Plain-English tax & business guides for Canadian owners

Late GST filing penalties in Canada: what missing the deadline actually costs

The A + (B × C) formula with worked examples, the $250 demand penalty, mandatory e-filing — and why a nil return filed late costs nothing.

How to change your GST/HST filing frequency (and when you can’t)

More often is open to anyone, any time; less often has a 12-month rule — and the CRA never moves you down automatically.

Fraser Valley Small Business Report 2026

The sourced numbers behind your local economy — Canada, BC and Abbotsford–Mission business counts, farm receipts and growth — and what they mean for owners.

BC PST: who registers & the Oct 2026 change

The 7% provincial tax is not GST with a new name — registration rules, the $10,000 small-seller exemption, contractor rules and the coming professional-services expansion.

BC Employer Health Tax: the $1M rule

The exemption, the 5.85% notch between $1M and $1.5M, and the associated-employer trap that catches two-company owners.

CRA reviews & audits: what triggers them

Matching letters, GST cross-checks, industry benchmarks and the flags that invite a closer look — plus how to respond without panic.

Small business deduction & the $50K passive rule

The ~9% small-business rate, the $500K limit, and how too much passive investment income inside your corp quietly grinds it away.

Eligible vs non-eligible dividends

The two dividend types, the gross-up and credit for each, and why most small-corp dividends are non-eligible.

T4, T4A & T5 slip deadlines

Who gets which slip, the end-of-February deadline, and what filing late actually costs.

The meals & entertainment 50% rule

Why business meals are only half-deductible, the exceptions that beat 50%, and the GST/HST angle.

GST/HST instalments for annual filers

The $3,000 threshold, the quarterly schedule most annual filers miss, and how to avoid instalment interest.

Paying your spouse a salary: the rules

When a family wage is deductible — CRA’s reasonableness test, payroll mechanics, and where TOSI fits.

Year-end bonus or dividend?

The 180-day bonus rule, RRSP room, CPP and when bonusing down to the small-business limit still makes sense.

Can’t pay your CRA bill?

Payment arrangements, how interest really works, trust-amount director liability, and taxpayer relief.

Dissolving a corporation, cleanly

The order of operations to close a corporation — final T2, closing CRA accounts, and the clearance certificate.

Employee or contractor? CRA’s test

The four factors CRA weighs, what misclassification costs the payer, and how it differs from PSB risk.

T5018s: reporting your subcontractors

Who has to file, what counts as construction activity, and why CRA cross-matches every slip.

The lifetime capital gains exemption

Selling your company tax-free is possible — if your shares qualify. The three tests, and why planning starts years early.

Company car: the taxable-benefit trap

Standby charge and operating benefit explained — and when a company car beats a per-km allowance.

Setting up CRA My Business Account

Registration, your program accounts, and authorizing your accountant — step by step.

Fixing past returns: the VDP

Unfiled returns or unreported income? How CRA’s Voluntary Disclosures Program works and who qualifies.

Personal Services Business (PSB) risk

The CRA test that can strip your small business deduction — and why single-client incorporated contractors are most exposed.

TOSI: paying dividends to family

Why “just put my spouse on the shares” stopped being safe advice, and which exceptions still work.

Capital cost allowance (CCA) explained

The half-year rule, the classes that matter for small business, and what recapture means when you sell.

Holding companies: when they make sense

Creditor-proofing, inter-corporate dividends and estate planning — plus when a holdco simply isn’t worth the cost.

Payroll remittances and your CRA RP account

Opening an RP account, what gets withheld, and why unremitted source deductions carry personal director liability.

Associated corporations & the SBD

Running two companies doesn’t double your $500,000 limit. How owners accidentally trigger association.

CPP for incorporated owners

Salary builds CPP and costs you both halves; dividends build none. How that changes the salary-vs-dividend call.

Input tax credits (ITCs): claiming GST/HST back

What qualifies, the records CRA expects, and the common mistakes that get ITC claims denied.

Zero-rated vs exempt supplies

Both mean no GST charged — but only one lets you claim ITCs. Getting it wrong costs real money.

Health Spending Accounts for owners

Turning personal medical costs into a deductible business expense — and the conditions that have to hold.

How long to keep business records

The six-year rule, what has to be kept permanently, and what happens when you close the business.

Choosing your corporate year-end

You get one free choice in the first 53 weeks. How to pick it, and why changing it later needs CRA approval.

Should you leave money in your corporation?

When to retain earnings for tax deferral vs pay yourself out — and the passive-income trap of investing inside the corp.

Home-office expenses for incorporated owners

Reimbursement vs employment expenses, what's actually claimable, and the CCA trap that can cost you at sale time.

Vehicle & mileage deductions for business

Logbook rules, owned vs leased, and the 2026 per-kilometre rates — how to claim your vehicle without CRA trouble.

Shareholder loans: taking money out of your corp

The four ways to pull cash from your corporation, the one-year repayment rule, and the trap that turns a loan into taxable income.

The GST/HST Quick Method: can it save you money?

I just incorporated — now what?

The setup checklist for a brand-new corporation: CRA accounts, banking, year-end, GST, payroll and your first T2 deadline.

Corporate tax installments: when & how much

Who has to pay installments, monthly vs quarterly, the three calculation methods, and how to avoid CRA interest.

How much does a virtual accountant cost in Canada?

Honest 2026 fixed-fee ranges for corporate tax, bookkeeping and personal tax — and what really drives the price.

How to switch accountants without the hassle

It's easier than you think. The 5-step process, who does what, and why you won't lose your tax history.

Home office deductions for incorporated owners

What your corporation can and can't pay for — the T2200 rules, renting space to your corp, and the PSB trap that undoes it all.

Inventory accounting for breweries & dealers

Valuing inventory for tax, work-in-progress for producers, brewery and dealership specifics, and year-end counts the CRA respects.

Dairy quota & herd accounting on the T2

How milk quota (Class 14.1) and your dairy herd are treated for tax — depreciation, inventory vs capital, and AgriStability, for Fraser Valley farms.

Equipment CCA: depreciation classes for trades

The common CCA classes for BC trades and small manufacturers, the half-year rule, and whether to buy or lease your equipment.

Subcontractor or employee? CRA's tests

How the CRA classifies construction workers — control, tools, risk of loss — and why getting it wrong can leave you liable for CPP and EI.

Choosing an accountant: 10 questions to ask

A plain-English buyer's guide for Fraser Valley owners — designation, fixed fees, who does the work, availability and the red flags to watch.

When your accounting firm merges or retires

What happens to your prior-year files and CRA authorization — and how to switch accountants cleanly if you'd rather choose fresh.

Salary vs dividends: how to pay yourself

RRSP room, CPP, tax integration and the blended approach most incorporated owners use in 2026.

Can an out-of-province CPA file my corporate taxes?

Yes — your filings are federal. How it works, and the two provinces (Quebec, Alberta) with their own returns.

How much does an accountant cost in BC?

Real 2026 fee ranges for T2, T1, bookkeeping and monthly packages — and fixed-fee vs hourly explained.

T2 deadlines & late-filing penalties

The two deadlines, the penalty math with a worked example, and instalments.

Incorporate or stay a sole proprietor in BC?

Tax deferral, the small business deduction, liability and cost — and when it's worth it.

GST/HST registration for small business

The $30k threshold, voluntary registration, input tax credits and filing frequency.

Year-end tax checklist for incorporated owners

Remuneration, shareholder loans, bonuses and capital timing — before your year-end.

7 bookkeeping mistakes that cost you money

Mixing accounts, missing receipts, skipped reconciliations — and how to fix each.

What is a fractional CFO?

Senior financial leadership part-time — what it does, what it costs, and when you need one.

CRA audit triggers for small business

What flags a return — and how to stay audit-ready without avoiding legitimate deductions.

Canadian tax deadlines 2026

Every T2, T1, GST/HST and payroll due date for the year in one plain-English calendar.

Salary vs dividends calculator

Model your own mix and see the tax impact instantly — free, no sign-up.

All free tools & guides

Calculators and downloads to help you plan tax, incorporation and owner pay.