Category: Tax Tips

Canada Medical Expense Tax Credit (METC) Guide: How to Calculate Your Claim & What Expenses Qualify

02/28/202602/28/2026 TaxDeep No Comments

What Is the Canada Medical Expense Tax Credit (METC)? The Medical Expense Tax Credit (METC) is a federal tax benefit offered by the Canada Revenue Agency (CRA). It allows taxpayers to claim eligible out-of-pocket medical expenses that exceed a certain income threshold, helping reduce the amount of income tax owed. Important: This means it can…

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How Non-Residents Can Pay the CRA by Wire Transfer

02/05/202602/06/2026 TaxDeep No Comments

or non-residents who do not maintain a Canadian bank account, the Canada Revenue Agency (CRA) allows tax payments to be made via international wire transfer. This method is commonly used by foreign corporations, investors, and individuals with Canadian tax obligations. However, wire transfers must follow very specific instructions to ensure payments are applied correctly and…

Tax Tips

2026 Canada Federal Tax Updates — 7 Key Changes vs 2025

11/28/202511/28/2025 TaxDeep No Comments

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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T2 Corporate Tax Returns in Canada

11/25/202511/25/2025 TaxDeep No Comments

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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T106 Information

06/26/202511/11/2025 TaxDeep No Comments

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…

AUT-01 – Authorize a Representative for Offline Access

05/26/202511/25/2025 TaxDeep No Comments

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…

Tax Tips

Underused Housing Tax (UHT)

10/23/202310/31/2023 TaxDeep 1 Comment

Under the C-8 Act, the Government has implemented a 1% annual tax on the fair market value of “underused residential property” owned by non-resident, non-Canadians. For instance, a home bought for $1,700,000 in 2018 with a current fair market value of $2,000,000 will incur a $20,000 tax.

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

09/11/202309/15/2023 TaxDeep No Comments

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…

Tax Tips

Canada’s First Home Savings Account (FHSA): A Tax-Free Way to Save for Your First Home

08/09/202308/09/2023 TaxDeep No Comments

Canada’s tax-free First Home Savings Account (FHSA) is a tax-exempt savings account designed for residents to save for purchasing a home. Similar to RRSP and TFSA, the FHSA is a registered savings account that can hold a variety of investment securities, including equity investments like stocks, fixed-income investments (bonds and GICs), as well as other…

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

05/29/202305/29/2023 TaxDeep No Comments

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…

Bookkeeping, Business, Tax Tips