Here are some checklists you can use a guide to help make sure we have everything we need to prepare your taxes.

Life is always bringing on new changes; make sure we are up to date so we don’t miss out on getting you the best return on your money.

If you don’t already have a GST account you don’t need to register until your total sales, before any expenses, reaches the “Small Supplier” threshold of $30,000 in any single calendar quarter and in the last four consecutive calendar quarters. This would mean if you earned $32,000 collectively in the last four quarters, you should register and collect GST for the start of the next quarter.

If you have hit this threshold you can register at the following website: Revenue Canada GST for Business Information, or contact our office and we can help you register. If you are collecting GST you must be registered and you must remit all amounts collected to CRA.

For more information on GST please contact us or review RC4022, the general information guide for GST/HST registrants.

Here is a guide on Tax Free Savings Accounts (TFSA).

In here you can find information regarding:

• Contribution room
• Qualifying transfers
• Death of a TFSA holder
• Tax payable on excess contributions
• And much more

It is important to think about what type of investment will work best for you, there are some important questions you should ask such as:

• What is the purpose of the investment, growth, security, income?
• How long do you want to keep the money in the investment?
• Do you want to have access to the funds without incurring a penalty?

If you would like to discuss if a TFSA would be beneficial for you please contact us and we will help you with your investment planning, we can also refer you to investment advisors that will help you get the most for your money.

If you are an incorporated business, you generally have to pay your taxes 3 months after your fiscal year end but you can file your tax return 6 months after your fiscal year end.

If you are an Individual your return and any taxes owing are due on April 30 every year.

If you are a Proprietorship or Partnership your taxes owing are due on April 30 but you don’t have to file your return until June 15.

For tax rates please see our Links page.

Yes, if your children are active in your business we can declare wages to them. This allows your business to record wage expenses while at the same time start building RRSP contribution room for your child.

Wages to children are often scrutinized by Canada Revenue Agency in the event of an audit. All amounts declared to your children must be reasonable, reported on their tax returns and paid in full.

Please contact us to discuss reasonable amounts and tax planning for you and your children.

If you pay yourself salary, the amount is a deductible expense to your company and is taxable in your hands. You will be required to deduct income tax and CPP premiums from your salary.

Alternatively, you can have the income taxed in your corporation and then pay the after-tax earnings to yourself, as dividends, which are not deductible for the corporation. Dividends are payments made to company shareholders from the profits of the company. If the company has not made a profit over a given period then it cannot pay a dividend.

You’ll face tax on the dividends paid to you, but at a lower tax rate than salary. Why? Since, the corporation has already paid tax on the income when dividends are received, the amount is “grossed up” and then you are entitled to a dividend tax credit (to provide a tax credit for the approximate tax that was paid by the company).

Salary Pros

• Salary will count as earned income for pension contributions and dividends will not.
• Help with financing purposes. If you are planning on applying for a line of credit or a mortgage, then paying yourself a salary will help you qualify.
• Salaries paid by the company are an expense to the company and can reduce net income and corporate taxes payable.

Salary Cons

• Can be used only to pay employees of the company.
• Salary requires you to deduct income tax and CPP premiums and dividends do not.
• Have the burden to do payroll. (For example, manage payroll remittances to the Canada Revenue Agency, preparation of T4 slips, calculation of source deductions, etc.).

Dividends Pros

• Can be paid to individuals who are not employees of the company (They must be shareholders).
• More tax efficient; dividends are taxed at a lower rate than salary.
• Dividends are administratively simple, you only need to file a T5 with CRA by February 28 of the following year.

Dividends Cons

• You can only pay dividends out of profits made by the company (If there is no balance in retained earnings, dividends can’t be paid out).
• Directly reduces the equity of the company. (For example, when a dividend of $100,000 is declared and paid, the corporation’s cash is reduced by $100,000 and its retained earnings is reduced by $100,000).
• Dividends are not an expense of the corporation and, therefore, dividends do not reduce the corporation’s net income or its taxable income.

A: When selecting a CPA, there are several key factors to consider to ensure you partner with someone who truly adds value to your financial life or business:

1. Professional credentials & specialization
   • Confirm they’re a Chartered Professional Accountant (CPA) in good standing with your provincial/regional accounting body.
   • Look for specializations relevant to your needs, such as corporate tax, personal estate planning, GST/HST compliance, or small business advisory services.
2. Relevant experience & industry knowledge
   • Ask whether they’ve served clients in your sector (e.g., retail, tech, real estate, manufacturing).
   • Inquire about the complexity of engagements they regularly manage, like SR&ED credits, corporate restructuring, or trust audits.
3. Proactive, value-driven approach
   • A good CPA does more than file taxes – they’ll identify deductions, plan year-round tax strategy, and forecast cash flow to help you grow responsibly
   • Seek out someone who offers regular financial check-ins and timely advice, not just an annual tax appointment.
4. Communication style & client service
   • Are they accessible when questions arise? Do they explain financial concepts in clear, non-technical terms?
   • Find out how they handle deadlines, client support, and urgent filings, especially during busy periods.
5. Technology & process efficiency
   • See if they use cloud accounting platforms (e.g., QuickBooks Online, Xero) for real-time tracking, remote accessibility, and collaboration.
   • Ask about their tools for secure document exchange, digital signatures, and client portals.
6. Transparent pricing & clear scope
   • Understand how they structure fees: hourly, flat retainer, project-based – and what’s included.
   • Get everything in writing: a formal engagement letter detailing services, deliverables, timelines, and responsibilities.
7. Local reputation & referral history
   • Request references or case studies, especially those reflecting similar financial situations or business scales.
   • Check for testimonials or reviews demonstrating reliability, integrity, and a strong client focus.
8. Long-term partnership mindset
   • Your CPA should feel more like a trusted advisor, supporting both current compliance and future growth strategies, whether it’s succession planning, scaling operations, or exit planning.
   • Choose someone who invests time to understand your goals and aligns their advice to support them.