Public Bookkeeper

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…

The Non-Resident Importer Program (NRI): A Gateway for Global Businesses

03/05/202503/05/2025 cpb No Comments

The Non-Resident Importer (NRI) Program, established by the Canada Border Services Agency (CBSA), is designed to simplify cross-border trade for global businesses selling to Canadian consumers, retailers, and companies. By making international transactions appear as domestic purchases, the NRI program enhances the buying experience for Canadian customers while helping foreign businesses expand their market presence…

Update

Guide for file Vacant Unit Tax | City of Hamilton

02/07/202503/29/2025 cpb No Comments

Declaration Period – February 10 to April 30 Following the direction of the Council, the Vacant Unit Tax (VUT) declaration period for the City of Hamilton will officially open on February 10, 2025, and will remain open until April 30, 2025. During this time, property owners are required to submit their declarations regarding the occupancy…

Update

Sage 50 2025.1 login issue

01/23/202501/23/2025 cpb No Comments

The Sage50CA_2025.1_Update.exe file is a workaround file that can be used to fix issues logging into Sage 50. Steps to install the workaround file: If you are still unable to open Sage 50, you can contact Sage Support at 1-888-522-2722.

Bookkeeping, Technology

Income Tax Changes impact your 2024 Tax Return

01/16/202501/16/2025 cpb No Comments

Here’s a clear summary of the updates and their potential impacts: 1. Capital Gains 2. Canada Child Benefit (CCB) 3. Canada Pension Plan (CPP) & Québec Pension Plan (QPP) Enhancement 4. Volunteer Firefighters & Search and Rescue Volunteers 5. Disability Support Deduction 6. Home Buyers’ Plan (HBP) 7. Short-Term Rentals These changes may affect your…

Tax Tips