What is your Provincial income tax filing obligation?

You need to file an annual income tax return in Canada if you are a resident of Canada during the tax year. If you are a non-resident of Canada, you only file an income tax return in Canada if you have income from Canada to report. When you file your income tax return in Canada, […]

• March 1, 2024

Can ChatGPT help in my personal income tax planning?

The answer is definitely “Yes”. RKB Accounting strongly recommends our clients to be knowledgeable. ChatGPT can answer your tax related questions. ChatGPT can not do your taxes it can only provide you information based on your questions and that can help you in filing your taxes. When you file your taxes with RKB Accounting, we […]

• December 24, 2023

Understanding GST/HST – Taxable, Zero-rated, and Exempt supplies

An understanding of these items may help you to avoid an accidental risk of your GST/HST liability. If you are supplying a taxable item and not charging GST/HST, considering it is exempt or zero-rated, you may have GST/HST obligation. Even though you did not charge GST/HST to your customer, CRA will consider your sales collection […]

• December 6, 2023

Your Accountant’s or a Paid Tax Preparer’s obligations in Canada? You should know that!

If you want to become a paid tax preparer and file income tax returns for individuals or corporations in Canada for your clients, you have certain obligations to follow, failing which CRA may prohibit you from filing income tax returns on behalf of your clients, in some cases CRA may also take some other or […]

• December 4, 2023

Tax planning – Let’s look into Zero-emission vehicles from a Canadian tax perspective and what the benefits are for a taxpayer.

Year after year, the government introduces tax incentives to promote quality of life and take action to protect the environment. This may be a good tax planning tool when you keep yourself up to date with the introduction of these incentives and apply them to your tax planning to reduce your tax bill while at […]

• December 3, 2023

Tax Planning – First Home Savings Account (FHSA)

Tax filing season 2024 is approaching very fast. Your 2023 income tax return filing is going to be due soon, and it needs to be filed by April 30th, 2024. If you are looking into some financial planning and tax planning that can reduce your tax liability, then you may need to be aware of […]

• November 25, 2023

Tax guidance for A Canadian resident buying a residential property in the United States!

Understanding taxation requirements between Canada and USA is an important aspect before a Canadian citizen or a Canadian resident baying a residential property in the United States. If you are resident of Canada for tax purposes, you are required to report your worldwide income on your Canadian income tax return. Furthermore, you may also require […]

• November 22, 2023

How to add or cancel an authorized representative with CRA for your business program account or for personal taxes?

Authorizing a representative with CRA You as a client, can authorize your accountant as your authorized representative for all or some of your program accounts with CRA. Once you authorize the representative (the accountant), your accountant will have access to your business tax information which are available on the CRA website. You can cancel this […]

• November 21, 2023

Do you have an objection to the CRA assessment? If yes, ensure the objection is filed on time.

If you have an objection in terms of tax return assessment and other procedural formalities, you have all the rights to bring a case to court. However, there is a need to file a valid objection on a timely basis. There are two ways to file an objection. These include filing an objection online and […]

• September 30, 2023

An understanding of your Reporting Requirements for Foreign Affiliates!

Who is considered a foreign affiliate under the Canadian tax system? Under the Canadian tax system, a foreign affiliate is a non-resident corporation or other entity in which a Canadian resident, corporation, or partnership holds an ownership interest of at least 10%. The foreign affiliate may be engaged in various business activities, such as carrying […]

• March 17, 2023

What is lifetime capital gain exemption? You should know for your long term tax planning!

A lifetime capital gain exemption may allow you to sell or transfer the ownership of your business without paying taxes. The Lifetime Capital Gains Exemption (LCGE) is a tax benefit available to Canadian taxpayers who sell certain types of qualified assets and realize a capital gain. The Lifetime Capital Gains Exemption allows taxpayers to reduce […]

• March 8, 2023

Learn About the Tax Benefits of Incorporating as a Canadian Controlled Private Corporation (CCPC).

Advantages of Incorporating as a Canadian Controlled Private Corporation (CCPC) – Lower Tax Rate   A Canadian Controlled Private Corporation (CCPC) is a type of private corporation that is incorporated in Canada and meets certain criteria set by the Canada Revenue Agency (CRA). To qualify as a CCPC, the corporation must meet the following criteria: […]

• March 4, 2023

Let’s discover the Benefits of Tax-Free Investing with TFSAs.

Tax-Free Savings Accounts (TFSAs) – Benefits and Limits Explained   What is a Tax-Free Savings Account (TFSA)? A Tax-Free Savings Account (TFSA) is a savings account that is registered with the Canadian government and allows you to earn tax-free investment income. Unlike an RRSP, contributions to a TFSA are not tax-deductible, meaning that you can’t […]

• March 2, 2023

Learn About the Ontario Refundable Tax Credits you could be Eligible for.

Refundable Tax Credits in Ontario – Eligibility and Application Process Ontario provides several refundable tax credits to eligible taxpayers. Refundable tax credits are tax credits that can be claimed even if the taxpayer does not owe any tax. Instead, the credits are paid out as cash refunds to eligible taxpayers.   GST/HST Rebate in Ontario […]

Discover the Benefits of the Voluntary Disclosures Program (VDP) in Canada and How to Use It to Disclose Unreported Income?

Voluntary Disclosures Program (VDP) in Canada: How to Disclose Unreported Income and Seek Relief from Penalties   Canada Revenue Agency encourages taxpayers to rectify their mistakes and file or report unfiled taxes or disclose information under VDP. CRA applies this program to be fair to you but not to award you for the non-compliance or […]

• February 18, 2023

Anti-Flipping Tax in Canada: A Guide to Understanding and Avoiding It.

Understanding the Anti-Flipping Tax in Canada: What You Need to Know   In the financial year, 2022 federal budget introduces the new tax law on property flippers to make them “pay their fair share.” That means if you sell your house or an investment property within a year from the date of the purchase, you […]

• January 12, 2023

Helpful Tips and Resources for New Business Owners and Start-Ups.

When starting a new business or growing a new business could be challenging. You will need to plan and research your product and services, marketing plan, financing plan, permits and licenses, books and records, etc. It could be more challenging if you are a new immigrant. Tips and Resources for New Business Owners and Start-Ups […]

• December 6, 2022

Foreign corporation – a corporation resident in Canada for tax purposes and your obligation to file and pay tax in Canada

Is your corporation liable to pay tax in Canada? What is considered a corporation resident in Canada for tax purposes? Corporation residency status in Canada Canadian corporation as defined under the income tax act: The corporation that was incorporated in Canada Corporations that have been resident in Canada to present from June 18, 1971. In […]

• November 14, 2022

E-commerce business or remote sellers – Your obligation for GST/HST as per CRA guidelines.

The Government of Canada has introduced new rules of GST/HST with effect from July 01, 2021. The businesses operating in the digital economy, including digital platforms, need to comply with the three originally announced measures on April 19, 2021. These three measures include registration, filing GST, and collection. Administrative approach and compliance The purpose of […]

• March 5, 2022

Record retention and storage rules – CRA may ask you to provide information or request you to provide copy of the bills/receipts

Do you know that you need to maintain, store, and keep your books and tax receipts for years? During these specified periods CRA may ask you to produce the original or a copy of the same. However, there are some reliefs if CRA allows you for early destruction or if you can maintain them electronically […]

• February 28, 2022

Tax benefit – Corporate income-tax Quebec Vs. Ontario

Does corporate taxation differ in the different provinces of Canada? Do we need to explore this? The answer is “you should,” particularly if you are incorporated in Quebec.  Corporate taxation in Quebec is different from the rest of the provinces in Canada.   Usually, when you think of incorporating your business, you look for incorporating […]

• February 21, 2022

Let’s discover the benefits of Incorporating your Businesses!

Should you incorporate your business? Understanding the Benefits for Your Business. Why exploring these options is important for you? Well, these are one-time business decisions, and you need to understand a little more before moving forward in this direction.  Benefits of incorporation   Lower tax rate – A Canadian controller private corporation (CCPC) enjoys a […]

• January 28, 2022

Tax Residency – factors that decide, weather you are a resident or deemed resident or non resident of Canada for tax purposes

May you need to act before moving out of Canada? It’s not only the number of days that will decide that you’re a Canadian resident for tax purposes but several other factors that will be counted. Your status may be categorized as “ordinarily resident” or “deemed resident” of Canada. In this article, we will describe […]

• January 10, 2022

Tax Rates – Federal and Provincial income-tax and sales-tax rates that can help you in choosing your business jurisdiction

Looking beyond boundaries! Which province has the lowest corporate tax rate? Is HST the same in all provinces? The rapid growth of information technology suggests that we can easily investigate opportunities beyond boundaries. Having knowledge of tax rates in all provinces will help us to set up and implement our business decisions with confidence in […]

• December 8, 2021

401k to RRSP – Tax implication for Canadians when you rollover your 401k to RRSP?

Are you wondering if you could move your 401k investments in the United States to Canada? The answer is yes. However, you need to know the tax implications on both sides of the border before you make your decision, We are trying to outline here those tax implications. Notes to Canadian Resident with US income […]

• November 28, 2021

Cryptocurrency – Your tax obligation when you are mining or trading in Bitcoin or other Cryptos

Do you need to know “Bitcoin” taxation in Canada? The answer is yes if you are dealing in bitcoins or investing in bitcoins. An understanding of bitcoin taxation in Canada will help in your tax planning and probably gives you an opportunity for tax savings. Tax on bitcoin can follow from two streams which are […]

• November 24, 2021

Personal property – section 85 election, a tax deferral system which allows you to transfer your personal property to your corporation without any tax obligation

Are you wondering what is section 85 election in Canada? Is it important for you to know? If you are moving your business from self-employed to Incorporated you must know about this election before you make any move. It could be a huge implication of the Capital gain tax issue if you fail to plan […]

• November 9, 2021

Vacation Tax Credit 2022 is to help Ontario turism

Restrictions related to COVID-19 are relaxing. Are you planning for your vacation in 2022? Honorable Doug Ford government has announced good news for you. A 20% staycation tax credit for your vacation accommodation.   The government of Ontario has announced its plan for a new, temporary Ontario Staycation Tax Credit for the 2022 tax year. […]

• November 6, 2021

You should Know – Reporting Obligations for Canadian Residents Owning Properties Outside of Canada and the penalties for non-compliance.

Are you aware of the penalty for the non-reporting of your foreign properties? Every Canadian should know who either owns or intends you own assets in foreign countries which is more than $100,000 in Canadian dollars. As a professional accountants, we have been guiding and informing our clients about the foreign properties reporting requirement on […]

Dentists – GST/HST (Sales tax) implications

Most dentists in Canada do not charge GST/HST or QST. As most of the services are exempt from GST/HST or QST.   GST/HST is an indirect tax. The registrant collects GST/HST from customers and remits the amounts collected minus ITC to CRA. You need to register for GST/HST with CRA and collect HST from your […]

• April 6, 2021

Moving expenses – you can claim moving expenses when you move for your business or employment purposes

Did you move your business or place of employment? You may be eligible to claim moving expenses on your personal income tax return. Before you begin, you need to know the rules and the conditions that you need to satisfy in order get the tax benefit on your personal income tax return. As an employee […]

• March 10, 2021

Types of business structures and legal entities and which one to choose

You are starting a new business or you are self-employed, you are wondering what other type of business structure or legal entities are available? Why should you know about other business structures or legal entities? What are the benefits of incorporating? We are here to help you. Let’s discuss the options you have to get […]

• March 1, 2021

Personal income deductions and tax credits

Do you know what are tax deductions or tax credits that you can claim on your tax return? A quick look at this list before filing your taxes will help you minimize your taxes payable. If you know what you could claim at least you will be able to ask a question to your tax […]

• February 15, 2021

Business expenses – 36 small business expenses you can claim, this is a handy list to remind you and to reduce your tax payment

You know most of the business expenses that you can claim. Is there one that you are missing? We have tried to create a list, assuming that a quick glance at this list, particularly before filing taxes, will help you ensure that nothing has left. The list presented here is in bullet points and if […]

• February 12, 2021

Non resident withholding tax

Does a Canadian resident need to worry about non-resident withholding tax or only a non-resident should be thinking about it? A Canadian resident when you are renting a premise that is owned by a non-resident, the Canadian resident needs to be aware of his obligation. A non-resident also needs to know his tax obligation as […]

• February 7, 2021

Pay CRA – make your CRA tax payments through your online banking with ease and secured

Do you know everything you can pay to CRA through your online banking? Isn’t it convenient as sitting in your office or on your couch? It’s not only a convenient but also secure way to do it.   You need to make a payment before the due date to ensure CRA receives your GST payment, […]

• February 1, 2021

Motor Vehicle Expenses as per CRA – You may want to know before buying a new vehicle to be used in your business.

Before you buy a car for your business, you need to understand the tax implications and CRA positions. An informed decision will help you in better tax planning and save you from any unwanted tax consequences.   I have been receiving several inquiries about this category and questions from all dimensions about motor vehicle expenses […]

• January 31, 2021

Home renovation tax credit 2020 can save you lots of taxes!

Did you make repairs or modifications in your home for your elders? Do you know if you are eligible to claim an Ontario home renovation credit?   You may be eligible to claim “Home accessibility tax credit” at the federal level. You may also be eligible to claim a provincial tax credit for “Senior’s home […]

• January 28, 2021

Capital gains taxes, explained

What is a Capital gain tax? Can you claim a capital gain tax exemption? A capital loss Vs. ordinary business loss, which is better? Knowing these topics will help you in planning your Canadian tax on capital gains.   Ordinary business income/loss Vs Capital gain/loss transaction When you buy goods in the ordinary course of […]

RRSP – a tax planning helps you defer your tax obligation now and use it when you need it

Are you thinking of your retirement planning or are you looking to buy your house? Learning more about this tax planning tool can help you save taxes in the long run as well as plan for your retirement.   RRSP is a registered retirement savings/investment plan that allows you to deduct from your total income […]

• January 25, 2021

How do I claim GST/HST housing rebate?

Did you reconstruct or purchase a new house for a builder in Ontario? You may be eligible for up to $24k as GST/HST rebate.   You may be eligible to claim up to $24,000.00 as GST/HST rebate if you… You are an individual or individuals Purchased from the builder or substantially reconstructed your house on […]

• January 17, 2021

Payroll taxes – employers obligations when hiring an Employee in Canada

What are your responsibilities as an employer? Knowing your responsibilities will help you focus on your business instead of dealing with tax issues.   The employer responsibilities – If you hire an employee, you need to register for a payroll account with CRA –  Each employee should fill in and provide you the form TD1 […]

• December 17, 2020

GST/HST or QST Registration and filing

Why do you need to register for GST/HST or QST? What are the benefits of registration? What is ITC? Most of these questions we are trying to answer through this article and will also include the obligations you may have for the payment and filing.   The GST/HST is a indirect tax that is charged […]

Filing Your Personal Income taxes (T1) in Canada

Do you know you can file your tax return online for free? For free online tax filing please refer to the related important links below. If you see any broken link, please Contact RKB Accounting and a team member will be able to assist you or restore the link. We have also tried to summarize […]

Corporate Taxation in Canada: A Comprehensive Guide

Do you want to know how does corporate taxation work in Canada? Before you incorporate an understanding of this process will help plan your taxes better.   All domestic corporations in Canada have to file a T2 corporate income tax return every year due by the due date. Generally, you file your T2 corporate income […]