What’s New
Important tax updates, CRA notices, and reminders to help you stay compliant and avoid penalties.
Latest Tax Information
The EFILE and ReFILE Program
From February 20, 2023 to January 26, 2024, electronic filing services are available for personal income tax and benefit returns for the 2017, 2018, 2019, 2020, 2021, and 2022 tax years.
Know Your RRSP Limit
RRSP overpayments are subject to a 1% monthly penalty. If you are unsure of your contribution limit, please contact our office and we will review it with you.
New Childcare Subsidy Program
Eligible families may qualify for new childcare subsidies. Our team can help determine eligibility and ensure proper reporting on your tax return.
T4s, T5s and Other Income Slips
Most income slips must be issued by the end of February (except T3 slips, which are due by the end of March). Late or missing slips may result in penalties of up to 20%.
Real Estate Sales Reporting
All real estate transactions, including the sale of a principal residence, must be reported on your tax return. Failure to report may result in penalties of up to $8,000.
CRA Filing Requests & Penalties
CRA may request that you file a tax return even if no tax is owed. You have 30 days to respond, or penalties ranging from $1,000 to $25,000 may apply.
Important CRA Enforcement Notice
CRA has increased enforcement efforts to ensure timely tax filing. If you receive a notice or request to file, please contact us immediately so we can assist you in meeting the deadline and avoiding penalties.
Scams & Fraud Awareness
CRA will never threaten you with jail time or deportation, nor will they request banking information by email or phone. If you receive suspicious communication, note the caller’s details and contact our office for guidance.
Questions about any of these updates?
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About Us
We are businessmen by trade and explorers by heart, so we understand the challenges of running a small business while also leading a great life outside of work. We wish to make the same thing easier for you. We provide day-to-day financial planning, targeted coaching, and consulting services to help you better understand your company’s financial needs and plan to achieve your long-term objectives.