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LATEST NEWS

  • RRSP Over-contribution

    A Registered Retirement Savings Plan (RRSP) is a great way to save for retirement. It offers flexible investing with tax-free investment growth in the plan. Withdrawal(s) usually happens during retirement when you are in a lower tax bracket resulting in lower tax withholdings. As a bonus, your RRSP contributions reduces your taxable income. The best part […]

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  • Canada Training Tax Credit

    Did you pay tuition at an eligible educational institution? Then you may be able to claim the Canada Training Tax Credit (CTC) on your tax return. This refundable credit was created to help with training costs & is available to those with eligible tuition & other course fees. If you meet the requirements, you can […]

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  • March 2022

    It’s time to get your taxes in! The federal government is late with CPP & OAS slips this year. Don’t worry, they are coming & are being sent out the week of March 14, 2021.

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  • Voluntary Disclosures Program

    Did you forget to claim some income on past tax returns? Or maybe you discovered a mistake on a past tax or GST/HST return? To correct past mistakes, you might want to apply for the Voluntary Disclosures Program (VDP).

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  • Student Loan Interest

    ed & now face the task of repaying your student loans. While this can be distressing, were you aware you can claim your student loan interest as a tax credit on your tax return?

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  • Sole Proprietorship or Incorporation?

    You’re starting up a small business & it’s time to decide, do you choose a Sole Proprietorship or Incorporation? Though each option is a valid legal business structure in Canada, your best bet is to look at the pros & cons & decide what works for your business.

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  • February 2022

    T4 Filing Deadline is approaching fast The T4 filing deadline with Canada Revenue Agency (CRA) is Monday, February 28, 2022. If we are filing your T4’s for you, we need your payroll information no later than end of business Friday, February 18, 2022 to complete the work on time. Please email your information to info@gadowsky.ca or our secure portal. Our […]

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  • The Home Accessibility Tax Credit

    Living in our own homes as we age improves our quality of life. By doing so, we maintain our sense of well-being, independence & self-worth. However, to do so it is often necessary to undertake costly renovations to maintain our health & safety. Recognizing this, the federal government created the Home Accessibility Tax Credit (HATC) to help Canadians live in our homes as long as possible

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  • Meals & Entertainment Tax Deduction

    As a business owner or sole proprietor, you can claim food, beverage, & entertainment expenses. The catch? These expenses have to be incurred for earning income. If your expenses qualify, then you can take advantage of the Meals & Entertainment Tax Deduction.

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  • Tuition Tax Credit

    To reduce taxes, students attending post-secondary institutions can claim the Tuition Tax Credit.

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  • January 2022

    Starting this month, we will be sharing our Sherwood Park office with another company. To better coordinate client traffic, the office will be by appointment only. We realize sometimes you have to pop in unexpectedly, please call us before you do so we know you’re on your way.You may book your appointment by phone at […]

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  • Common Audit Triggers

    CRA audits are seldom random. You can reduce your audit risk by knowing some of the common audit triggers the CRA looks for.

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  • Is it Really the Canada Revenue Agency Contacting You?

    One of the most common problems we face in our connected world today is scammers. They are constantly invading our privacy by pretending to be legitimate agencies. As a result, we are either scammed out of something or are refusing to engage with real agencies such as the Canada Revenue Agency (CRA). Being that the […]

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  • December 2021

    Have you Ever Been Subject to Smishing? “Smishing” is an attempt to collect logins or other sensitive information with a malicious text messages – & it is on the rise! These attacks show up as a text message prompting you to take action in one of several ways. The smishing text messages usually offer a reward or are an […]

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  • HASCAP

    UPDATE: As of December 14, 2021, the deadline for the application has been extended to March 31, 2022. In early 2021, the federal government announced the Highly Affected Sectors Credit Availability Program (HASCAP). They created HASCAP to provide guaranteed, low-interest loans to businesses heavily impacted by COVID. As a result, businesses can obtain loans from […]

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  • Lifelong Learning Plan (LLP)

    If you have a registered retirement savings plan (RRSP), the Canadian government lets you finance your education by participating in the Lifelong Learning Plan (LLP).

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  • GST/HST Exempt vs Zero-Rated Supplies

    Do you know the difference between GST/HST exempt vs zero-rated supplies? Below is an explanation of each type, as well as some examples for you. GST/HST Exempt supplies Some of the supplies (goods & services) you purchase for your business are GST/HST exempt. This means you do not charge GST/ HST on these supplies; as […]

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  • November 2021

    Have you made a new home purchase or plans to purchase? The First-Time Home Buyer’s Amount (HBA) tax credit may be available for you.

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  • New Home Purchase or Plans?

    Have you made a new home purchase or plans to purchase? There are personal tax credits & assistance that may be available to you. The Home Buyers’ Amount (HBA) The First-Time Home Buyer’s Amount (HBA) can provide you with a $5,000 non-refundable tax credit. Claiming the HBA on your personal Income tax return translates into […]

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  • Our Favourite Time Trackings Apps

    There are several time tracking apps on the market today. We’ve chosen 2 apps that integrate seamlessly with our accounting software. Both are highly rated by Xero & QuickBooks Online (QBO) which are our two main cloud-based accounting softwares. They are also highly rated on sites like PCMag, Getapp & Capterra. Reviewers from companies & […]

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  • Ordering forms from Canada Revenue Agency (CRA)

    Did you know you can order some of the forms you need from CRA through their website? Some of the most common forms that you can order are: GST62-Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return T2200-Declaration of Conditions of Employment RC107-Remittance Voucher for Current Source Deductions Need help finding the name of the form […]

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  • Canada Caregiver Credit

    Who can you claim this credit for? Do you support a spouse or common-law partner, or a dependent with a physical or mental impairment? The non-refundable, Canada Caregiver Credit (CCC) may be available for you. You may also be able to claim the CCC if you support the following: your spouse or common-law partner, your […]

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