The federal budget in 2024 proposed increasing the capital gains inclusion rate to 66.67% for individuals with more than $250,000 in annual capital gains, corporations and most trusts. The change...

A lot can change year to year, and you need to stay on top of things to avoid tax and penalty surprises! Here are the most important updates for 2024 that could affect your personal taxes.

Deadlines. They have a way of sneaking up on us, don’t they? While it’s natural to feel a little anxious as they approach, the more you know about key deadlines, the better prepared you’ll be. With a...

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...

December is a whirlwind — holidays, deadlines and a to-do list that never ends. But it’s also the perfect time to tackle year-end tax planning and set yourself up for savings this tax season. A...

If you’re like many of us, you’ve been spending a lot of time in your home office lately. Whether your workspace is a cozy nook at your dining table or a dedicated area with a fancy standing desk,...

Seeing a brown envelope with the little black Canadian flag can be nerve-wracking. Sometimes, it’s good news, like a cheque! Other times, you open it to find a letter full of confusing text.

Listing a home in the spring or summer has several advantages: maximized curb appeal and ideal temperatures for moving. While this may be the peak market for selling rental properties, have you...

Tax season can feel like facing a mountain, but with some prep and strategies, you can make it much smoother and stress-free. Here are some key tips to help you prepare for a better tax season next...

If you’re a small business owner who’s just received a tax refund, you might see it as an unexpected bonus — a bit of extra cash that can be put to good use. Here are some ways you can invest that...

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: 

When it comes to doing taxes, does the early bird get the worm? The deadline to file your personal taxes in Canada for 2023 is April 30, 2024. For self-employed individuals, the filing deadline is...

Is your phone ringing off the hook with fake calls from the “CRA”? Are you receiving Canadian Revenue Agency emails insisting you click on a link? Text messages promising a benefit payment or refund?...

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...

If you’ve recently separated or divorced, you may be wondering how this affects your tax benefits and credits. For tax purposes, you are considered “separated” after living separately for 90 or more...

Working parents juggle a lot. Finding the best child care for your kids means you can rest easy while you focus on building your business. Many families choose to hire a nanny for one-on-one care or...

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...

We’ve shared information on claiming child care expenses, including what qualifies, how to determine eligibility and which parent should claim come tax season. But what if you have a family member...

As the world continues to change and office life comes back into mainstream culture, enrolling kids in child care is once again a reality for a lot of working Canadian families. This has implications...

It’s natural to speculate about rising tax rates with every government shift. Over the last few years, Canadians may have wondered whether they would see an increase in the capital gains inclusion...

Wondering what's new with your 2020 personal taxes? From T slips to working from home, we’ll walk you through some changes you should know about this year. We’ll also cover various deductions: how to...

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...

As we dive into tax season, we want to give you an update on what’s new and different this year.

The biggest change this year is a new tax credit called the Climate Action Incentive. We've got the...

With the RRSP deadline coming up this Friday, March 1, we wanted to bring in the perspective of an investment advisor to shed some light on the topic of investing and taxes. Megan Sutherland is an...

 As you get ready to prepare your 2018 taxes and think about the tax year ahead, here are the big changes to personal taxes. Many of them will keep more money in your pocket, so make sure you’re...

It’s tax season again. and just like every other year, there are changes that we want to share with you so that you’re up to speed on your personal taxes.