RMI LLP - Small Business Accountants Calgary

Happy Labour Day!

🥂To the business owners who took the risk and built something from nothing.
🥂To the employees who show up and make it run.
🥂To the tradespeople, the shift workers, and everyone behind a counter or behind the scenes who doesn't get today off because someone still needs them.

Every job comes with a hundred things nobody taught you in school, whether you're signing the pay cheque or cashing one. That's totally worth a day off, even if some of you are still checking your emails. 😉

We hope you actually take today off. The work will still be there tomorrow. 😇

🚨 Alberta corporations: Your tax notices have gone digital.

Alberta is no longer mailing Corporate Income Tax notices. Notices of Assessment, bills, and deadlines now go through Alberta TRACS only.

If no one's checking your TRACS account, the 90-day window to dispute an assessment could already be counting down, even if nobody's opened it.

On top of that, the access rules are changing November 14, 2026. The old PIN login is being replaced with stronger verification through alberta.ca or Interac.

Make sure someone at your corporation, or your accountant, has access before the switch or you could lose access to your tax information.

Thank you for trusting RMI with your business, and for taking the time to share your experience.
This is why we do what we do. 🙏

There's something liberating about that.

Show up.
Be open and curious.
Let the day teach you something.
Repeat.

Happy Monday!

So, what actually counts as a business trip?

If you use your personal vehicle for eligible work-related travel, your employer (or your corporation if you're a business owner) may reimburse you with a tax-free vehicle allowance.

For 2026, the CRA tax-free vehicle allowance rates are:
❇️ 73¢ / km for the first 5,000 kilometers
❇️ 67¢ / km after that

Note: Rates are 4¢ higher in the Territories.

You need to track your actual business mileage to claim this. Sole proprietors follow different vehicle expense rules, so it's worth confirming what applies to your situation.

Not sure if you're tracking your driving correctly? Send us a DM or call us today! 📞

Corporate year-end always seems far away, until suddenly it isn’t. ⌛️

When you’re busy running a business, year-end planning is hardly at the top of your list. There are customers, contracts, employees to manage, and a gazillion other things pulling your attention in different directions. 🧭

Unfortunately, waiting until the last minute can make your corporate year-end more stressful than it needs to be.

If your corporate year-end is coming up, now is a good time to check in with your accountant and get your records organized.

Need help with your corporate year-end filing? Our team is here to help. ☎️

Do you usually wait for the right time, more confidence, or a clearer plan before starting something?

The thing is, progress usually starts with one small step, not perfect timing.

Pick one thing you’ve been putting off and move it forward. Send the message. Make the call. Open the file.

What’s one small step you can take this week?

📌 Do you know when your next corporate tax instalment is due?

Unlike personal taxes, corporate tax instalment deadlines depend entirely on your company's specific fiscal year-end.

• Monthly Remitters: Your payment is due on the last day of every single month.
• Quarterly Remitters (Eligible CCPCs): Your payments are due on the last day of each fiscal quarter (the 3rd, 6th, 9th, and 12th months of your unique financial year).

🎬️ Action Item: Check your last corporate tax return (T2) or log into CRA My Business Account to confirm your fiscal year-end and avoid costly interest penalties!

Revenue and income sound like the same thing, but they're not. Mixing them up can throw off how you read your own numbers.

➡️ Revenue: everything you sold
➡️ Income: what you actually kept, after expenses
➡️ Revenue and income are not the same thing

Two habits that save you the most stress down the road:

❇️ Start tracking from day one
❇️ Update your records often, not just at tax time

Your books aren't just for tax season. They're what banks and investors look at before they say yes. So keep them clean and review them regularly 😉

Full breakdown: https://buff.ly/95zeDxq

What is a holding company actually for?

In short: it keeps investments separate from the operating company that carries the risk. It can also create tax-planning opportunities when profits are moved between the two and simplify things if you decide to sell.

Irfanali explains what a holding company does, how it can help reduce taxes, and when it makes sense to set one up in this video.

Want to see more helpful content from RMI? Leave your questions in the comments or send us a PM.

Small business tips - Benefits of using a holding company in Canada Find out why you might want to consider a holding company for your ...