Whether you are handing your books over to a new bookkeeper or hiring an accountant to navigate tax season, you must officially tell the Canada Revenue Agency (CRA) that they have permission to access your tax information.
Resources For Individuals and Businesses
I am pleased to provide a variety of resources on accounting and assurance, financial planning, retirement and other related subjects that will be helpful to both individuals and businesses.
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Disclaimer:
The content provided on this website is for general informational purposes only and is not intended as professional accounting, tax, or financial advice. While efforts are made to ensure the accuracy and timeliness of the content, errors or omissions may occur. The content does not constitute a client-advisor relationship. Readers should consult with a Chartered Professional Accountant or other financial professional for advice tailored to their specific needs. GB Tax & Accounting Professional Corporation is not liable for any actions one might take based on the information provided on this website.
Accessing the Canada Revenue Agency (CRA) My Account online portal provides a centralized way to handle personal tax and financial information without needing to wait on hold or deal with paper mail.
When people think about tax season, they usually picture the frantic rush of March and April. But here is a well-kept industry secret: the most impactful tax planning can happen in October.
As the end of the third quarter approaches, September is a critical window for Canadian business owners to review their finances, make required tax installment payments, and make strategic adjustments before the final quarter of the year.
A registered education savings plan (RESP) can be a great way to save for your child’s education, especially with government grants and tax-sheltered growth. But one question that can make parents hesitate to open one:
As summer rolls along, mid-year is the ideal time to step back, evaluate your business performance, and fine-tune your tax strategy. Waiting until December—or worse, tax filing season in the spring—limits your options and often leaves money on the table.
As families gear up for another school year, back-to-school preparations usually focus on buying supplies, purchasing new clothes, and arranging tuition payments. However, August is also an ideal time to focus on strategic tax planning. Taking proactive steps now can significantly lower your family’s tax burden and stretch your education savings further as fall approaches.
In Canada, a cottage or vacation property can qualify for the principal residence exemption (PRE), but the rules are more nuanced than many owners expect.