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I haven’t been charging GST-HST and now the Canada Revenue Agency wants money!

Q: Since I registered for the GST-HST I have still not earned over $30,000, so I haven’t charged GST-HST. Now the Canada Revenue Agency (CRA) has sent me a GST bill saying I owe them thousands of dollars in GST-HST, even though I haven’t earned enough income and I haven’t been charging GST-HST on what [...]

Salary vs Dividends: Which is better?

This is the third post in our series for incorporated people about salary vs dividends. The first part can be found here. The second part is here. In previous blog posts [ here and here ] we’ve discussed the tax implications for an owner paying themselves via a salary vs dividends. But there are other [...]

Salary vs Dividends: How to pay less tax?

This is the second post in our series for incorporated people about salary vs dividends. The first part can be found here. Taxes are usually the main consideration when a corporation's owner is deciding whether to pay themselves a salary, dividends, or some combination of the two. Some people believe that for tax purposes dividends [...]

Salary vs Dividends: What’s the difference?

This is the first post in our series for incorporated people about salary vs dividends. Salaries and dividends seem similar from the outside perspective of the person receiving money. However they are conceptually very different from one another from the inside, i.e. from the corporation’s internal accounting perspective. Begin with the most basic calculation of [...]

Reporting Income from Artist’s Grants

When you receive an artist's grant in Canada from the Canada Arts Council or provincial granting body, the standard advice you'll get is to report it on line 13000 as 'Other Income.' But for working artists, this is not the only, nor the best, option. Recognizing A Grant From A Slip The grants we're discussing [...]

Should I Contribute To My RRSP or my TFSA? The differences, pros and cons of these popular registered accounts The Registered Retirement Savings Plan (RRSP) and it’s younger sibling the Tax-Free Savings Account (TFSA) are two of the most popular tax options for the average Canadian. Before deciding which, if either, to contribute to, here’s [...]

Choosing Your GST-HST Filing Period

What Is A Filing Period? Your GST/HST filing period determines how often you must file a GST/HST return. Unlike income tax returns (which always have an annual filing period with a set year-end and filing deadline), GST/HST registrants usually have several options. For businesses earning annual revenues of $1.5 million or less the default filing [...]

Remote Tax Preparation

Personal Tax Advisors completes all tax preparation remotely (phone-based, no in-person appointments). If you require a meeting via video chat or in-person, please inform us before booking your appointment. Remote Tax Preparation allows you to have the same level of service as an in-person appointment, but with the convenience of not having to come to [...]

Does your foreign real estate have to be declared on T1135?

Form T1135 must be filed when a person answers 'yes' to the question "Did you at any time in the year own foreign property valued at over $100,000 (CAD)?" However, some real estate is considered exempt from this question, and therefore doesn't trigger -- and need not be reported on -- form T1135. If the [...]

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