We know that working with an accountant is an investment. We want our small business clients to get the most value possible from us. That means doing the obvious things: getting everyone’s taxes done...

Here are some step-by-step instructions on how to pay your federal and provincial corporate taxes, GST, payroll remittances and even your personal taxes — just skip to the part that is applicable to...

When you start your own business, you realize how great it was to have taxes magically lifted away from your paycheque. Now, rather than doing your taxes once a year, you’ll have to make tax...

As small business owners, you know that every dollar counts. We want to help you minimize your taxes for the year by staying on top of the tax laws and using tax-saving strategies that will put more...

As you prepare your 2023 taxes and consider the tax year ahead, here are the significant changes to personal taxes. You’ll want to stay up to date as many of these will keep more money in your...

Canada’s trust reporting rules changed in 2023, meaning there’s more paperwork if you have a trust, including bare trusts. In this blog, we’ll cover: 

Good and services tax: consumers know they pay it, and business owners know they charge it, but do you know why? As the GST deadline approaches for many businesses, we wanted to share some GST 101:...

As a small business owner, you may have various questions about payroll – it can be a complex and critical aspect of managing your business. In this blog, we’ll outline the payroll process so you can...

As of January 1, 2022, Canada imposed an Underused Housing Tax (UHT), an annual 1% tax on vacant or underused housing ownership, including recreational properties. It’s billed as a foreign ownership...

Write-offs are frequently a dilemma for some people. What should I write off, what shouldn’t I, and what qualifies as a write-off? Some are more liberal with their write-offs while others tend to be...

As a small business owner, knowing what you can write off can save you money — and every receipt adds up! More importantly, it can limit your risk for a CRA audit. In this blog, we’ll show you common...

Tax season can be stressful, but it doesn’t have to be. With True North Accounting as your small business accountant, we provide support with everything from investment income and capital gains to...

Now that we’ve looked at some of the grey areas in reporting expenses, let’s focus on how to calculate some of those expenses when using the home as your office. 

Spring is just around the corner, which means it's the peak market for selling rental properties. Listing a home during this time has several advantages, including maximized curb appeal and ideal...

If you’re like most of us, you’ve been spending a lot of time in your home office lately. Whether you have a makeshift setup at your dining table or dedicated space with a fancy standing desk, there...

Nobody likes the idea of an audit — we’re here to demystify the process for you. This post will shed light on why you might get audited, what will happen if you’re audited and, if the CRA decides you...

Setting up your business and individual Canada Revenue Agency (CRA) accounts is not only important, it makes your tax life a lot easier. If you run a business, you’ll need both business and personal...

If you've received money from any of the government relief programs, expect to be asked to prove your eligibility. We outline what the government will ask you for, how to be prepared and what to do...

Nobody wants to go into bankruptcy, but it happens. The good news is that bankruptcy may not be as bad as you think, and it can be an opportunity to reset and learn. Here’s a clear-eyed look at how...

A friend was recently offered a contract position with an oil and gas company, but there was a catch: he needed to form a corporation and get a GST number before he could start working. If you work...

Landlords, need a breakdown what to do come tax season? Find out exactly what you can write off and why you should expect to owe taxes. What happens when you sell a rental property or do major...

Accountants, lawyers, financial planners and insurance advisors all throw this term around: tax planning. But what exactly is Tax Planning? And how is it done?

Last week I sent an email out to all our clients telling them January 15 is their last chance to make their 2018 CPP remittance. The maximum amount for 2018 is $5,187.60. I hope you got in while it...

If you’ve ever asked your accountants whether you should own your vehicle in your corporation, or personally, I’m betting they didn’t tell you much. They probably said, “well it depends”. If you are...

My name is Madeline and I am a co-owner of True North Accounting. I am responsible for the day-to-day administrative duties and wanted to write a blog about how True North Accounting handles its own...

Those brown envelopes with the little black Canada flag in the top left corner can raise the heart beat a little. Sometimes they contain a cheque! Other times you rip it open and it's a letter with a...

If you own a business, chances are you get requests to sponsor events and teams. We want to give you our thoughts on what to sponsor, and when to say ‘no.’

Deadlines. Deadlines. Deadlines. They are approaching and while we often get anxious about meeting them, the more we know about deadlines, the less chance we’ll miss them. Here are some of the CRA...

Choosing between Dividends vs Salary can be a difficult decision, that really depends on your situation. To help shed light on this topic, we’re sharing a scenario about one particular business and...

The information released by the minister of Finance on July 18, 2017 scared many small business owners. Right now, investment income earned in a corporation is currently taxed at about 50% - and the...

This is our first blog post. We didn't intend to write highly technical blogs, but with a lot of new tax information (and misinformation), there's a lot of demand for our opinion and interpretation...