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Canadian businesses investing in research, technology, and product development may qualify for tax incentives through the Scientific Research and Experimental Development (SR&ED) program. To help…
If you earn income driving for Uber, Lyft, or another commercial ridesharing service, you may have more tax obligations than you realize. The Canada Revenue…
The Canada Revenue Agency (CRA) continues to expand its online services, introducing changes intended to make tax payments, corporate tax filing, and account management more…
A construction year end requires more than a bank reconciliation and a copy of the general ledger. Your accountant may need information about jobs in…
Managing outstanding tax balances can be challenging for businesses, particularly when cash flow is tight. The Canada Revenue Agency (CRA) has introduced a new online…
Basic bookkeeping may be enough when a contractor has a small number of transactions and only one or two straightforward projects. As the company grows,…
A construction company can be profitable overall while losing money on individual projects. Without reliable job costing, profitable work can hide poor estimates, labour overruns,…
A construction company can report a healthy profit and still struggle to make payroll, pay suppliers, or fund the next project. This is not necessarily…
Bookkeeping is easier to manage when it follows a consistent monthly process. When accounting records are left until the GST filing deadline or corporate year…
Serving on a condominium board means overseeing more than building maintenance and owner concerns. The board is also responsible for significant financial resources. Condominium fees…
Alberta agriculture is different from many other industries. Revenue can fluctuate significantly from year to year. Crops and livestock create unique inventory considerations. Equipment purchases…
Not-for-profit organizations and registered charities have accounting needs that can be very different from those of a typical private business. Instead of focusing on owners…
Running a successful business requires more than knowing how much money is in the bank. Your financial statements can tell you whether the business is…
Construction and trades businesses face accounting challenges that many other businesses do not. A contractor can have a profitable year on paper while struggling for…
Business owners are often asked to provide financial statements to a bank, lender, shareholder, investor, board of directors or other third party. But not all…
The Canada Revenue Agency has announced upcoming changes to help process Disability Tax Credit applications more efficiently and reduce delays for applicants. The Disability Tax…
Bookkeeping Services in Edmonton: A Practical Guide for Small Business Owners Running a business in Edmonton comes with a long list of responsibilities. You have…
Tax planning should not be something business owners think about only when the filing deadline is approaching. A good tax plan starts well before year-end…
Not all tax updates apply to everyone, but some changes can make a big difference for specific groups. In CRA’s “What’s new for 2025” updates,…
Starting February 9, 2026, the Canada Revenue Agency (CRA) is changing how Canadians access their Notice of Assessment (NOA) and Notice of Reassessment. From that…
Tax changes are not always simple, and the new Top-up tax credit introduced for 2025 is a good example. Many Canadians hear the word “credit”…
Taxes can feel frustrating, but sometimes the news is actually positive. One of the most noticeable federal tax updates for 2025 is a change to…
While this post may be a little overdue, the achievement is no less worth celebrating. We are proud to formally congratulate Colton Kerswell on earning…
Starting a new business is exciting, but many new owners quickly discover that managing taxes can feel overwhelming. Understanding what taxes apply to your business,…
Payroll fraud has become one of the fastest-growing cyber risks facing businesses today especially small and medium-sized organizations that rely heavily on email for day-to-day…
We are very pleased to share an exciting accomplishment within our firm, Spencer Fields has successfully passed the 2025 Common Final Examination (CFE). The CFE…
Federal Tax Rate Reduction: Effective July 1, 2025, the lowest federal personal income tax rate was reduced from 15% to 14%. This mid-year change means…
As we step into the new year, we’re thrilled to share some exciting news about the growth and evolution of our firm. Effective immediately, Seniuk…
About My Business Account – Dealing with the CRA from a secure online portal on various business accounts, including GST/HST, payroll, corporation income tax, excise tax, and excise duties. Bringing…
My Business Account is a secure online portal that provides an opportunity to interact electronically with the CRA on various business accounts. Business accounts include…
Canada Pension Plan – What’s new in 2024 Here’s what’s changing for the Canada Pension Plan (CPP) in 2024: Changes to mandatory electronic filing thresholds…
Retroactive payments will be issued to eligible Canadian-controlled private corporations (CCPCs) with respect to the 2019-2020 to 2023-2024 fuel charge years. To be eligible for the rebate for one or more…
The Government of Canada is providing a 100% rebate on the Goods and Services Tax (GST), or the federal portion of the Harmonized Sales Tax (HST), on…
The Canada Revenue Agency is currently updating its webpages and Form T2200 for the 2023 tax year. The updated form, which will be made available…
he Canadian Dental Care Plan (CDCP) will provide dental coverage for uninsured Canadians with an adjusted family net income of less than $90,000. There are…
On January 1, 2024, the government introduced a second earnings ceiling known as the Year’s Additional Maximum Pensionable Earnings (YAMPE). People who have income above the first…
A first home savings account (FHSA) is a registered plan allowing a prospective first-time home buyer to save for your first home tax-free (up to…
On April 19, 2023, the Union of Taxation Employees (PSAC-UTE) members have gone on strike. As a result of PSAC-UTE’s decision to begin labour action, Canadians…
Our firm is saddened to announce the passing of Michael Seniuk Sr. on March 24, 2023, at the age of 92. Michael attended the University…
As part of the Affordability Action Plan, millions of Albertans struggling with inflation and the high cost of living can apply for the Affordability Payments program until June…
The Bank of Canada has announced an increase in the target for the overnight rate to 4.5%, with the Bank Rate at 4.75% and the…
The use of a recreational facility or club is a taxable benefit for an employee in any of the following situations: However, the use of…
Board and lodging You may give your employee board and lodging which means that you provide them with accommodations and, in some cases, food. If…
Contributions you make to your employee’s RRSP and RRSP administration fees that you pay for your employee are considered to be a taxable benefit for the employee. However, this…
The answer to this question is it depends. These types of insurance follow similar taxing rules: Any premiums the employer pays for employees’ insurance types…
Seniuk and Company is a highly reputable and experienced accounting firm that has been serving businesses for over 25 years. Here are just a few…
A gift or an award that you give an employee is a taxable benefit from employment, whether it is cash, near-cash, or non-cash. However, we…
If you provide your employee with a cell phone (or another handheld communication device) that you own, to help carry out their employment duties, the…
Child care is not taxable only if all of the following conditions are met: If not all of the conditions are met, the taxable benefit is the…
There’s a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, this easy, two-step digital process will…
Doubling the GST Credit – the government is proposing to double the GST Credit for six months. Single Canadians without children would receive up to an…
The repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible…
Register for a GST account if you are an eligible entity and haven’t already registered To find out if you should register for a GST…
If you ignore your tax debt, it will grow with interest charges and penalties. Penalties only apply if you file late or pay by installments…
The tax-filing deadline for most individuals is April 30, 2022 Since April 30, 2022, falls on a Saturday, your return will be considered filed on…
A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep…
Work-space-in-the-home expenses If you meet the eligibility criteria, you can claim a portion of certain expenses related to the use of a workspace in your home…
What is a TFSA? The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who…
Speak to the Canada Revenue Agency when you disagree with a decision Some disagreements are a result of a lack of information or miscommunication. Before…
Details for the new benefit: $300 a week. Strictly available to workers whose work interruption is a direct result of a government-imposed public health lockdown.…
When you decide to close your business and no longer need your business number (BN), you have to complete certain forms before the accounts can be…
GST/HST If you temporarily stop your business, you must continue to file GST/HST returns even if your income is zero for the period. If you permanently stop your business,…
You may find yourself in a situation where you would like to transfer personal assets to your business. The rules differ for each type of…
If you think that the income tax and benefit return you filed for the tax year is missing important details such as the Home office expenses…
Please click on the links below for the various filings and services: File annual return $12 Incorporate $200 Order uncertified copies of corporate documents Free…
When starting a company, it’s essential to select the business structure that best supports your goals. There are three types of legal structures for a…
The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI)…
What is a peer-to-peer sale? A peer-to-peer (P2P) sale is the selling of goods or services from one person or party directly to another. You…
You will need to keep information to support your 10% Temporary Wage Subsidy for Employers (TWS) calculation. The Canada Revenue Agency (CRA) may ask you…
December 7, 2020 Update Eligible Canadian businesses that currently operate through a personal or business bank account will be able to apply for CEBA. All…
CRA (Canada Revenue Agency) has implemented the following changes to their procedures in regards to collections, audit, objections, and appeals due to COVID-19 as follows:…
The CECRA for small businesses application portal opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses…
Update: May 22, 2020 The Canadian government has announced the following support for seniors: 1. Registered Retirement Income Funds (RRIFs) minimum withdrawal reduced The minimum…
The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work…
The deadline for most individuals to file their 2019 taxes has been extended to June 1, 2020. The deadline to pay amounts owed has also been extended…
1. What is the Temporary Wage Subsidy for Employers? The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to…
Emergency isolation support Eligible working Albertans can receive a one-time emergency isolation support payment of $1,146 if they: experienced total or significant loss of income as a…
Updated July 29, 2020 Canada Emergency Student Benefit (CESB) The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and…
Updated December 1, 2020 Please see below for all the various programs available. The Government of Canada has also set up a website to help…
Important Notice: Due to tax department security changes, for the 2019 personal tax filing, our office is no longer able to enter direct deposit information…
Business number (BN), Payroll and Goods, and Services Tax (GST) You may need a new BN. To find out, go to Business number registration. To find…
You can file a GST/HST return electronically, by TELEFILE, or on paper. Before you choose a method, you must determine if you are required to…
If you cannot pay the full amount of taxes you or your company owes, you may qualify for a payment arrangement or ask for taxpayer…
For small business owners, the concept of writing a business plan is new and they have no idea where to start. It can be a…
Generally, under the Excise Tax Act every recipient of a taxable supply (other than a zero-rated supply) made in Canada is required to pay GST…
This is not as simple as it seems. In 2017 the life expectancy for the total Canadian population is projected to be 79 years for…
Run Your Business on the Go with QuickBooks Online. Get Paid Faster & Invoice on the Go Invoice your customers and collect payments from wherever…
GST registrants are required to calculate their net GST remittance or refund on a periodic basis – monthly, quarterly or annually, depending on sales volumes.…
Principal residence exemption When you sell your principal residence, did you know that any profit (capital gain) may be exempt from taxes? In fact, if…
Who is a non-resident? A non-resident is someone who: normally, customarily, or routinely lives in another country and is not considered a resident of Canada;…
Do you or your employees use their personal vehicles for work-related travel? If so, you may provide them with an automobile or motor vehicle allowance…
Certain business activities require a business number. You can register for: a business number: a unique, 9-digit number – the standard identifier for businesses. It is…
Our firm will be instituting a new tax audit insurance program. This will give our clients the opportunity to purchase Audit Shield Insurance to help…
Beginning 2019 CPP increase to grow to replace one third of the average work earnings you receive after 2019. The maximum limit used to determine your average…
There are numerous QuickBooks Online reports that you should be consulting at regular intervals. I believe you need these five at least every month to…
We’ve already discussed QuickBooks Online’s ability to guess how transactions should be categorized (it’s not always right, but you can change incorrect ones). It also…
QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here’s how to work with them. The ability to import transactions…
Here are a few apps that can simplify your collaboration and tracking and even improve your productivity: Pocket – getpocket.com There is so much information…
Starting a business from scratch can be overwhelming for first-time entrepreneurs. If you have a great business idea and are ready to work hard to…
Here are some facts: There are 1.2 million small businesses across Canada 1 out of 2 fail within the first 5 years of business due…