Accounting for Construction & Trades (Holdbacks, GST, Subcontractors)

Construction accounting isn’t like running a shop or a café. Holdbacks, progress billing, subcontractors, and GST/HST timing all create traps that can hurt your cash flow or land you in trouble with the CRA. Here’s how to keep the books clean on a trades or construction business in 2026. Construction accounting is trickier because of […]

Tax Tips for Dentists in Canada (Incorporation, Payroll, Deductions)

Running a dental practice means you’re not just a clinician you’re a business owner with payroll, GST/HST quirks, and some big tax-planning opportunities. Here’s a practical 2026 guide to keeping more of what your practice earns. Most practice-owning dentists in Canada benefit from a Dental Professional Corporation, which taxes retained profits at the low ~11% […]

Tax & Incorporation Guide for Doctors / Physicians in Canada

If you’re a physician earning a strong income, one question comes up again and again: should I incorporate? For a lot of doctors the answer is a clear yes, but not always. Here’s a straight-talking 2026 guide to how incorporation, tax planning, and deductions really work for doctors in Canada. Most higher-earning, self-employed physicians in […]

Taxing Rental Income in Canada | Complete Guide

Rental income is taxable in Canada and must generally be reported to the CRA each year. However, you are only taxed on your net rental income, not the total rent you collect. This means you can deduct eligible rental expenses before calculating the amount subject to tax.  Item Tax Treatment Rent collected from tenants Taxable […]

CRA Tax Code 150 Explained Simply

If you’ve checked your CRA account and noticed Code 150, don’t panic. In most cases, CRA Code 150 is simply an indication that the CRA has processed your tax return and calculated your tax assessment. It does not automatically mean you owe money, nor does it mean there is a problem with your return.  Quick […]

Rental Property Deductions Every Owner Should Know

Deductible Rental Expenses in Canada Explained Expense Type Usually Deductible? Property taxes Yes Mortgage interest Yes Insurance Yes Property management fees Yes Advertising for tenants Yes Utilities paid by landlord Yes Repairs and maintenance Usually yes Accounting and bookkeeping fees Yes Mortgage principal payments No Capital improvements Not immediately Understanding the difference between deductible expenses […]

What Does Code 152 Mean From CRA?

If you’ve checked your CRA account and noticed Code 152, you’re probably wondering whether it’s good news or a sign that something is wrong with your tax return. In most cases, CRA Code 152 indicates that your return is being processed or reviewed through the normal assessment system. It is generally not considered a negative […]

Late Corporate Tax Return | CRA Penalties Guide

Missing a corporate tax filing deadline can lead to penalties, interest charges, and additional attention from the CRA, much like what happens with late tax filing in Canada. Even if your corporation made little money or owes no tax, you are generally still required to file a corporate tax return each year. The sooner you […]

Code 960 CRA Meaning Guide

If you’ve noticed CRA Code 960 on your tax account, it’s natural to wonder whether it affects your refund or indicates a problem with your return. In most cases, CRA account codes are internal processing indicators used by the agency during the assessment shown by Code 150, review, or administration of tax accounts. The meaning […]

Failing to Report Income to CRA | What Now?

Forgetting to report income on your tax return is more common than many people think. Whether it’s a missing T4, freelance and self-employed income, investment or crypto earnings, or side-business revenue, the CRA may eventually identify the discrepancy through its matching systems. The good news is that an honest mistake can often be corrected before […]