Beauregard Accounting

Huge thank-you to our incredible team for your hard work, long hours, and dedication. Tax season isn’t easy, but you show up with professionalism and commitment every single day. Our success is… | Beauregard Accounting Huge thank-you to our incredible team for your hard work, long hours, and dedication. Tax season isn’t easy, but you show up with professionalism and commitment every single day. Our success is possible because of you—and I’m proud to work alongside such an amazing group. Thank you for everyth...

𝐒𝐨𝐦𝐞 𝐟𝐮𝐧 𝐟𝐚𝐜𝐭𝐬:
Bookkeeping/Accounting Record keeping back more than 7,000 years have been found in Mesopotamia, and documents from ancient Mesopotamia show lists of expenditures, and goods received and traded. The development of accounting, along with that of money and numbers, may be related to the taxation and trading activities of temples:
- The FBI employs more than 2,000 accounting special agents who use their mad math skills to solve crimes.
- The 1928 bubble gum inventor was an accountant named Walter Diemer.
- Famous People who have an accounting background:
1. Mick Jagger
2. King Charles
3. Kenny G
4. Ken Mode
5. Simu Lui
- Some people refer to earning less as “working for peanuts”
- Albert Einstein is rumored to have said, "The hardest thing to understand in the world is the income tax"
- The first post it - Tally stick - was an ancient memory aid used to record and document numbers, quantities, and messages. 50,000 and 12,000 years

𝐓𝐫𝐢𝐜𝐤 𝐨𝐫 𝐓𝐫𝐞𝐚𝐭 𝐓𝐚𝐱 𝐒𝐞𝐫𝐢𝐞𝐬 – 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐦𝐨𝐧𝐭𝐡 𝐨𝐟 𝐎𝐜𝐭𝐨𝐛𝐞𝐫

There are more than
400 tax credits and deductions available to Canadians
Here are 7 tax treats to get you ready for taxes.

𝐏𝐚𝐫𝐭 𝟏

𝑫𝒊𝒈𝒊𝒕𝒂𝒍 𝒏𝒆𝒘𝒔 𝒔𝒖𝒃𝒔𝒄𝒓𝒊𝒑𝒕𝒊𝒐𝒏 𝒆𝒙𝒑𝒆𝒏𝒔𝒆𝒔
Line 31350 – Digital news subscription expenses - Canada.ca
You can claim up to $500 for amounts that you paid in 2023 for qualifying subscription expenses.
A qualifying subscription expense is the amount a subscriber paid in the year for a digital news subscription with a qualified Canadian journalism organization (QCJO) that does not hold a licence to carry on a broadcasting undertaking. To qualify, a digital news subscription must give access to digital content that is primarily written news.
Only the individuals who entered into the agreement for the subscription can claim the expenses. If you and another person can claim the same qualifying subscription expenses, you can split the claim for those digital news subscription expenses. However, the total amount of your claim and the other person’s claim cannot be more than the maximum amount allowed for this credit.

𝑴𝒆𝒅𝒊𝒄𝒂𝒍 𝑬𝒙𝒑𝒆𝒏𝒔𝒆𝒔
If you have eligible medical expenses that your health care plan does not cover, you may be able to claim a tax credit.
There are several limitations, and you can’t claim expenses that will be reimbursed by insurance.
Medical expenses can often add up, and you may not realize you can get a tax credit for some of them. There is a long list of things you can claim, so check to find out more.

𝑫𝒊𝒔𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝑻𝒂𝒙 𝑪𝒓𝒆𝒅𝒊𝒕
The disability tax credit (DTC) covers a wide range of conditions. If you have a condition classified as a disability, you may be able to use this to reduce your tax bill.

𝐓𝐫𝐢𝐜𝐤 𝐨𝐫 𝐓𝐫𝐞𝐚𝐭 𝐓𝐚𝐱 𝐒𝐞𝐫𝐢𝐞𝐬 – 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐦𝐨𝐧𝐭𝐡 𝐨𝐟 𝐎𝐜𝐭𝐨𝐛𝐞𝐫
𝐏𝐚𝐫𝐭 𝟐

𝑪𝒉𝒊𝒍𝒅 𝑪𝒂𝒓𝒆 𝑬𝒙𝒑𝒆𝒏𝒔𝒆𝒔
Parents can take advantage of many tax credits and deductions, including adoption expenses for adoptive parents, fitness programs, and tuition expenses. You can also get a tax deduction for child care.
With the child care deduction, you can deduct up to $8,000 per year for children under six and $5,000 for children between seven and 15 for eligible child care, including preschool and nannies.

𝑺𝒕𝒖𝒅𝒆𝒏𝒕 𝑳𝒐𝒂𝒏 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕
You can claim a tax credit for the interest you pay on student loans, both federal and provincial. This is a 15% tax credit, but this does not apply to interest paid to a private lender like a bank or if you have consolidated your loans.

𝑫𝒐𝒏𝒂𝒕𝒊𝒐𝒏𝒔
There are several employment expenses you can claim tax credits for. For example, with the Canada employment amount, you can claim work-related expenses like your uniform and work supplies up to a maximum of $1,287.

𝑼𝒏𝒊𝒐𝒏 𝒂𝒏𝒅 𝑷𝒓𝒐𝒇𝒆𝒔𝒔𝒊𝒐𝒏𝒂𝒍 𝑫𝒖𝒆𝒔
Do you belong to a union or other professional organization? You may be able to deduct various union dues or membership fees when you file your taxes.

𝐓𝐫𝐢𝐜𝐤 𝐨𝐫 𝐓𝐫𝐞𝐚𝐭 𝐓𝐚𝐱 𝐒𝐞𝐫𝐢𝐞𝐬. 𝐇𝐚𝐥𝐥𝐨𝐰𝐞𝐞𝐧 𝐓𝐫𝐢𝐜𝐤.

𝑾𝒆 𝒅𝒐𝒏’𝒕 𝒌𝒆𝒆𝒑 𝑹𝒆𝒄𝒆𝒊𝒑𝒕𝒔! 𝑫𝒐𝒏’𝒕 𝒃𝒆 𝒕𝒓𝒊𝒄𝒌𝒆𝒅!
You are required by law to keep records of all your transactions to be able to support your income and expense claims. A record is defined to include an account, an agreement, a book, a chart or table, a diagram, a form, an image, an invoice, a letter, a map, a memorandum, a plan, a return, a statement, a telegram, a voucher, and any other proof containing information, whether in writing or in any other form.

Keep a record of your daily income and expenses. The Canada Revenue Agency (CRA) does not issue record books nor suggest any type of book or set of books. There are many record books and bookkeeping systems available. You can use a book that has columns and separate pages for income and expenses.
Keep your duplicate deposit slips, bank statements and cancelled cheques. Keep separate records for each business you run. If you want to keep computerized records, make sure they are clear and easy to read.

⚠️ Important note about the Canada Disability Benefit:

People who may be eligible for the benefit will soon receive a personalized application letter from Service Canada En, each with a unique application code, in the mail. If you do not receive a letter, you can still apply.

Visit https://ow.ly/hXea50WaLfM for all information.

Image description: Application letters for the Canada Disability Benefit are on the way! A mailbox containing letters inside.

Canada Revenue Agency

𝟒 𝐓𝐲𝐩𝐞𝐬 𝐎𝐟 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐓𝐫𝐚𝐯𝐞𝐥 𝐄𝐥𝐢𝐠𝐢𝐛𝐥𝐞 𝐅𝐨𝐫 𝐂𝐑𝐀 𝐌𝐢𝐥𝐞𝐚𝐠𝐞 𝐑𝐚𝐭𝐞𝐬 𝐀𝐧𝐝 𝐓𝐚𝐱-𝐅𝐫𝐞𝐞 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐀𝐥𝐥𝐨𝐰𝐚𝐧𝐜𝐞𝐬
• Regular Work Locations
• Temporary Work Locations
• Home Office as a Regular Work Location
• Commuting to Work
Whether travelling for regular work locations, temporary work locations, home office or commuting to work, you’ll find everything you need to know about the CRA mileage rates and tax-free vehicle allowances here.
𝟏. 𝑹𝒆𝒈𝒖𝒍𝒂𝒓 𝑾𝒐𝒓𝒌 𝑳𝒐𝒄𝒂𝒕𝒊𝒐𝒏𝒔
Canada Revenue Agency (CRA) defines regular work location as any workplace that the employee visits at least once a week on a sustained basis for a purpose related to their employment.
It includes both long-term and short-term job positions or assignments. The employer must be able to provide sufficient proof of attendance; records such as timesheets should help demonstrate this.
In addition, travel expenses associated with these locations are only eligible for reimbursement if they are located more than 80 km (one way) from the primary place of business or residence of the employee.
For example, an accountant who works in Toronto but travels to Ottawa each weekend would likely qualify for CRA mileage rate reimbursements since it’s more than 160 km one way between cities — even if he has not been assigned there permanently yet.
𝟐. 𝑻𝒆𝒎𝒑𝒐𝒓𝒂𝒓𝒚 𝑾𝒐𝒓𝒌 𝑳𝒐𝒄𝒂𝒕𝒊𝒐𝒏𝒔𝒑𝒆𝒔 𝑶𝒇 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑻𝒓𝒂𝒗𝒆𝒍 𝑬𝒍𝒊𝒈𝒊𝒃𝒍𝒆 𝑭𝒐𝒓 𝑪𝑹𝑨 𝑴𝒊𝒍𝒆𝒂𝒈𝒆 𝑹𝒂𝒕𝒆𝒔 𝑨𝒏𝒅 𝑻𝒂𝒙-𝑭𝒓𝒆𝒆 𝑽𝒆𝒉𝒊𝒄𝒍𝒆 𝑨𝒍𝒍𝒐𝒘𝒂𝒏𝒄𝒆𝒔
Any work location other than an employee’s regular place of employment is considered a “temporary” work location and would be eligible for mileage rate and tax-free vehicle allowances.
According to CRA guidelines, temporary locations last up to four weeks or have been pre-approved by the employer in writing. Considering all surrounding circumstances, the employer must demonstrate why the travel was reasonable.
Any expenses related to this travel, such as lodging, meals, allowance and specific motor vehicle rates, can be deducted from income if proven to be necessary business or relocation expenses incurred during that journey.
𝟑. 𝑯𝒐𝒎𝒆 𝑶𝒇𝒇𝒊𝒄𝒆 𝑨𝒔 𝑨 𝑹𝒆𝒈𝒖𝒍𝒂𝒓 𝑾𝒐𝒓𝒌 𝑳𝒐𝒄𝒂𝒕𝒊𝒐𝒏
Home offices may qualify for either CRA mileage reimbursement or tax-free vehicle allowance when it is determined to be a regular work location.
To qualify as a regular work location, the home office must be used for working with clients or customers more than 50% of the time each month and must meet specific criteria, such as having private entrances, separate telephone lines and an exclusive portion of the residence dedicated solely for business activities.
𝟒. 𝑪𝒐𝒎𝒎𝒖𝒕𝒊𝒏𝒈 𝑻𝒐 𝑾𝒐𝒓𝒌
Commuting expenses incurred while travelling to and from work regularly are usually not eligible for mileage rate or tax-free vehicle allowance benefits under the CRA.
However, Canadian taxpayers can claim certain commuting expenses for business activities associated with their job or profession that require them to travel and attend industry events or other such engagements away from their workplace.
To be eligible, the primary purpose of this travel must be generating income by performing duties related to your job/profession rather than commuting between home and work.

RRSP Deadline

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Tax Slips

T-slip filing issues? CRA provides relief and guidance | Video Tax News On February 19, 2025, CRA released a Tax Tip providing guidance and announcing administrative relief related to: challenges practitioners have experienced when filing information returns ; and     the deferral of the effective date for the increase to the

2026 RRSP Deadline Reminder You still have time! Although Canadians can make contributions to their registered retirement savings plan anytime of year, your last chance to do so for a specific tax year is the 60-day period after the end of the calendar year. This year, the last day falls on a weekend, so the RRSP contribution deadline for the 2025 tax year has been moved to Monday March 2, 2026.

Annual Newsletter
https://beauregardaccounting.ca/wp-content/uploads/2025/02/Tax-Newsletter-2025-5.pdf