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Author: cpb

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

Posted on 05/09/202505/09/2025 By cpb No Comments on Affordable Options for E-Filing T2 for Inactive Corporation Under New CRA Mandates

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…

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Update

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

Posted on 04/14/202504/14/2025 By cpb No Comments on ​Saskatchewan Housing Benefit: A Lifeline for Renters Facing Housing Affordability Challenges​

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…

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Update

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

Posted on 04/10/202504/10/2025 By cpb No Comments on CRA System Error CluesCRA System Error Clues (ECs) – Summary of Issues, Workarounds & Fix TimelinesCRA System Error Clues

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:…

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Bookkeeping, Tax Tips

Guide to issue NR4

Posted on 03/29/202503/29/2025 By cpb No Comments on Guide to issue NR4

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,…

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Tax Tips

Non-Resident – Section 217 & 216.1 Explained

Posted on 03/06/202503/29/2025 By cpb 2 Comments on Non-Resident – Section 217 & 216.1 Explained

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…

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Tax Tips, Update

Efile Error Code 194

Posted on 03/06/202503/29/2025 By cpb No Comments on Efile Error Code 194

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…

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Update

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

Posted on 03/05/202503/05/2025 By cpb No Comments on The Non-Resident Importer Program (NRI): A Gateway for Global Businesses

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…

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Update

Guide for file Vacant Unit Tax | City of Hamilton

Posted on 02/07/202503/29/2025 By cpb No Comments on Guide for file Vacant Unit Tax | City of Hamilton

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…

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Update

Sage 50 2025.1 login issue

Posted on 01/23/202501/23/2025 By cpb No Comments on Sage 50 2025.1 login issue

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

Posted on 01/16/202501/16/2025 By cpb No Comments on Income Tax Changes impact your 2024 Tax Return

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…

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Tax Tips

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Recent Posts

  • Affordable Options for E-Filing T2 for Inactive Corporation Under New CRA Mandates
  • ​Saskatchewan Housing Benefit: A Lifeline for Renters Facing Housing Affordability Challenges​
  • CRA System Error CluesCRA System Error Clues (ECs) – Summary of Issues, Workarounds & Fix TimelinesCRA System Error Clues
  • Guide to issue NR4
  • Non-Resident – Section 217 & 216.1 Explained

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