Tax Services
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…
Read More “2026 Canada Federal Tax Updates — 7 Key Changes vs 2025” »
Key Changes from 1 April 2026: Why Is It Changing? What Should You Do Before April 2026? How to Save Your Previous Filings: Free or Low-Cost Filing Options: Software Type Features Cost Taxfiler (IRIS) Commercial CT600 + Company Accounts + XBRL ~£10/month BTCSoftware Commercial Full-featured tax platform From ~£200/year GoSimpleTax Personal For sole traders/self-assessment Free…
Read More “HMRC and Companies House Free Filing Service Ending (Effective April 2026)” »
Starting with tax years beginning after 2023, the Canada Revenue Agency (CRA) requires all corporations, including inactive corporations, to file their T2 Corporation Income Tax Returns electronically. Failure to comply may result in a $1,000 penalty. What Does This Mean for Inactive Corporations? An inactive corporation—one that had no business activity or income during the…
In late November of 2024, the Federal government announced a temporary exemption period from December 14, 2024, to February 15, 2025, for specific items that typically incur GST or HST. Regrettably, this decision was made without thorough consideration prior to the announcement or the introduction of legislation. The projected savings for taxpayers are minimal, while…
The recent price increase is a clear indicator of Intuit’s continuous efforts to boost revenue from its widely-used accounting software, QuickBooks Online. The company has attributed this rise to various factors, including inflation and the addition of new features and improvements to the software. In today’s fiercely competitive market, businesses are consistently looking for ways…
The European Union’s most recent update to its “tax haven blacklist” in October 2024 lists eleven jurisdictions as non-cooperative for tax purposes. These countries include: This blacklist is part of the EU’s ongoing efforts to encourage transparency and prevent tax evasion. Countries on the list may face various defensive measures from EU member states, potentially…
Opening a bank account in Liechtenstein can be appealing due to the country’s stable economy, banking privacy, and secure financial system. However, due to international financial regulations (e.g., anti-money laundering laws), Liechtenstein banks follow strict Know Your Customer (KYC) policies, especially for non-residents. Here’s a step-by-step guide on how to open a bank account in…
What is Open-Source Software? Open-source software is a type of program for you and your IT team to examine and adjust its coding to fit your business requirements. This type of solution differs from free software. Open-Source vs. Free Software It’s easy to confuse free with open-source software, but in actuality, they’re as similar as…
Qualified Canadians who love Japanese culture or wish to leave Canada can now apply for Japan’s newly introduced digital nomad visa. Following Indonesia, Portugal, Spain, and Italy, Japan has become the latest country to launch such a visa, allowing foreigners to live and work remotely with their spouses and children for six months. Earlier this…
Read More “Guide for Canadians Applying for Japan’s Digital Nomad Visa” »
Big changes could be coming to Canada’s banking system, creating new opportunities for Canadians to control and streamline how they manage their money, but also giving rise to new cybersecurity needs. Here’s a look at what open banking, a set of financial policies adopted abroad and proposed for as soon as next year by the…
Read More “Open banking could be coming to Canada. Here’s what you need to know” »