Q: I did some work in December and sent out an invoice that got paid in January. Do I have to declare the income in the year when I billed, or in the year when I got paid? A: There are two ways of declaring income: accrual and cash. With Accrual, the income is [...]
Big news! Personal Tax Advisors has a new name and a new look for 2026. We're now Bonaventure Personal Tax Advisors. Behind the scenes we’re the same team, with the same goal as always: to treat our clients like family, and make your tax filings and dealings with CRA as stress-free as possible. Looking for [...]
Coming home from Mexico, where it was a balmy 27°C, to an overnight snowfall here in Canada was a bit of a shock to the system. Most people prefer life with as few shocks as possible—and I’m no different. That’s one of the reasons I’m a mostly conservative tax preparer. Here’s the thing: the CRA [...]
Q: Should I keep my GST/HST number even though I earn well below the $30,000 threshold? I registered for the GST/HST for self employment back when I was a full time performer. But have now I only do a few voice over gigs a year. I’m tired of the extra GST/HST filing, but I worry [...]
If you’ve ever found yourself staring aghast at a mountain of crumpled receipts the week before taxes are due, you’re not alone. Especially if you’re a person who avoids numbers, spreadsheets, and/or taxes like the plague, organizing tax paperwork can feel like trying to alphabetize soup. ADD/ADHD Makes Taxes Even Harder For people with attention-deficit [...]
No one likes missing the tax filing deadline. But it is possible to get back on track even if you're three, five or ten years behind. You still have options. Missing the Deadline Isn't The End of the World At Personal Tax Advisors we always urge our clients to file on time, to avoid penalties [...]
As of July 2025, CRA introduced new security measures and processes for authorizing representatives (e.g., your friendly neighbourhood tax advisor) on your CRA account. Authorization allows another person or firm to view and in some cases make changes or requests with regard to your CRA account. The process is most straightforward if you already have [...]
Do You Need to Register Your Business in Canada? Starting a business can be exciting and challenging, but many people are unsure about one key question: Do you need to register your business in Canada? This question can seem complicated because "registering a business" can mean different things depending on the context. Let’s break [...]
What does a Demand to File letter look like? A Demand to File letter, usually referred to simply as a Demand letter, is a request for a tax return from the Canada Revenue Agency (CRA). CRA sends out demand letters for returns that Have not been filed Are likely to have tax owing CRA doesn’t [...]
Q: I am considering selling my rental property, which I have owned and rented out for a year. But my realtor said I should own it for at least two years for CRA to consider the profit to be capital gain rather than income. What is this about? A: The issue is whether the sale [...]
