CRA Updates to Help Speed Up Disability Tax Credit Applications
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…
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Stay informed with our expert insights, industry trends, and practical financial advice. Our blog is your go-to resource for navigating the complexities of business and personal finance, ensuring you stay ahead in a rapidly changing world.
Bookkeeping Services in Edmonton: Why Local Businesses Need Accurate Books
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 Tips for Alberta Business Owners in 2026
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…
CRA 2025 Updates That Affect Special Claims (Disability Supports, Farmers Credit, Northern Residents)
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,…
CRA Notice of Assessment Update: What Changes on February 9, 2026 (And What You Should Do Now)
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…
New Top-up Tax Credit for 2025: Why CRA Introduced It and Who It Helps
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”…
2025 Federal Tax Changes: New Lower Tax Rate and What It Means for You
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…
Congratulations to Colton Kerswell, CPA
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…
Essential Tax Tips for New Business Owners in Canada
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,…
Protecting Your Business from Payroll Fraud: The Rising Threat of Email Impersonation
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…
Congratulations to Spencer Fields on Passing the 2025 CFE!
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…
Payroll and Income Tax Rate Changes for 2025
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…
Exciting News: Seniuk and Company, CPAs is Now Seniuk and Marcato, CPAs
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…
Small business resources for tax filing
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…
What is My Business Account and how do I register?
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…
Here are the top changes that will affect business taxes in 2024
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…
File your 2023 corporate income tax return now to get the Canada Carbon Rebate for Small Businesses
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…
How to apply now for the 100% GST/HST rebate for purpose-built rentals
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…
How to claim home office expenses
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…
Reporting requirements for the Canadian Dental Care Plan
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…
Additional Canada Pension Plan (CPP) contributions required for 2024
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…
First Home Savings Account (FHSA)
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…
Canada Revenue Agency (CRA) Employees Strike
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…
Passing of Founding Partner Michael Seniuk Sr.
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…
Alberta Affordability Payments Program
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…
Bank of Canada interest rate increase Jan 25, 2023
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…
Taxability of Recreational Facilities and Club Dues Paid for Employees
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…
Taxability of Board and Lodging benefits and allowances given to Employees
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…
Paying RRSPs to your Employees – What you Need to Know
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…
Taxabilty of Insurance Premiums
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…
Why a business client should choose Seniuk and Company as your accounant
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…
Taxability of Gifts, Awards, and Long-service Awards given to Employees
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…
Taxability of Cell Phone and Internet Services Given to Employees
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…
Taxability of Child Care Expenses for Employees
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…
Confirm a representative using My Account or My Business Account
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…
Government of Canada affordability incentives for Canadians – September 2022 update
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…
Loan forgiveness repayment deadline for the Canada Emergency Business Account (CEBA) has been extented to December 31, 2023
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…
How to collect, file and pay GST
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…
What to do if you can’t pay your taxes
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…
What you need to know for the 2022 tax-filing season
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…
Cryptocurrency – Tax Implications
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…
Are you working from home – what expenses can be claimed?
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…
Tax-Free Savings Account (TFSA) – Ultimate Guide
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…
How to dispute a tax decision with CRA
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…
COVID-19 Financial Relief – Canada Worker Lockdown Benefit beginning October 24, 2021
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.…
Closing CRA program accounts: GST, Payroll, and Corporate Income Tax
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…
Temporarily stopping business operations – Tax filing obligations
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,…
How do you bring your personal assets into 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…
How to change your personal income tax return after you file it
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…
Full listing of Canadian Corporate Services available on-line and costs
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…
Types of Business Ownership in Canada
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…
Canada Recovery Benefit (CRB)
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)…
Do you sell through online platforms such as Etsy, eBay, Amazon or Kijiji? Here’s what you need to know about taxes.
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…
10% Temporary Wage Subsidy (TWS) Reporting
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…
CEBA Loan Requirements, Amounts, and Deadlines Have Changed
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…
Collections, audit, objections and appeals: CRA and COVID-19
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:…
COVID–19: Canada Emergency Commercial Rent Assistance (CECRA) for small businesses
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…
COVID-19 Support for Seniors
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…
COVID-19: Canada Emergency Student Benefit (CESB)
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…
Individual Income tax filing and payment deadlines: CRA and COVID-19
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…
Covid-19 10% Wage Subsidy Details for Businesses
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…
COVID-19 Supports for Albertans
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…
Canada’s COVID-19 Economic Response Plan: Support for Canadians
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…
Canada’s COVID-19 Economic Response Plan: Support for Businesses
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…
Taxes – Getting a Refund – Setting up Direct Deposit
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…
Are you buying a business? What are the tax implications?
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…
GST – How to complete and file a GST return
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…
Canada Revenue Agency (CRA) Options if you Can’t Pay Your Taxes in Full
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…
What is a Business Plan and How Do I Write One?
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…
GST treatment of fuel charges
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…
What happens to CPP after the death of a spouse?
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…
Work from anywhere with the Quickbooks Online Phone App to link to your Quickbooks Online Account
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 Reporting Periods
GST registrants are required to calculate their net GST remittance or refund on a periodic basis – monthly, quarterly or annually, depending on sales volumes.…
Tax information you need to know if you bought or sold a home
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…
Canadian non-resident tax obligations
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 vehicle for work? Here’s what you need to know
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…
When you need a business number for Canada Revenue Agency program accounts
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…
Audit Shield Insurance for our Clients
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…
Canada Pension Plan (CPP) increase in 2019 and future years
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…
Top Quickbooks Online Reports to Run Regularly
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…
Getting started with Quickbooks Online – Part 2
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…
Getting started with Quickbooks Online
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…
Phone Apps to Help With Your Business
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…
Buy a business or start your own?
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…
Starting a new business – why having an accounting professional is essential
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…
Starting a New Business – Best Practices and Tips
Starting a new business can be daunting. Do not be shy about seeking out the advice of experts, networking with other entrepreneurs and hiring employees…
QuickBooks Online – Advantages of Cloud Based Accounting
QuickBooks Online (“QBO”) has many features and advantages that many desktop-based programs do not offer. If you are interested in using the program, our Firm…
Income Tax Update: Income Sprinkling – Tax on Split Income (TOSI)
On December 13, 2017, the Department of Finance released revised draft legislative proposals on income sprinkling. The new rules were passed into law on June…
Estate Planning Essentials
Estate Planning is the process of creating a plan to distribute assets – a plan to take care of the people and things important to…
CHANGES TO THE NON-ACCOUNTABLE ALLOWANCES PAID TO ELECTED MEMBERS, MUNICIPAL OFFICERS, AND MEMBERS OF SCHOOL BOARDS
Beginning 2019 and subsequent tax years, non-accountable allowances paid to elected members, certain municipal officers and members of school boards will be fully included in…
Registering your new business with the government
You may have to register with the government before you start operating your business. Before you register Before you register your business, you will need…
Protect yourself against fraudsters pretending to be the Canada Revenue Agency (CRA)
Know how to recognize a scam There are many types of fraud, including new ones invented daily. These scams may insist that this personal information…
Seniuk and Company is now a QuickBooks Online Platinum ProAdvisor
Advising over 25 Quickbooks online clients, our Firm is fully trained and staffed to assist with Quickbooks online clients. We have recently received the Quickbooks…
Types of business ownership: Determining whether incorporation, partnership or sole proprietorship is right for your business.
When you decide to start your own business, you need to determine what type of business structure best suits your needs. There are three types…
Disability Tax Credit – 2017 update
The maximum disability amount for the 2017 year is $8,113. The disability amount can be claimed on your tax return once the person has been…
Condominium Property Amendment Act of Alberta
The Condominium Property Amendment Act (CPAA) was passed by the Alberta Legislature in December 2014. Since then, there have been two amendments summarized as follows: Regulations that took…
Answering your TFSA questions
The tax-free savings account allows an individual to make contributions and earn income within the account tax-free, even when its withdrawn. An individual over the…
Alberta Child Benefit
Keep posted for an update on any proposed upcoming changes to this benefit in 2018. The Alberta Child Benefit is available to assist lower-income families…
Changes in Reporting Requirements for Employers for Taxable Benefits
In 2018 the Canada Revenue Agency is making the following two changes to ease the burden for employers who have to report taxable benefits: Employers…
Correct your taxes with the Voluntary Disclosures Program
The Voluntary Disclosures Program (VDP) gives you a chance to change a tax return you previously filed or file a return that you should have…