tax-advantaged savings program. And Canadians have clearly recognized the benefits: Canada Revenue Agency statistics show ...

When the CRA comes calling – dealing with the return verification process

By Web AdminAccounting, Auditing, Tax & Consulting NewsSeptember 4, 20250 comments

By the time the end of summer approaches, the tax return filing deadline for all Canadian individual taxpayers has passed, and nearly all tax filers will have filed the required return for the 2024 tax year and received a Notice of Assessment from the Canada Revenue Agency (CRA) ...

Making use of the First Home Savings Account program

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 28, 20250 comments

The Canadian tax system provides a number of opportunities for taxpayers to save on a tax-assisted basis. Most Canadians are familiar with registered retirement savings plans (RRSPs) and many are also aware of the availability of the tax-free savings account (TFSA). The newest (and ...

Using the CRA’s online services – signing up for My Account

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 21, 20250 comments

Over the past few decades the Canada Revenue Agency, like many other organizations and businesses, has gradually shifted to providing more and more of its services online, through its website. The Agency has been remarkably successful in bringing the Canadian taxpayer along with ...

Making the RRSP decision when you turn 71

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 14, 20250 comments

According to numbers released by Statistics Canada there were, as of July 1, 2024, an estimated 2.5 million Canadians aged 65 to 69 and around 2 million Canadians who were between the ages of 70 and 74. That being the case, it’s likely that during the 2025 calendar year, hundreds ...

Receiving a first Instalment Reminder from the Canada Revenue Agency

By Web AdminAccounting, Auditing, Tax & Consulting NewsAugust 7, 20250 comments

By the time summer arrives, Canadian taxpayers have filed their income tax returns for the previous year, have received a Notice of Assessment from the tax authorities with respect to that return, and have either saved or spent their tax refund or, less happily, have paid any balance ...

New Quarterly Newsletters

By Web AdminAccounting, Auditing, Tax & Consulting NewsJuly 31, 20250 comments

Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues. They can be accessed below. Corporate: Issue #72 Corporate Personal: Issue #72 Personal The information presented is only of a general nature, may omit many ...

When help is available under the CRA’s Taxpayer Relief Provisions

By Web AdminAccounting, Auditing, Tax & Consulting NewsJuly 24, 20250 comments

While most Canadians are familiar with the obligation to file an annual tax return and to pay income taxes owed by the end of April each year, there are in fact many more tax filing and payment deadlines imposed on individuals or businesses throughout the calendar year. Fortunately, ...

Trade war supports for Canadian employees – changes to the Employment Insurance system.

By Web AdminAccounting, Auditing, Tax & Consulting NewsJuly 17, 20250 comments

The current trade and tariff dispute between Canada and the United States has affected individuals and businesses in virtually all provinces and industries. On an individual level, those most affected are often employees who work in industries (like steel and aluminum) for which ...

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