Plain-English tax & business guides for Canadian owners
Quick answer: Long-form guides on Canadian small-business tax, written by a CPA and updated as the rules change: corporate tax, GST/HST, payroll, bookkeeping and the decisions incorporated owners actually face. Use the category filters below, or start with the deadline calendar if you are here because something is due.
Reviewed by EverStone CPA · August 2026
No jargon, no fluff — practical advice on corporate tax, paying yourself, bookkeeping and running an incorporated business in Canada, written by a CPA and kept current for 2026.
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The questions business owners ask us most — answered properly.
Running an incorporated business in Canada means constant tax and money questions — when to register for GST/HST, how to pay yourself, whether to incorporate, what a return really costs, and how to stay onside with the CRA. These guides answer them in plain English, with 2026 figures and no jargon. They’re written by a Chartered Professional Accountant for owner-managed small businesses and contractors — the same people we work with every day. Every article is educational, not a sales pitch: read it, apply it, and if you’d like a hand, a free consultation is always one click away. New guides are added regularly across tax, bookkeeping, advisory and deadlines.
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.
Updated Aug 2026Read the guide →GST/HSTHow 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.
Updated Aug 2026Read the guide →Local data reportFraser 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.
Read the report → BC PSTBC 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.
Updated Jul 2026Read the guide → PayrollBC 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.
Updated Jul 2026Read the guide → ComplianceCRA 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.
Updated Jul 2026Read the guide → Tax planningSmall 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.
Updated Aug 2026Read the guide →DividendsEligible vs non-eligible dividends
The two dividend types, the gross-up and credit for each, and why most small-corp dividends are non-eligible.
Updated Aug 2026Read the guide →PayrollT4, T4A & T5 slip deadlines
Who gets which slip, the end-of-February deadline, and what filing late actually costs.
Updated Jul 2026Read the guide →DeductionsThe meals & entertainment 50% rule
Why business meals are only half-deductible, the exceptions that beat 50%, and the GST/HST angle.
Updated Aug 2026Read the guide →GST/HSTGST/HST instalments for annual filers
The $3,000 threshold, the quarterly schedule most annual filers miss, and how to avoid instalment interest.
Updated Jul 2026Read the guide →Owner payPaying your spouse a salary: the rules
When a family wage is deductible — CRA’s reasonableness test, payroll mechanics, and where TOSI fits.
Updated Jul 2026Read the guide →Year-endYear-end bonus or dividend?
The 180-day bonus rule, RRSP room, CPP and when bonusing down to the small-business limit still makes sense.
Updated Jul 2026Read the guide →CRACan’t pay your CRA bill?
Payment arrangements, how interest really works, trust-amount director liability, and taxpayer relief.
Updated Jul 2026Read the guide →IncorporationDissolving a corporation, cleanly
The order of operations to close a corporation — final T2, closing CRA accounts, and the clearance certificate.
Updated Jul 2026Read the guide →ContractorsEmployee or contractor? CRA’s test
The four factors CRA weighs, what misclassification costs the payer, and how it differs from PSB risk.
Updated Aug 2026Read the guide →ConstructionT5018s: reporting your subcontractors
Who has to file, what counts as construction activity, and why CRA cross-matches every slip.
Updated Aug 2026Read the guide →SellingThe lifetime capital gains exemption
Selling your company tax-free is possible — if your shares qualify. The three tests, and why planning starts years early.
Updated Jul 2026Read the guide →VehiclesCompany car: the taxable-benefit trap
Standby charge and operating benefit explained — and when a company car beats a per-km allowance.
Updated Aug 2026Read the guide →CRASetting up CRA My Business Account
Registration, your program accounts, and authorizing your accountant — step by step.
Updated Aug 2026Read the guide →ComplianceFixing past returns: the VDP
Unfiled returns or unreported income? How CRA’s Voluntary Disclosures Program works and who qualifies.
Updated Aug 2026Read the guide →ContractorsPersonal Services Business (PSB) risk
The CRA test that can strip your small business deduction — and why single-client incorporated contractors are most exposed.
Updated Aug 2026Read the guide →Tax planningTOSI: paying dividends to family
Why “just put my spouse on the shares” stopped being safe advice, and which exceptions still work.
Updated Jul 2026Read the guide →Corporate TaxHow to file a T2 return, step by step
Documents, statements, GIFI, schedules, filing and payment — the six steps in the order they happen.
Updated Aug 2026Read the guide →Choosing helpCPA vs tax preparer: what the letters change
Regulation, scope and accountability — and when each is the right choice for a small business.
Updated Aug 2026Read the guide →StructureIncorporate vs sole proprietor: the real trade-off
Liability, deferral, cost and paperwork — compared honestly, with the calculator to run your own numbers.
Updated Aug 2026Read the guide →PayrollCPP and EI for 2027: what’s known so far
The 2027 figures aren’t published yet — what carries over, what resets, and when the CRA announces.
Updated Aug 2026Read the guide →DeductionsTerminal loss: when and how to claim it
The deduction a closing CCA class leaves behind — and why a building sold at a loss never gives a capital loss.
Updated Aug 2026Read the guide →StructureRetained earnings: what they are and what to do
The leave-in-or-pay-out decision, the holding company question, and the small business rate erosion nobody sees coming.
Updated Aug 2026Read the guide →DeductionsCapital cost allowance (CCA) explained
The half-year rule, the classes that matter for small business, and what recapture means when you sell.
Updated Jul 2026Read the guide →StructureHolding companies: when they make sense
Creditor-proofing, inter-corporate dividends and estate planning — plus when a holdco simply isn’t worth the cost.
Updated Aug 2026Read the guide →PayrollPayroll remittances and your CRA RP account
Opening an RP account, what gets withheld, and why unremitted source deductions carry personal director liability.
Updated Aug 2026Read the guide →Tax planningAssociated corporations & the SBD
Running two companies doesn’t double your $500,000 limit. How owners accidentally trigger association.
Updated Jul 2026Read the guide →Owner payCPP for incorporated owners
Salary builds CPP and costs you both halves; dividends build none. How that changes the salary-vs-dividend call.
Updated Jul 2026Read the guide →GST/HSTInput tax credits (ITCs): claiming GST/HST back
What qualifies, the records CRA expects, and the common mistakes that get ITC claims denied.
Updated Aug 2026Read the guide →GST/HSTZero-rated vs exempt supplies
Both mean no GST charged — but only one lets you claim ITCs. Getting it wrong costs real money.
Updated Aug 2026Read the guide →BenefitsHealth Spending Accounts for owners
Turning personal medical costs into a deductible business expense — and the conditions that have to hold.
Updated Jul 2026Read the guide →ComplianceHow long to keep business records
The six-year rule, what has to be kept permanently, and what happens when you close the business.
Updated Aug 2026Read the guide →IncorporationChoosing 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.
Updated Jul 2026Read the guide →Tax planningShould 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.
Updated Aug 2026Read the guide →DeductionsHome-office expenses for incorporated owners
Reimbursement vs employment expenses, what's actually claimable, and the CCA trap that can cost you at sale time.
Updated Aug 2026Read the guide →DeductionsVehicle & mileage deductions for business
Logbook rules, owned vs leased, and the 2026 per-kilometre rates — how to claim your vehicle without CRA trouble.
Updated Aug 2026Read the guide →Tax planningShareholder 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.
Updated Aug 2026Read the guide →GST/HSTThe GST/HST Quick Method: can it save you money?
How the Quick Method works, who qualifies, and a worked example showing when it puts real money back in your pocket.
Updated Aug 2026Read the guide →IncorporationI just incorporated — now what?
The setup checklist for a brand-new corporation: CRA accounts, banking, year-end, GST, payroll and your first T2 deadline.
Updated Aug 2026Read the guide →Corporate TaxCorporate tax installments: when & how much
Who has to pay installments, monthly vs quarterly, the three calculation methods, and how to avoid CRA interest.
Updated Jul 2026Read the guide → PricingHow 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.
Updated Jul 2026Read the guide → SwitchingHow 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.
Updated Jul 2026Read the guide → Home officeHome 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.
Updated Jul 2026Read the guide → Inventory accountingInventory accounting for breweries & dealers
Valuing inventory for tax, work-in-progress for producers, brewery and dealership specifics, and year-end counts the CRA respects.
Updated Aug 2026Read the guide → Farm accountingDairy 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.
Updated Jul 2026Read the guide → Equipment & CCAEquipment 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.
Updated Jul 2026Read the guide → ConstructionSubcontractor 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.
Updated Aug 2026Read the guide → Buyer's guideChoosing 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.
Updated Jul 2026Read the guide → SwitchingWhen 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.
Updated Jul 2026Read the guide → Owner paySalary vs dividends: how to pay yourself
RRSP room, CPP, tax integration and the blended approach most incorporated owners use in 2026.
Updated Aug 2026Read the guide → Cross-CanadaCan 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.
Updated Aug 2026Read the guide → PricingHow much does an accountant cost in BC?
Real 2026 fee ranges for T2, T1, bookkeeping and monthly packages — and fixed-fee vs hourly explained.
Updated Jul 2026Read the guide → DeadlinesT2 deadlines & late-filing penalties
The two deadlines, the penalty math with a worked example, and instalments.
Updated Jul 2026Read the guide → AdvisoryIncorporate or stay a sole proprietor in BC?
Tax deferral, the small business deduction, liability and cost — and when it's worth it.
Updated Aug 2026Read the guide → Tax planningGST/HST registration for small business
The $30k threshold, voluntary registration, input tax credits and filing frequency.
Updated Aug 2026Read the guide → Tax planningYear-end tax checklist for incorporated owners
Remuneration, shareholder loans, bonuses and capital timing — before your year-end.
Updated Aug 2026Read the guide → Bookkeeping7 bookkeeping mistakes that cost you money
Mixing accounts, missing receipts, skipped reconciliations — and how to fix each.
Updated Aug 2026Read the guide → AdvisoryWhat is a fractional CFO?
Senior financial leadership part-time — what it does, what it costs, and when you need one.
Updated Aug 2026Read the guide → Tax planningCRA audit triggers for small business
What flags a return — and how to stay audit-ready without avoiding legitimate deductions.
Updated Jul 2026Read the guide → DeadlinesCanadian tax deadlines 2026
Every T2, T1, GST/HST and payroll due date for the year in one plain-English calendar.
See the calendar → CalculatorSalary vs dividends calculator
Model your own mix and see the tax impact instantly — free, no sign-up.
Try the tool → ToolsAll free tools & guides
Calculators and downloads to help you plan tax, incorporation and owner pay.
Browse all →Have a question these guides didn't answer?
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All guides — 131 articles
Everything published, grouped by subject. Written for Canadian incorporated owners; every figure on these pages links to its source.
Corporate tax (43)
- Accruing a bonus at year end: the 180-day rule
- Advertising and promotion: what a Canadian business can actually deduct
- Associated corporations: sharing one small business deduction
- Bare trusts in Canada: the arrangement and the filing question
- Business travel expenses: what the CRA accepts
- Capital cost allowance: how CCA classes actually work
- Cellphone and internet: splitting business from personal use
- Charitable donations: giving personally versus giving through your corporation
- Choosing your corporate year-end: and changing it later
- Corporate tax instalments: when and how much
- CRA audit triggers — what gets small businesses flagged
- Eligible vs non-eligible dividends: what the two types mean for an owner-manager
- Equipment CCA: depreciation classes for BC trades, forestry and small manufacturers
- Expanded trust reporting: who the T3 now catches
- Fixing past returns: how CRA's Voluntary Disclosures Program works
- Foreign exchange gains and losses: receivables, payables and the capital-versus-income line
- Form T1135: who has to file the Foreign Income Verification Statement
- GST/HST Quick Method: can it save you money?
- GST/HST registration: when your business must register
- Health Spending Accounts: turning medical costs into a business expense
- Home office deductions for incorporated owners: what the corporation can and can't pay for
- Home-office expenses for incorporated business owners
- Interest deductibility: what the borrowed money is used for
- Investment income inside a corporation: refundable tax, dividend refunds and integration
- NR4 slips: paying rent, dividends and interest to a non-resident
- Personal services business risk: why a single-client contractor is exposed
- Professional dues and subscriptions: what is deductible
- Regulation 105: paying a non-resident for work done in Canada
- Shareholder loans: taking money out of your corp
- Should you leave money in your corporation, or pay it out?
- Small business deduction: the $50,000 passive income rule
- T4, T4A and T5 slips: deadlines, who gets which, and what late filing costs
- The capital dividend account, explained
- The capital gains reserve: spreading a gain when the money arrives over years
- The company car taxable benefit: what owning a vehicle in your corporation really costs
- The lifetime capital gains exemption: what it takes to actually qualify
- The meals and entertainment deduction: why you only get to claim half
- TOSI: the rules on paying dividends to family members
- Underused Housing Tax: why corporations get caught
- Vehicle & mileage deductions for business (2026)
- Writing off bad debts: income tax and GST/HST
- Year-End Bonus or Dividend? How Owners Decide
- Year-end tax checklist for incorporated business owners
Payroll & owner pay (16)
- BC Employer Health Tax: the $1M exemption and the notch rate explained
- CPP for incorporated owners: salary vs dividends
- Employee or contractor? How CRA actually tells the difference
- Hiring your first employee — the Canadian checklist
- Paying Your Spouse (or Family) a Salary: What CRA Actually Allows
- Payroll remittances: what your CRA RP account actually requires
- Payroll year-end: a checklist for Canadian employers
- Restaurant tips and payroll: controlled versus direct tips, CPP, EI and the T4
- RRSP vs dividends: why how you pay yourself decides how much you can contribute
- Salary vs dividends: how to pay yourself from your corporation
- Statutory holiday pay: who qualifies, how it is calculated, and where payroll goes wrong
- Taxable vs non-taxable benefits — what goes on the T4
- Terminating an employee: final pay, the vacation payout and the ROE
- The record of employment — when, how and by when
- Vacation pay rules for employers: accrual, pay-as-you-go and the year-end treatment
- WorkSafeBC registration: who has to register, and what it costs to skip it
Working with an accountant (15)
- Amalgamation vs wind-up: the tax differences
- Can an out-of-province CPA file my corporate taxes?
- Choosing a small business accountant in the Fraser Valley: 10 questions to ask before you sign
- Employment contract vs contractor agreement: what each document actually does
- Estate freezes: locking in value for the next generation
- Holding companies: when they actually make sense
- How much does a virtual accountant cost in Canada? (2026)
- How much does an accountant cost in BC? (2026 fee guide)
- How to switch accountants without the hassle
- Multiple corporations: when a second company makes sense
- Section 85 rollovers: moving assets into a corporation
- Shareholders’ agreements: what they should cover on tax
- Should you incorporate in BC or stay a sole proprietor?
- What is a fractional CFO — and do you need one?
- When your accounting firm merges or retires: what happens to your file
CRA, audits & records (14)
- Can’t Pay Your Tax Bill? What CRA Will (and Won’t) Do
- CRA asked for backup — answering a request for information
- CRA collections — what happens next
- CRA My Business Account: a setup guide for incorporated owners
- CRA pre-assessment review — what to send
- CRA reviews and audits: what actually triggers them — and how to respond
- Digital record keeping: what the CRA actually accepts
- Direct deposit and CRA online mail: setting both up for your corporation
- How long do you have to keep business records?
- How to file a notice of objection with the CRA
- T2 corporate tax deadlines & late-filing penalties
- The corporate annual return: the registry filing that is not your T2
- The CRA filed a return for you — undoing an arbitrary assessment
- Your CRA notice of assessment — line by line
Bookkeeping & cash flow (11)
- 7 bookkeeping mistakes that cost small businesses money
- A month-end close checklist — and why it makes year end cheap
- Accounts receivable — terms, follow-up, and writing one off properly
- Bank reconciliation — what it catches, and what a skipped year costs
- Cash flow in a seasonal business — instalments, GST/HST and the lumpy year
- Cash vs accrual accounting: which basis your business has to use
- Chart of accounts that survives growth — and makes the T2 easier
- Inventory accounting for breweries, food producers and dealerships
- Petty cash and reimbursing yourself — what the CRA expects to see
- Prepaid expenses at year end: what has to be deferred
- The year-end inventory count: what CRA expects to see
GST/HST & PST (10)
- A GST/HST audit: what the CRA actually checks
- BC PST: who registers, what is taxable, and what changes in October 2026
- GST/HST instalments: the quarterly payments annual filers forget about
- GST/HST on exports and non-resident customers
- How to change your GST/HST filing frequency (and when you can’t)
- Input tax credits (ITCs): claiming GST/HST back
- Late GST filing penalties in Canada: what missing the deadline actually costs
- Place of supply: which province’s rate do you charge?
- The section 156 election: nil consideration between related corporations
- Zero-rated vs exempt: the GST/HST difference that matters
Industry guides (8)
- Construction holdbacks: when they become income and when the GST/HST is due
- Dairy quota and herd accounting on the T2: a Fraser Valley farm guide
- Dental practice incorporation: professional corporations, associates and equipment
- Marketplace GST/HST rules: when the platform collects and when you must
- Subcontractor or employee? CRA's tests for construction businesses
- T5018 reporting: what construction businesses must file about subcontractors
- The farm rollover: transferring farm property to the next generation
- Truck driver meal claims: the simplified method, the 80% rate and the logbook
Incorporation & structure (7)
- Business number and CRA program accounts: RC, RP, RT and RZ explained
- Dissolving a corporation in Canada: the tax steps to close it down cleanly
- Federal or provincial incorporation: which one fits your business
- Just incorporated? your action checklist
- Opening a business bank account — what you need and why it matters
- Separating business and personal money — and how to unwind the mess
- The corporate minute book: what belongs in it, and why it gets asked for
Personal tax & property (7)
- Change in use rules: what happens when a home becomes a rental — or the reverse
- OAS clawback planning: why an owner-manager has more control than most retirees
- Pension income splitting: what qualifies and when the age test applies
- Rental property: current expense or capital expense?
- Running a business from home: what it does to the principal residence exemption
- Selling a rental property: recapture, capital gain and the order the numbers work in
- The medical expense tax credit: the threshold, what counts, and the alternative for owners
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