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LATEST NEWS

  • Tuition Tax Credit

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

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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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  • October 2021

    Did you know that the Alberta government has a new online service called Tax & Revenue Administration Client Self-Service (TRACS)? This is available to corporations so they can access their Alberta government account to keep up to date with current information. Some of the functions you can access through your account may vary depending on your account […]

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  • Our favourite Document Collection & Management Apps

    Are you too busy to visit our office to drop off your documents? Upload your receipts & documents directly into document collection & management apps that feed directly into your accounting software! Hubdoc & Dext are our favourite document collection & management apps. They extract key data from documents using AI. They each have both […]

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  • Volunteer Firefighter &/or Search & Rescue Tax Credits

    Were you a Volunteer Firefighter &/or Search & Rescue Volunteer? Did you complete at least 200 hours of eligible volunteer firefighting services or search & rescue volunteer services in the year? October is Fire Prevention month, so we thought we’d let you know there’s a tax credit available for Volunteer Firefighter &/or Search & Rescue […]

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  • Setting up a My Account

    Here is a list of information you will need in order to setup your My Account with Canada Revenue Agency (CRA): 1 ) Your social insurance number (SIN) 2) Your date of birth 3) Your postal code 4 ) Your last 2 tax returns ex. current year and the previous one-CRA will require a line […]

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  • Political Contributions

    Federal Contributions With the election today, we wanted to do a post about political contributions. Did you know that your Federal political contributions are made directly to a registered political party or a candidate for the election, to the House of Commons? Your contribution can be claimed by either you or your spouse, but it […]

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  • September 2021

    SharGlen Financial Inc. Private Health Spending Program (PHSP) Are you using SharGlen Financial Inc. to process your PHSP? They now accept e-transfers! To send an e-transfer please use the email phsp@sharglen.ca Never heard of this before? To learn more about this program & read the rest of the newsletter. Photo by Mahnoor Shams on Unsplash

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  • Our Favourite Password Manager Apps

    To protect yourself from password leaks, all your accounts should have strong, long, unpredictable passwords that contain numbers & symbols. Remembering these passwords is nearly impossible without resorting to some sort of trick or memory aid. An ideal choice is using a password manager app that generates secure, random passwords for you & remembers them, […]

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  • MyAlberta Digital ID

    Have you heard of MyAlberta Digital ID? This is an account that lets you prove your identity online without paper documents or face-to-face visits. It gives you access to multiple government sites & services, while protecting your information and privacy. Here is a list of some key sites & services you can access through just […]

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  • Small Business Deduction Reviews

    Our team at Gadowsky & Associates LLP has seen an increase of corporate post assessment reviews from Canada Revenue Agency in regards to claiming the small business deduction. In order to claim this deduction on your corporate tax return, your corporation must have earned income from active business within Canada. This deduction has a business […]

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  • Government Wage Subsidies

    Canada Emergency Wage Subsidy (CEWS) Have you seen a drop in revenue during the COVID-19 pandemic? You may be eligible for a subsidy to cover some of your employee wages. This will assist you as you start re-hiring & get your business back into normal operations. The decline in revenue does not have to be related […]

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