Community of Public Accountants
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…
Read More “Update of USD Wire Transfer Instructions – Effective September 15, 2025” »
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…
Read More “Affordable Options for E-Filing T2 for Inactive Corporation Under New CRA Mandates” »
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…
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…
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 (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…
Read More “The Non-Resident Importer Program (NRI): A Gateway for Global Businesses” »
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…
Read More “Guide for file Vacant Unit Tax | City of Hamilton” »
We have report a news before regarding the former bookkeeper accused of check fraud and theft in $2 Million Case A 50-year-old who managed the finances for a business in Sault Ste. Marie has been charged with embezzling $559,701.63 from the business in just more than four years. The suspected turned themselves in Dec. 10,…
Read More “Sault bookkeeper charged with stealing $559K from employer” »
In late November of 2024, the Federal government announced a temporary exemption period from December 14, 2024, to February 15, 2025, for specific items that typically incur GST or HST. Regrettably, this decision was made without thorough consideration prior to the announcement or the introduction of legislation. The projected savings for taxpayers are minimal, while…
The recent price increase is a clear indicator of Intuit’s continuous efforts to boost revenue from its widely-used accounting software, QuickBooks Online. The company has attributed this rise to various factors, including inflation and the addition of new features and improvements to the software. In today’s fiercely competitive market, businesses are consistently looking for ways…