Public Bookkeeper

How to Pay the CRA by Wire Transfer as a Non-Resident (2026 Complete Guide)

02/05/202602/05/2026 cpb No Comments

If you owe taxes in Canada but do not maintain a Canadian bank account, the Canada Revenue Agency (CRA) allows individuals and businesses to make payments via international wire transfer. This method is widely used by: However, wire transfers must follow strict CRA instructions. Mistakes can result in payment delays, interest charges, or penalties. This…

Update

Update of USD Wire Transfer Instructions – Effective September 15, 2025

09/15/202509/15/2025 cpb No Comments

Please be advised that effective September 15, 2025, BMO (Bank of Montreal) will transition its USD clearing bank from Wells Fargo to BMO Bank N.A. This change is intended to enhance the speed, security, and reliability of incoming USD wire transfers. To ensure timely receipt of payments, kindly update your records with our new wire…

Update

IMAD/OMAD: What Are They and How Do They Work?

09/10/202509/10/2025 cpb No Comments

IMAD (Input Message Accountability Data) and OMAD (Output Message Accountability Data) are unique identifiers assigned to each FedWire transaction by the Federal Reserve Bank system. These references are crucial for ensuring the uniqueness of each transaction and for facilitating the tracking and investigation of fund transfers. Below is a detailed explanation of IMAD/OMAD. Structure of…

Banking

How to Register for GST and QST

06/27/202506/27/2025 cpb No Comments

Who Must Register for GST and QST? If you’re an entrepreneur, freelancer, or corporation carrying out commercial activities in Québec, you are generally required to register for GST and QST. Registration becomes mandatory in the following situations: You must register if: You must register regardless of your sales volume if you: When to Register? QST…

Tax Tips

Affordable Options for E-Filing T2 for Inactive Corporation Under New CRA Mandates

05/09/202505/09/2025 cpb No Comments

As of tax years beginning after 2023, the Canada Revenue Agency (CRA) mandates that all corporations, including inactive ones, must file their T2 Corporation Income Tax Returns electronically. Non-compliance can result in a $1,000 penalty . This requirement applies even to corporations with no income or activity during the tax year . Understanding the Filing…

Update

Saskatchewan Housing Benefit: A Lifeline for Renters Facing Housing Affordability Challenges

04/14/202504/14/2025 cpb No Comments

In response to the growing housing affordability challenges faced by many residents, the Saskatchewan Housing Benefit (SHB) offers crucial financial assistance to eligible renters across the province. Jointly funded by the Government of Canada and the Government of Saskatchewan under the National Housing Strategy, the SHB aims to alleviate the burden of shelter costs for…

Update

CRA System Error CluesCRA System Error Clues (ECs) – Summary of Issues, Workarounds & Fix TimelinesCRA System Error Clues

04/10/202504/10/2025 cpb No Comments

The Canada Revenue Agency (CRA) has shared updates on several system-related error clues (ECs) currently affecting EFILE and NETFILE submissions. Below is a structured summary of each issue, including temporary workarounds and anticipated resolution dates: 1. EC 90228 – Allowable Business Investment Loss Error Issue:This error is being triggered incorrectly in two situations: Temporary Workaround:…

Bookkeeping, Tax Tips

Guide to issue NR4

03/29/202503/29/2025 cpb No Comments

Issuing an NR4 (Statement of Amounts Paid or Credited to Non-Residents of Canada) involves several steps. Here’s a step-by-step guide: Step 1: Determine If You Need to File an NR4 You must file an NR4 if you have paid or credited amounts to a non-resident of Canada that are subject to withholding tax (e.g., interest,…

Non-Resident – Section 217 & 216.1 Explained

03/06/202503/29/2025 cpb 2 Comments

there is a difference between Section 217 and Section 216 for non-residents of Canada. These sections apply to different types of income and have different tax implications. Section 217 (Canadian Benefit Income) Who is it for?If you are a non-resident but receive certain types of income from Canada, you may choose to be taxed as…

Tax Tips, Update

Efile Error Code 194

03/06/202503/29/2025 cpb No Comments

CRA Result Code: 194 The Canada Revenue Agency is experiencing technical difficulties and is unable to process this return at this time.Please try again later and if the issue persists, call your EFILE Helpdesk for assistance. 194 : The Canada Revenue Agency is experiencing technical difficulties and is unable to process this return at this…