Category: Tax Tips

2026 Canada Federal Tax Updates — 7 Key Changes vs 2025

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The Canada Revenue Agency (CRA) has released the 2026 tax parameters. Most core items — federal tax brackets, Basic Personal Amount (BPA), CPP, RRSP, and the OAS clawback threshold — will be indexed upward by 2% due to inflation. Although this round of updates represents a small increase, they have a significant impact on take-home…

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Tax Tips, Update

T2 Corporate Tax Returns in Canada

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Corporate taxes in Canada can be complex—but every corporation must file them, even with zero income or zero taxes owing.Accurate T2 filing is essential for remaining compliant with the Canada Revenue Agency (CRA) and for minimizing potential penalties, interest, and audit risks. What Is a T2 Corporate Tax Return? Every corporation that is resident in…

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Tax Tips

T106 Information

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Canadian corporations must annually file Form T106 with the Canada Revenue Agency to disclose transactions with non-residents that have not been conducted at arm’s length. Reporting requirements are triggered for transactions with a value exceeding $1,000,000. What is the T106 Form? The T106 form is an information return that corporations must file with the Canada…

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Tax Tips

AUT-01 – Authorize a Representative for Offline Access

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The following instructions are taken from the form. When to use this form We need your permission to deal with a representative. Use this form to give a representative offline access (by phone, fax, mail, or in person) to one or more of the following accounts: If your representative wants to submit documents electronically, do not use this…

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Tax Tips

Canada Sales Taxes: GST, PST, RST, and HST

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Canadian governments (Federal, Provincial, and Municipal) charge you taxes for different reasons. Some of the most well-known taxes are the following: I explain Sales Tax in this article. When you purchase a good or service you need to pay an extra percentage on top of the original price to the merchant or service provider. The merchant in…

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Tax Tips

Filing a Dissolution Notice for Canadian Businesses: What You Need to Know

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Canadian businesses are required to submit a dissolution notice upon closure. Sole proprietorships and partnerships submit a form titled “Dissolution or Change of Proprietorship (or Partnership)” to the provincial Corporate Registry office, while corporations submit an “Application for (Voluntary) Dissolution” to the same office. Additionally, corporations must provide a copy of their corporate articles of…

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Bookkeeping, Business, Tax Tips

LLCs for Canadians is a good idea?

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LLCs for Canadians is a good idea?

A limited liability company (“LLC”) is a common type of entity used by U.S. persons investing in or operating a business in Canada.  While it may not be optimal many Canadians use LLC’s to invest in or operate a business in the United States. LLC’s can be created in a number of States and may…

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Business, Tax Tips