What is the deadline for Personal Tax Filing?

• For most individuals, the deadline is April 30th. If you or your spouse are self-employed, the deadline is June 15th, but any tax owing must still be paid by April 30th to avoid interest.

I received a letter from the CRA. What should I do?

• Don’t panic. Scan or take a clear photo of the letter and upload it to the Client Portal immediately. We will review it and advise you on the next steps.

I run a restaurant. How do I handle tips?

• Tips are considered income and must be reported. For the restaurant owner, there are specific rules regarding “controlled” vs. “direct” tips for CPP/EI calculations. Contact us to set up your payroll correctly.

Can I expense my vehicle for my business?

• Yes, if you use it to earn income. You must keep a detailed mileage log tracking “Business KMs” vs. “Personal KMs.” We recommend using a tracking app to make this easier.

I am a Pharmacist/Doctor. Should I incorporate?

• Incorporating a Medical Professional Corporation (MPC) can offer significant tax deferral advantages. However, it comes with higher compliance costs. Book a “Business Strategy Session” with us to run the numbers for your specific situation.