Incorporating Your Business: A Step Towards Stability
Incorporating a business in Canada offers numerous advantages, especially in a changing economic landscape. As […]
If you sold your property, don't forget to let us know!
Did you sell property this year? Was it your principal residence? If so, complete form TP-274-V, Designation of Property as a Principal Residence, to avoid paying tax on all or part of your capital gain, and send it to us with your income tax return.Designation conditionsTo designate your property as a principal residence, you must […]
If You Rent Your Dwelling, Make Sure You Have Your RL-31 Slip
If you’re a tenant or subtenant, make sure you get an RL-31 slip from your landlord, who has until February 28 to complete one and give it to you. You need the slip to claim the full amount of the solidarity tax credit, including the housing component. To receive the tax credit, you must: file your income […]
Important Dates for Tax Season 2025: Canada and Quebec
As tax season approaches, it’s crucial for Canadians to be aware of important deadlines to ensure smooth and timely submissions. Failing to meet these deadlines can result in penalties, interest on unpaid taxes, and missed opportunities for credits and deductions. This article outlines the key dates for the 2025 tax season, including federal and provincial […]
Essential Documents to Gather for Personal Income Tax Preparation
When it comes time to file your personal income tax, being organized and prepared can make the process much smoother. There are several key documents that you need to gather before meeting with your accountant. This article outlines the essential items to ensure you have a comprehensive tax return.1. T4 FormsThe T4 form, also known […]
Personal income tax filing changes for Canada and Quebec
As the 2025 tax season approaches, taxpayers in Canada and Quebec should be aware of several new forms and declarations that have been introduced to enhance the filing process and ensure compliance. These updates aim to streamline the tax filing experience and provide clearer guidance for taxpayers. Here’s an overview of the new forms and […]
The Business Landscape Post-Trump Election Victory: Opportunities for Canadian Businesses
The recent victory of Donald Trump in the U.S. presidential election has sent ripples through global markets, particularly for Canadian businesses eyeing expansion into the lucrative U.S. market. With a focus on deregulation, tax reforms, and pro-business policies, the Trump administration presents a unique landscape filled with opportunities for Canadian entrepreneurs and established businesses alike.Economic […]
Freeland’s Farewell – A Financial Fiasco in the Making
Well, folks, it looks like the Canadian political stage has just lost one of its leading stars. Chrystia Freeland, our former Minister of Finance and a prominent figure in the Trudeau government, has decided to take her leave just before the much-anticipated announcement of the deficit budget. You know, the kind of budget that sends […]
If you're a landlord, you need to prepare your RL-31 slips by February 28, 2025!
If you’re a landlord, you must give your tenants RL-31 slips by February 28, 2025. You can prepare them as of now using the Prepare RL-31 slips service in My Account for individuals. You can also use the Prepare and View the RL-31 Slip service. If you used the service in Full Access mode last year, you can simply […]
Making Things Easier for Businesses and Professional Representatives
We’re simplifying things to make source deductions quicker. There’s a new simplified notice of assessment, the payment code is easier to get, and new filing services have been put online. Simplified notice of assessment The notice of assessment now takes into account all facets of a business and will be sent to all businesses, whether […]
Paper income tax return: What's new?
The income tax return, guide and forms have been combined into a single package (TP‑1.FG-V). We will send everyone who filed their last return on paper (some exceptions apply) the new package in the mail by February 13, 2023. If you file on paper this year, we’ll mail you a package next year. Need another package? […]
Remunerated Passenger Transportation: Report and Pay Dues Online!
If you’re a taxi business operator or an operator under agreement and have to collect dues, you can now file dues returns online. Use the service under Consumption Taxes in My Account for individuals or My Account for businesses to file returns fast. If you’re a professional representative, the service is in My Account for […]