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.

Most small businesses should review financial reports at least quarterly, but monthly reporting is recommended if you want a clear, current view of performance. How often you prepare financial reports for your small business in Canada depends on how closely you want to track cash flow and make decisions, but relying only on annual reporting usually means reacting too late.

The difference in monthly vs quarterly financial reporting for small businesses comes down to timing and control. Monthly reporting helps you catch issues early, track trends, and make faster decisions, while quarterly reporting is less intensive but can miss short-term changes that impact profitability.

If you’re wondering what financial reports a small business needs regularly, the essentials are a profit and loss statement, balance sheet, and cash flow report. Together, these give you a clear picture of performance, financial position, and how money moves through your business.

You are not legally required to produce monthly statements, but many owners ask whether they need monthly financial statements for their business in Canada when they start growing. Monthly reporting gives you better visibility, supports tax planning, and helps avoid surprises.

The difference between annual and quarterly financial reports comes down to frequency and usefulness. Quarterly reports help you monitor performance throughout the year, while annual reports summarize everything for tax filing and long-term review.

Most GST and PST issues don’t come from the filing itself. They come from applying the wrong tax rules earlier in the process. This usually shows up when a business has mixed revenue, bills expenses through to clients, sells outside BC, or is working off incomplete books.

The fix is not at filing time. It’s making sure revenue and expenses are categorized correctly as they happen, and reviewing anything that doesn’t fit a standard pattern. When the bookkeeping is clean and tax treatment is intentional, filing becomes straightforward instead of reactive

The most common GST and PST filing mistakes for BC businesses are usually not dramatic. They tend to be classification issues, missed adjustments, or incorrect treatment of purchases. Thorough advance review of your books can prevent most of these issues.

Questions around BC PST on services and goods usually come up when a business has bundled pricing, materials built into service work, or offerings that do not fit neatly into one category. That is where tax treatment should be reviewed carefully instead of handled by habit.

If you’re dealing with a late GST filing for a corporation in Canada, the priority is to file it as soon as possible and make sure the numbers are actually correct. Rushing a return based on incomplete or messy books usually creates bigger problems than the delay itself.
Once it’s filed, look at why it was late. In most cases, it comes down to books not being current or unclear tax treatment during the period. Fix that upstream so the next filing is routine instead of a scramble.

A lot of businesses lose money through GST input tax credits and bookkeeping issues. If expenses are not tracked properly or records are incomplete, valid credits get missed, and over time that becomes a real cost.

This usually ties back to the same underlying issue: inconsistent records. As outlined in 10 Corporate Tax Mistakes That Cost Real Money, poor record keeping and unreconciled books lead directly to missed deductions and higher tax paid than necessary

With payroll compliance in Canada for employers, clean payroll means everything ties out without adjustments. Payroll reports match remittances, T4s align with financial statements, and CPP and EI are consistent with reported wages.

Where it starts to drift is when bonuses, allowances, or benefits are handled differently from one period to the next. Keeping those treatments consistent is what keeps payroll clean and predictable.

The employee vs contractor tax implications in Canada don’t usually come from the initial decision, they come from not revisiting it. As roles evolve, the level of control, responsibility, and integration into the business can change.

It’s worth reviewing this periodically, especially as the relationship becomes more structured, to make sure the classification still reflects how the work is actually being done.

Staying current with payroll remittance deadlines in Canada is mostly about timing. When payroll is finalized early in the cycle, remittances become routine.

When payroll details are still being adjusted close to the deadline, that’s when delays happen. Locking payroll before the due date makes the process consistent and removes last-minute pressure.

Clean payroll reconciliation at year-end in Canada comes from consistency during the year. Wages, benefits, and adjustments should be handled the same way each period and tied back to your books as you go.

When that’s in place, T4s, payroll reports, and financial statements line up without needing corrections at the end.

The shareholder salary vs dividends in Canada decision works best when it’s reviewed regularly. As income changes, the balance between salary and dividends can shift depending on tax, cash flow, and long-term planning.

What works one year doesn’t always carry forward, so revisiting the mix keeps it aligned with where the business is now.

Corporate tax planning in Canada for small businesses goes beyond filing. It includes how income is structured, how compensation is handled, and whether the current business structure still makes sense.

It can also involve things like reorganizations, trusts, or accessing credits such as SR&ED. The planning piece is what ties all of that together, not just the return at the end of the year.

Corporate tax filing requirements in Canada typically include the T2 return along with financial statements, but that’s only part of it. Depending on how the business operates, there can also be T4 or T5 filings, GST returns, and other remittances tied to payroll or operations.

As complexity increases, filings expand. It’s not just one return, it’s a set of connected reporting obligations

The importance of financial statements for corporate tax in Canada is that they drive every filing decision throughout the year.

Financial statements also support review engagements, tax filings, and decisions around compensation and structure, so they’re not just a year-end requirement, they’re the base layer for everything else.

The SR&ED tax credit in Canada for businesses applies when there is qualifying development work, not just general improvements or day-to-day operations.

It becomes relevant when a business is investing in new processes, technology, or problem-solving work that goes beyond standard activity. The key isn’t just eligibility, it’s having the work properly documented so a claim can be supported

Corporate restructuring in Canada for tax planning usually comes up when the current structure no longer fits how the business operates. That can be growth, bringing in partners, holding companies, or planning around tax and ownership.

It’s less about fixing a problem and more about aligning the structure with where the business is now, rather than where it started.

Most ways to reduce corporate tax in Canada legally come from decisions made throughout the year, not at filing time. Clean records, consistent reporting, and intentional decisions around compensation and timing all affect the result.

As outlined in 10 Corporate Tax Mistakes That Cost Real Money, it’s usually small gaps in how things are tracked and handled that lead to higher tax over time.