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Insights & Updates
Plain-English guidance on filing, deductions, bookkeeping and CRA correspondence, written by the team that does this work every day in Toronto.
FHSA contributions are generally deductible. You claim the deduction on line 20805 using Schedule 15, based on your T4FHSA slip. A contribution must be made by December 31 to count for that year, and contributions you don't deduct right away can be carried forward to a later year.
Read articlePension income splitting is a yearly joint election, made on Form T1032, that lets a spouse or common-law partner report up to half of their eligible pension income on the other's return. What qualifies depends on the type of income and the pensioner's age; CPP and OAS can't be split this way. Whether it lowers tax depends on your circumstances.
Read articleOntario taxes a Canadian-controlled private corporation's qualifying small-business income at 3.2% for days before July 1, 2026 and 2.2% for days after June 30, 2026. Other corporate income is taxed at 11.5%. Add the federal rate (9% or 15%) for the combined rate. A tax year that includes July 1, 2026 gets a day-weighted blend of the old and new rates.
Read articleIf you owe tax and file late, CRA charges 5% of the balance owing plus 1% for each full month late, up to 12 months, and interest on top. If you're owed a refund there's no penalty, but benefits and refunds can be held up. The best move is almost always to file as soon as you can.
Read articleBefore you file, gather four things: your personal details, your tax slips, records of income that isn't on a slip, and receipts for the deductions and credits you'll claim. If a slip is missing, ask the issuer, check CRA My Account, or estimate the income and keep your pay stubs.
Read articleBased on CRA's standard deadlines, most people would need to file their 2026 return and pay any balance owing by April 30, 2027 (projected). If you or your spouse are self-employed, the projected filing deadline is June 15, 2027, but payment would still be due April 30. This guide lists the key dates for individuals, the self-employed, employers and corporations.
Read articleThe 2026 residential rate, how your bill is calculated, interim and final due dates, and the municipal land transfer tax.
Read articleHow interest, dividends, capital gains and rent are taxed personally and inside a corporation, including the $50,000 threshold and RDTOH.
Read articleThe 2026 maximum weekly benefit, the insurable hours you need, how long benefits last, premium rates and how EI is taxed.
Read articleAccepted payment methods, filing and payment deadlines by reporting period, late penalties, and recovering tax through input tax credits.
Read articleTell us about your situation and we will point you to the right answer. The first consultation is free, in person in Scarborough or online.
