Running a small business in Ontario comes with many responsibilities. Sales, clients, payroll, and taxes all compete for your attention.
Bookkeeping often gets pushed to the bottom of the list, not because it is unimportant, but because it feels easy to postpone. Over time, this creates stress. Not because the numbers are bad, but because they are unclear.

Monthly bookkeeping helps remove that uncertainty.

Many business owners believe that calm comes from being naturally organized or good with finances.

In practice, calm usually comes from having a system that runs consistently. Monthly bookkeeping is not about perfection. It is about visibility.

When your books are reviewed each month, you know where your business stands. That clarity reduces stress and supports better decisions.

When bookkeeping is handled once a year or only at tax time, common problems appear:

• Transactions are forgotten or unclear
• Receipts are missing
• HST amounts feel unpredictable
• Decisions are delayed
• Tax season feels rushed and stressful

This is not a discipline issue. It is a timing issue.

Monthly bookkeeping changes the experience of running a business. Small business owners often notice:

• Clear understanding of income and expenses
• Better awareness of HST obligations
• Fewer surprises at tax time
• Less mental load throughout the year

Consistency creates clarity. Clarity builds confidence.

When your numbers are clear, decisions become easier. You can plan ahead instead of reacting, set money aside with confidence. At the same time you will avoid last-minute fixes and focus on growth instead of cleanup.

Monthly bookkeeping supports calm decision-making simply by removing uncertainty.

Monthly bookkeeping works best for small business owners in Ontario who:

• Want ongoing organization, not emergency cleanups
• Prefer consistency over once-a-year fixes
• Are HST registered or close to it
• Want less stress around taxes and compliance

It is not designed for one-time bookkeeping or last-minute tax rescue work.
​
If bookkeeping has been sitting on your to-do list for a while, that is normal.

You do not need to fix everything at once. You need a system that runs monthly.

If you want to explore monthly bookkeeping for your business, you can book a coffee chat to talk through your situation and see if it is a good fit.

If you are self-employed or running a small business in Ontario, tax season is not usually something you look forward to. Rules change, timelines feel unclear, and it often ends up on the back burner until it suddenly feels urgent.

Here is the truth most people will not say out loud:
Most tax stress does not come from owing money. It comes from uncertainty and last-minute scrambling. 

This guide is here to remove that.

Below is a clear, plain-language overview of what to expect when filing your 2025 personal tax return in 2026, what is already known, what is still evolving, and the key dates that actually matter so you can plan calmly instead of reacting later.

A Quick Trust Check Before We Start
Here is how this guide is different:

• No guessing about future legislation
• No headline-driven tax panic
• No overwhelming technical language

If something has not been finalized yet, I will say so. Clarity builds confidence.

1. Capital Gains and Why 2025 Planning Matters
Capital gains rules have been a moving target over the past few years, especially for business owners and investors.
At a high level:

• Capital gains are taxed using an inclusion rate, meaning only part of the gain is taxable
• Changes introduced in recent years point toward higher taxation on larger gains
• Business asset sales, investments, and non-principal residences are most affected

What this means for your 2025 return filed in 2026 is simple.
If you plan to sell investments, business assets, shares of a corporation, or rental or secondary property, this is not something to figure out after the fact.
Timing, structure, and documentation matter. This is one of the biggest areas where planning ahead can reduce both taxes and stress.

2. The Home Buyers’ Plan Still Matters in 2025
For first-time home buyers, the Home Buyers’ Plan continues to be a valuable tool.
Current rules allow:

• Withdrawals of up to $60,000 per individual from an RRSP
• Up to $120,000 per couple
• Extended repayment grace periods for certain recent buyers

If you bought your first home in 2025, used RRSP funds, or are managing repayment schedules, your 2025 tax return is where this must be reported correctly to avoid future penalties.

3. Federal and Ontario Tax Brackets for 2025 Income
Tax brackets and the Basic Personal Amount are indexed to inflation each year.
For your 2025 income:

• Final federal and Ontario tax brackets are typically confirmed late in 2025
• The confirmed rates apply when filing in 2026
• Even small changes can affect marginal tax rates for self-employed income

Why this matters for business owners is that fluctuating income makes planning more important. RRSP contributions, expense timing, and instalment planning all benefit from knowing where your income is likely to land.

4. Filing Deadlines for Your 2025 Personal Tax Return
These dates are firm and worth saving now.

Personal tax return deadline: April 30, 2026
Self-employed individuals and their spouses or common-law partners: June 15, 2026

Important reminder:
Even if you qualify for the June 15 filing deadline, any balance owing is still due by April 30, 2026 to avoid interest.

This is one of the most common and expensive surprises for self-employed taxpayers.

5. A Quiet CRA Change That Still Matters
The CRA no longer includes line-by-line instructions in paper tax return packages.
For small business owners, this means:

• Less built-in guidance
• Greater reliance on prior-year returns or online resources
• A higher risk of missed or misreported information when filing without support

Taxes did not necessarily get harder, but mistakes became easier to make.

The Bigger Picture for Small Business Owners
If you are balancing clients, cash flow, bookkeeping, and personal life, taxes often fall into the “deal with it later” category.

The clients who feel the calmest during tax season usually did one thing differently. They got organized before it felt urgent.

Ready to Get Started Without Pressure? Download your 2025 Personal Tax Checklist and start collecting documents at your own pace.

When you are ready, we will take it from there, clearly and without judgment.

You have a business to run. Taxes should not take your weekends. I work with owners who want a calmer pace and clear next steps. No jargon. No fluff. Just what to do and why it matters.

Get organized in minutes. Know exactly what to gather. Avoid missing slips and receipts. Cut prep time before you file. Reduce CRA questions with clean records. Stay calm and confident from start to finish. 

Get The Checklist here! Free PDF. Instant access

What is inside the checklist?

• Banking statements by month
• E‑commerce exports from Shopify or Stripe
• Mileage log template
• Home office worksheet
• Final review list before you file

Get The Checklist here! 😎
You can download now and keep reading for context and tips.

Let me share a short story with you,  from last Tax season: an snowy day in February. A client uploaded a shoebox of receipts and bank statements to our secure portal and added a note: “Sorry this is such a mess.” 
Here at the office, we made coffee. We scanned everything. We posted a full year of transactions. We matched deposits to invoices and reconciled every account.
It took less time than they expected. Everything balanced. Clear reports were ready. Taxes were filed on time. There were no follow-up questions from CRA.

Our client emailed later and said it felt like a weight had been lifted—like she could finally focus on their business again.

Why this matters? 
Most returns fall behind because the system is missing, not because the owner is careless. A simple rhythm and a friendly checklist can change the week. And with this checklist, you can create a simple system that will help you organize your finances.

You can start here, following this guidelines:
What counts as business income:  Treat all value you earn as income. Small amounts still matter.

• Sales and service fees, in person and online
• E‑transfers and cash receipts
• Platform payouts from Shopify, Stripe, PayPal, Etsy, Amazon
• Tips you keep
• Subcontracting or consulting fees. Watch for T4A slips
• Government grants tied to your work
• Barter or trade. Record fair value
• Interest or late fees you charge customers

Tip: Match deposits to invoices or sales reports. This reduces audit questions and catches missed revenue.

Documents to gather: Use simple, clearly named folders so you can find anything in seconds.

• Banking. Monthly statements for business accounts, credit cards, payment processors
• Sales. Invoices, POS reports, e‑commerce exports
• Expenses. Receipts, vendor statements, subscriptions, software
• Home office. Square footage, rent or mortgage interest, utilities, internet
• Vehicle. Mileage log, fuel, insurance, maintenance, lease or loan details
• Assets. Equipment and devices with purchase date and cost
• People. T4s, T4As, contractor agreements
• GST or HST. Registration number and filings
• Prior year. Return, assessments, installment statements

Tip: Keep both the original document and a summary report. If CRA asks, you show totals and details in minutes.

Stay CRA‑ready all year: A light monthly rhythm beats a heavy year‑end scramble.

• Reconcile bank, credit card, and payment processors each month
• Review Profit and Loss and Balance Sheet
• File receipts to matching transactions
• Back up records to cloud and a separate drive
• Update mileage and your home office worksheet
• Respond to CRA with only what is requested. Keep a communication log

Tip: Book a quarterly check‑in. Fifteen minutes now can save hours in April.

Get The Checklist here! 😎

Mistakes to avoid

• Mixing personal and business spending
• Recording platform payouts without fees, which inflates revenue
• Waiting until year‑end to estimate taxes
• Ignoring small cash sales
• Skipping asset tracking and losing eligible depreciation

How I help Ottawa owners

• Set up a monthly close you can finish in one sitting
• Prepare clean, audit‑ready books and a return that matches your records
• Build a simple tax estimate plan so your cash flow stays predictable
• Handle CRA correspondence in clear, plain language
• Keep everything secure through an encrypted client portal

Privacy note: Your documents are protected. Secure upload and clear retention policy.

Ready to file with less stress. Download the checklist now. If you want help with your return, send me a message or book a free fifteen minute advisor consult.
​
[Button: Get my checklist]

Year‑end tax savings for Ottawa small business ownersOttawa owners, year‑end doesn’t have to be stressful. With tidy records and a few smart purchases, you can reduce tax and start the new year organized. I’ll guide you step by step. Clear language, no jargon.

What to do before December 31?

• Put needed gear in use now. Laptops, tools, equipment. Start using it so you can claim it. Prove it!
• Home office. Use a fair % of rent, utilities, and internet. Keep the math.
• Vehicle. Track business kilometres. Keep receipts for fuel, insurance, repairs, and parking.
• Phone + internet. Claim the business share only.
• Professional + software. Bookkeeping, payroll, tax prep, and apps count.
• Meals. 50% when it’s for business. Write the who and why.
• Interest + bank fees. Business loans and account charges are deductible.
• Prepay small recurring costs. Subscriptions or insurance if cash flow allows.

Bookkeeping clean‑up I 100% recommend

• Reconcile bank, credit card, and payment processors.
• Categorize expenses the same way every month.
• Record assets placed in service this year.
• Capture missing receipts. Digital copies are fine.
• Keep a mileage log and a simple home‑office worksheet.

Clean books will lead to fewer CRA questions and faster tax filing.

Common mistakes that end costing you money

• Claiming 100% of phone or internet.
• No log for business driving.
• Loosing receipts.
• Forgetting small fees: payment processing, currency, e‑transfer limits.
• Not recording year‑end inventory or WIP when it matters.

How I help you before and after year‑end

• Bookkeeping tune‑up. Reconcile, reclassify, and tidy your chart of accounts.
• Tax‑ready package. Financials, support docs, and notes for each deduction.
• Income tax prep. Filed accurately and on time.
• Cash flow + payroll. Set up simple systems that you’ll actually use. Book a day to pay yourself.

Smart guardrails

• Don’t spend only to “get a write‑off.” Spend when it helps profit.
• Claim what’s reasonable. Keep proof. Sleep well.

Let’s make your year‑end painlessBook a coffee chat. I’ll review your books, find missed deductions, and create a simple plan for tax time.
Book a coffee chat →

FAQDo these tips work if I’m incorporated? Yes. Details vary, but the core ideas still help.
How do I pick a home‑office %? Use square footage or rooms used. Apply that % to eligible costs.
Can I deduct client gifts? Cient gifts may be fully deductible if they’re reasonable and business-related.

General info for Canadian small businesses. Not tax advice. Let’s talk about your situation. ☕

Real estate moves fast. Lenders, partners, and future buyers want numbers they can trust, consistent, accurate, and delivered on time. That’s what clean monthly bookkeeping gives you. When your books tell a clear story, financing conversations are shorter, rates can be sharper, and decisions get made with confidence. In other words: clean books lower perceived risk, and lower risk often means better terms.
​
Ready to make your numbers lender‑ready every month? Send a message through our contact form →

What lenders actually look for
Behind every “yes” from a lender is a simple checklist in their head. Are these numbers consistent month to month? Do bank accounts reconcile? Can we see performance by property and understand the trend over the last twelve months? Are big swings explained? Monthly bookkeeping is how you get there. A steady chart of accounts, property‑level tracking, and a dependable month‑end routine remove the guesswork. Rent rolls tie to deposits, interest is split from principal, and supporting documents, leases, invoices, statements, are attached where they belong. When a lender opens your package and finds a balance sheet, a property‑level P&L, a trailing‑12, and a cash flow statement that all agree with the bank, the conversation changes from “prove it” to “let’s talk terms.”

A simple 10‑day close
Month‑end doesn’t need to take over your life. We follow a clean rhythm: lock the prior month, bring in bank and card activity, match the rent roll to deposits, and clear platform and processing fees if you run short‑term rentals. Reconciliations follow. Then we post items that are easy to miss, mortgage interest and escrows, utilities that straddle months, property taxes, and management fees. Capital items are separated from repairs and logged to your fixed asset register. By Day 9, the reports are ready by property with a clear trailing‑12. On Day 10 you get a short set of notes that explain anything unusual, plus a lender‑ready package you can forward without edits.


CapEx vs. Repairs: why it matters
A lot of investors leave money on the table, or distort Net Operating Income (NOI), because capital improvements and repairs get mixed together. Repairs keep an asset in its current condition, think patching a roof leak or replacing a broken appliance. Capital expenditures improve or extend the life of the asset, new roof, new HVAC, lobby remodel. Repairs hit this month’s profit. CapEx is capitalized and depreciated. Classifying correctly keeps your lender ratios honest and your tax position clean. When in doubt, we document the purpose, look at useful life, and make a conservative call that stands up at review time.

What’s inside a lender‑ready package
Each month you receive a concise pack you can hand to a banker, partner, or buyer. It includes a balance sheet and P&L by property, a trailing‑12 showing trends, a cash flow statement that makes debt service obvious, and a short commentary page that explains the story behind the numbers, vacancy spikes, seasonal utilities, planned CapEx, and so on. A debt schedule outlines rates, maturities, and covenants. Behind the scenes, we maintain a tidy folder of supporting documents so audit or refinance requests don’t turn into scavenger hunts.

Common pitfalls we fix along the way
If you’ve ever used a business card for personal spending, booked security deposits as income, or expensed mortgage principal, you’re not alone. These are easy mistakes that snowball. We standardize naming, turn on property classes so results are apples‑to‑apples, and make sure sales tax codes are used correctly and reconciled. Most clients tell us the biggest win isn’t just better statements, it’s the calm that comes from knowing everything ties out.

What you get with our Monthly Real Estate Bookkeeping
You get a dependable 10‑day close, reconciliations that actually clear, and property‑level reporting that makes NOI per door obvious. Capital projects are tracked properly, a fixed‑asset register is maintained, and your lender‑ready package lands in your inbox on the same schedule every month. Each quarter, we step back to look for cash leaks, plan for taxes, and line up the next stage of growth.

Want the month‑end done for you? Start the conversation here →

A quick ROI example
Consider a 12‑unit building heading into a refinance. Clean trailing‑12s and a clear NOI story reduce the lender’s risk. A modest rate improvement, say forty basis points on a $1.5M mortgage, saves roughly $6,000 per year in interest. That alone can pay for professional monthly bookkeeping, and you still get the peace of mind and time back.

FAQs

We use multiple bank accounts. Can you work with that? Yes. We map accounts to properties, align naming, and automate reconciliations so everything rolls up cleanly.
We operate both STRs and long‑term rentals. Does that complicate things? It can. We track channels separately, handle platform and cleaning fees, and keep occupancy taxes in order so your P&L stays comparable.
What software do you use? We use secure cloud accounting with property‑level tracking and a simple portal for document collection.

Ready when you are ☕Let’s make next month your cleanest close yet. Send a message via our contact form and we will book your free call. Prefer to peek first? Download the Cehcklit and see how straightforward the process can be.

If you’re new to Canada or a student living on a tight budget, filing your taxes might feel optional.
But even with little or no income, filing can put real money in your pocket — and unlock benefits you might not know about.

Benefits You Get Just by FilingYou don’t need a high income to qualify for these programs:

1. GST/HST Credit: A tax-free payment for lower-income Canadians. Paid every three months — just for filing your return.
2. Tax Refunds: Worked part-time? You may get a refund for tax already taken off your paycheques.
3. RRSP Room: Filing helps you build future savings room, even if you earned only a little this year.
4. Tuition Credits: Claim them now or carry them forward for when your income grows.
5. Student Loan Interest: Deduct it now or save it for future years.
6. Newcomer Credits: Filing your first Canadian return helps you qualify for benefits like the GST/HST credit and provincial programs.

Your first Canadian tax return is important. It tells CRA you’re here, confirming your residential status and qualifying you for federal and provincial benefits. You are creating your canadian tax history. 

What do you need to bring to your appointment:

• T4s or T5s (income slips)
• Rent or property tax receipts
• Any newcomer or residency documents

 
🟡 Myth: No income = no need to file.
✅ Truth: Filing is how you qualify for credits and build your record in Canada.

 What You’ll Need to file your Taxes:

• Government ID + SIN (or proof you applied)
• T4s, T5s, or T2202s
• Student loan interest statement
• Rent or property tax receipts (if your province gives credits)

​ How to file your Return?

1. Free online tax software (NETFILE), it is easy and fast.
   
2. Community/free tax clinic, there are available at many schools and community centers.
   
3. Professional help this option is perfect if you’re new to Canada or want to maximize your credits.
   

​ Tip: File early! It starts your benefits sooner and speeds up your refund.

Quick FAQs
Didn’t work this year? File anyway. It triggers benefits and future RRSP room.
International student? Filing helps set up your CRA record.
Worried about your permit or PR? Filing shows good financial standing, it helps, not hurts.

☕Need a Hand with Your Return?I specialize in helping students and newcomers file confidently.  No judgement, no stress, no missed credits.
Let’s make your first (or next) tax return simple and rewarding.
👉 Book a free 15-minute call today and find out what refunds and credits you could be missing.

If month-end keeps catching you off guard, you’re not alone. Many Ottawa business owners find themselves juggling payroll, HST, and supplier bills while waiting for late invoices to clear.
The good news? Steady cash flow isn’t about luck. It’s about systems. With a few simple habits, you can stop the “ugly surprises” and finally feel in control of your money.
Here’s a practical playbook you can start this week.


1. Know Your BaselineEvery business has a “keep the lights on” number. Add up your rent, software, insurance, payroll, loan payments, and the owner’s pay you actually take. Keep this list on one page.
Quick check: Divide your baseline by your average monthly sales. That’s your cost ratio. If it creeps higher, you’ll need to raise prices, increase sales, or cut expenses.
2. Look 13 Weeks AheadA rolling 13-week forecast shows money in and out week by week. This tool helps you act early instead of reacting late.

• Write down expected inflows (signed contracts, deposits, refunds, grants).
  
• Write down expected outflows (payroll, rent, subscriptions, HST, suppliers).
  
• Update it every Friday: slide actuals left, push new weeks right.
  
• Colour code negative weeks so you can plan solutions in advance.
  

👉 Want a ready-made Google Sheet? Book a coffee chat and I’ll send you our template.
3. Save for Taxes and Profit AutomaticallyDon’t wait until tax deadlines. Open two extra accounts:

• Tax savings: Move 20%–30% of every deposit the same day it lands.
  
• Profit savings: Set aside 1%–5% to build an emergency cushion.
  

When this becomes a habit, you won’t even feel it—but you’ll love the peace of mind at month-end.
4. Invoice Faster and Get Paid FasterCash flow improves dramatically when money comes in sooner.

• Send invoices the same day work is done.
  
• Add payment links to each invoice.
  
• Ask for deposits (for example, 50% upfront, 50% on delivery).
  
• Use a reminder rhythm: Day 0 send, Day 7 gentle nudge, Day 14 firm follow-up.
  

5. Reduce Expenses Without Starving GrowthNot all costs are equal.

• Must-haves: keep them, or negotiate better rates.
  
• Nice-to-haves: trim 10% now, review again in 90 days.
  
• Experiments: test with a set budget and timeline. If no return, stop.
  

Quick win: call your top three vendors and ask for a 12-month lock or bundle discount.
6. Streamline PayrollPayroll surprises create panic.

• Stick to a consistent schedule and fund it two days early.
  
• Keep one payroll cycle in reserve.
  
• Track vacation and stat holiday pay so it doesn’t sneak up on you.
  

7. Build a Compliance CalendarMissed deadlines drain both cash and energy.

• Add reminders for payroll, HST filings, and income tax installments.
  
• Enter them into your forecast so you can plan for tight weeks.
  

✅ One-hour setup you can do today:

• Open tax and profit accounts.
  
• Start your 13-week forecast with four weeks filled in.
  
• Turn on online payments in your invoicing system.
  
• Email top clients to confirm billing contacts and schedules.
  
• Add tax and filing dates to your calendar with reminders.
  

📌 Tools we recommend: QuickBooks Online for invoicing, DEXT for receipts, and a simple Google Sheet for your 13-week view.
☕ Ready to see your numbers clearly? Book a coffee chat. You’ll leave with your first forecast, a simple plan, and next steps you can take this week.
Book a Coffee Chat

New rates apply to work performed on or after October 1, 2025. Update payroll, budgets, job ads, and staff notices now.
New 2025 rates (Ontario)

• General: $17.60/hr
• Students (under 18; ≤28 hrs/week during school or any hours during breaks): $16.60/hr
• Homeworkers: $19.35/hr
• Hunting/fishing/wilderness guides (day rates): $88.05 (<5 hrs) / $176.15 (5+ hrs)

Quick checklist

• Update pay rates in payroll/POS/time-tracking.
• Check salaried/commission roles meet minimums.
• Refresh job ads and offer letters.
• Re-cost October quotes if labour is a big input.
• Send a short staff notice before Oct 1.

Official resources:
Ontario Newsroom – Minimum wage increasing Oct 1, 2025:
https://news.ontario.ca/en/release/1005723/ontario_raising_minimum_wage_to_support_workers

Ontario ESA – Minimum wage (official guide; all categories/rates):
https://www.ontario.ca/document/your-guide-employment-standards-act-0/minimum-wage

ESA – Industries and jobs with exemptions and/or special rules:
https://www.ontario.ca/document/your-guide-employment-standards-act-0/industries-and-jobs-esa-exemptions-andor-special-rules

Government of Canada – Federal minimum wage ($17.75 as of Apr 1, 2025):
https://www.canada.ca/en/employment-social-development/news/2025/02/increasing-the-federal-minimum-wage-starting-april-1-2025.html

Request a Cooffee Chat for a Payroll Check! ☕

As a student, you might wonder whether filing a tax return is necessary, especially if you didn’t earn much income. However, even if you’re not required to file, doing so can come with major financial benefits. From refunds to valuable tax credits, here’s why you should always file your taxes as a student.

1. Get a Tax Refund – Even If You Didn’t Earn Much
If you worked part-time, had a summer job, or earned money from a co-op program, chances are some taxes were deducted from your paychecks. Filing a tax return allows you to claim back any overpaid taxes, which could mean a refund in your bank account!
💡 Tip: Check your T4 slip from your employer to see how much tax was deducted.

2. Claim Tuition, Education, and Textbook Credits
One of the biggest advantages of being a student is the ability to claim tuition tax credits. These credits reduce the amount of tax you owe. Even if you don’t need them this year, you can:
✅ Carry them forward to use in future years when your income is higher.
✅ Transfer them to a parent, grandparent, or spouse to help them save on taxes.
💡 Tip: Your school will provide a T2202 slip (Tuition and Enrollment Certificate), which you need to claim your tuition credits.

3. Qualify for Government Benefits & Tax-Free Payments
Even if you have little or no income, filing your taxes allows you to receive tax-free government benefits, including:
🔹 GST/HST Credit – A tax-free quarterly payment for lower-income individuals.
🔹 Canada Workers Benefit (CWB) – A refundable credit for low-income workers.
🔹 Provincial and Territorial Benefits – Some provinces offer extra benefits for students.
💡 Tip: These payments are automatically calculated when you file your return, so there’s no extra paperwork!

4. Build Your RRSP Contribution Room for the Future
As a student, you might not be thinking about retirement yet, but filing your tax return helps you in the long run. Any earned income adds to your Registered Retirement Savings Plan (RRSP) contribution room, which you can use in future years when you start making more money.
💡 Tip: Unused RRSP room carries forward indefinitely, allowing you to make tax-deductible contributions when it benefits you the most.

5. Interest on Student Loans? You Can Deduct It!
If you have government student loans, the interest you pay may be tax-deductible. This means you can reduce your taxable income and potentially get a refund. If you don’t need the deduction this year, you can carry it forward for up to five years.
💡 Tip: Private loans and lines of credit don’t qualify, so make sure your loan is from a government program like OSAP, Canada Student Loans, or provincial student aid programs.

How to File Your Taxes as a Student?

1. Gather Your Documents:
   • T4 (employment income)
   • T2202 (tuition fees)
   • Student loan interest statements
   • Rent receipts (if your province offers a credit)
2. Choose How to File:
   • Use a free tax software like TurboTax Free, Wealthsimple Tax, or H&R Block Free
   • File online through NETFILE
   • Visit a free tax clinic for students
   • Hire a professional 🙋‍♀️ Us!
3. Submit & Track Your Refund:
   • If you’re set up for direct deposit, your refund will arrive within two weeks if you file online.
   
   
   

Final Thoughts: Filing as a Student is Worth It! 
Even if you don’t earn much, filing your tax return ensures you don’t miss out on free money, tax credits, and future benefits. Plus, it builds good financial habits that will help you in the future.

Need Help? We’re Here for You! 
​We specialize in helping students maximize their tax refunds and claim all available credits.

Contact us today to get started!

Photo by Marvin Meyer on Unsplash

This one of the questions I get asked the most during tax season: Do I need to report my Foreing Properties?

There is no "easy" way to say it, it's complicated. Yes, you need to report your "specified foreign property" if the total value at any time of the yaer sums more than CAD 100,000

The T1135 form, "Foreign Income Verification Statement", is a tax reporting requirement in Canada for individuals, corporations, and certain trusts who own specified foreign property. It is filed with the Canada Revenue Agency (CRA) to ensure proper reporting of foreign assets and income.

Who Needs to File the T1135?
You must file the T1135 if:

• You are a Canadian resident (individual, corporation, or trust).
• At any time during the tax year, the total cost of your specified foreign property exceeded CAD $100,000.
• This threshold is based on the original purchase cost of the foreign property, not its current market value.

What is Specified Foreign Property?
The following types of foreign assets are considered specified foreign property:

• Funds or bank accounts held outside Canada.
• Shares of non-Canadian corporations (even if held in Canadian brokerage accounts).
• Debt securities like bonds or debentures issued by non-Canadian entities.
• Real estate outside Canada (e.g., rental property, but not personal-use property such as a vacation home).
• Interest in partnerships that own foreign property.
• Trusts or other foreign investments where you hold an interest.
• Other property (e.g., intangible property) located outside Canada.

What properties are excluded from "specified foreign property"?

• Personal-use property (e.g., vacation homes or vehicles).
• Foreign investments held in registered accounts (e.g., RRSPs, TFSAs).

Here is a link with more questions and answers from the CRA website: https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html

Contact us today if you need to file your T1135, or you are not sure yet!☕