Silver Peak Accounting

10/23/2026

📌 A Helpful Tax Reminder: Penalties Can Apply Even When No Tax Is Owing

In a recent case, a Canadian couple received tax refunds but were each assessed a $2,500 penalty for filing their foreign property reporting forms late. The Federal Court ultimately upheld the CRA’s decision to deny their request for penalty relief.

💡 Why did this happen?

Although the couple didn’t owe any income tax, they were still required to file Form T1135 (Foreign Income Verification Statement). This form may be required if the total cost amount of an individual's specified foreign property exceeds $100,000 at any time during the year. It must generally be filed by the same deadline as the individual's income tax return.

Unlike the usual late-filing penalty for a tax return with a balance owing, Form T1135 has its own late-filing penalty, even if no additional income tax is owed. The penalty is generally $25 per day, up to a maximum of $2,500, plus arrears interest.

📖 Check out the article in the Financial Post for the details of this case.

📩 Have foreign investments or more complex tax reporting needs? We offer tax and accounting services to help you navigate your reporting obligations with confidence. Contact us to learn more!

10/19/2026

📢 Important Tax Reminder

You may be eligible for missed Canada Carbon Rebate (CCR) payments or Climate Action Incentive (CAI) credits if you haven't filed your tax returns for previous years.

📅 The proposed deadline to file eligible returns or submit adjustment requests is October 30, 2026.

Need help catching up on your tax filings? Contact our team to learn how we can help.

The Canada Carbon Rebate (CCR) for individuals and the Climate action incentive (CAI) have now ended. Did you miss out?

If you haven’t done your taxes, you may be leaving money on the table.

Under proposed legislation, the deadline to file outstanding tax returns and be considered for any missed CCR payments or CAI refundable tax credits is October 30th, 2026.

Get started today: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/get-ready-taxes.html

[Image description: A person walks along a trail. The text reads: “Missed CCR payments? There's still time to catch up.”]

10/16/2026

📅 Tax Instalments: What Are They and Do You Need to Pay Them?

If you're self-employed, earn rental or investment income, or don't have enough tax deducted from your income, you may need to pay your taxes in instalments throughout the year.

💡 What are tax instalments?

Tax instalments are payments you make to the Canada Revenue Agency (CRA) throughout the year to help cover the income tax you owe, rather than paying it all at once when you file your tax return.

👀 Who needs to pay them?

Generally, you may need to make instalment payments if your net tax owing is more than $3,000 in the current year and in either of the two previous years. ($1,800 for Quebec residents)

🗓️ When are payments due?

For most individuals, instalment payments are due four times a year:

• March 15
• June 15
• September 15
• December 15

Missing required payments or paying too little may result in interest charges and, in some cases, penalties.

✅ Our tip: Plan ahead, set money aside for taxes, and keep track of your income throughout the year to help avoid surprises at tax time.

📩 Need support with your tax planning or preparation? Get in touch with our team to learn more about our tax and accounting services!

📖 Learn more: Visit the CRA website for more information on tax instalments, eligibility requirements, payment dates, and how to calculate your payments.
🔗 https://www.canada.ca/en/revenue-agency/services/payments/payments-cra/individual-payments/income-tax-instalments.html

10/14/2026

🚗 Independent Contractors: Are You Tracking Your Business Kilometres?

If you use your vehicle for business, keeping an accurate mileage log can make tax time a whole lot easier!

Here are a few things to remember:

✅ Record your business trips and their purpose
✅ Track the dates, destinations, and kilometres driven
✅ Keep receipts for vehicle expenses, such as fuel, insurance, and repairs

📌 A little record-keeping today can save you headaches at tax time!

📩 Looking for professional support with your business taxes? Contact us today to learn more about our accounting and tax services!

10/09/2026

🍂 Happy Thanksgiving from Silver Peak Accounting! 🍁

As we head into the long weekend, we want to take a moment to express our sincere gratitude to our valued clients, partners, and community. We truly appreciate your continued trust and support throughout the year!

📌 Holiday Hours: Please note that our office will be closed on Monday, October 12th for the holiday. We look forward to serving you when we reopen for regular business hours on Tuesday, October 13th.

Wishing you and your loved ones a safe, restful weekend filled with great food and quality time together!

10/06/2026

Missed the tax deadline? Haven’t filed for a few years? Or worried because you owe the CRA and can’t pay the full amount?

The good news is that being behind on your taxes doesn’t mean you’re out of options.

Our latest article explains:

✅ What can happen when you file your return late and owe tax

✅ How CRA late-filing penalties and interest work

✅ What to do if you’re several years behind

✅ When CRA penalties and interest may be eligible for relief

✅ Practical steps you can take to get your tax situation under control

👉 Read the full article: https://www.taxhelptoday.ca/post/late-tax-filing-in-canada-what-happens-and-what-should-you-do

If you're behind on your taxes, the sooner you understand your situation, the easier it can be to take the next step.

Life gets busy. Sometimes tax deadlines get missed.Maybe you forgot to file your return. Maybe you knew you owed money and weren't able to pay. Or perhaps you've been putting off your taxes for a few years because you're not sure where to start.Whatever the reason, filing your taxes late in Canada d...

10/02/2026

💰 The next Canada Groceries and Essentials Benefit (CGEB) payment is scheduled for October 5, 2026.

The CGEB is a tax-free benefit designed for eligible Canadians with low and modest incomes. It replaced the GST/HST credit in July 2026 and is based on information from your tax return.

📌 A few things to know:

✅ You generally don’t need to apply separately.
✅ Your 2025 tax return is used to determine your benefits for July 2026–June 2027.
✅ If you haven’t filed your 2025 return yet, your CGEB payments may be delayed until the CRA assesses your return.
✅ You can check your payment information through your CRA account.

Stay informed about changes that may affect your taxes, credits, and benefits.

🔗 Learn more about CGEB: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-groceries-essentials-benefit.html

09/29/2026

Sole Proprietor vs. Corporation: What’s the Difference? 👇

If you’re running your own business, you may eventually ask yourself: “Should I incorporate?”

Understanding how each structure works can help you make a more informed decision.

👤 Sole Proprietorship

A sole proprietorship is a straightforward way to operate a business.

• Business income and expenses are generally reported on your personal tax return
• Simpler bookkeeping and administration in many cases
• Lower setup and ongoing costs
• Often a practical choice for small or newer businesses

🏢 Corporation

Incorporating creates a separate legal entity for your business and can provide additional options as your business grows.

• Business income is generally taxed within the corporation
• More flexibility in some situations around when and how you take money out of the business
• Potential opportunities for tax planning and retaining funds in the corporation
• Can be useful as your business grows or your business needs become more complex
• Provides a separate legal structure, although liability protection has limitations

💡 So, which one is right for you?

Incorporating isn’t automatically better — and staying a sole proprietor isn’t either.

The right structure can depend on how much you earn, how much you need to take out personally, your business risks, and your plans for growth.

Not sure which structure fits your situation? Talk to the accountant before making the switch. A little planning upfront can help you understand the tax and administrative implications before you incorporate.

09/25/2026

🚨 TFSA reminder for Canadians who have lived abroad

A recent Federal Court case is a good reminder that tax residency matters when it comes to TFSA contribution room.

If you were a non-resident of Canada for tax purposes, you generally do not accumulate new TFSA contribution room during those years.

In this case, a Canadian who had lived in the U.S. believed she had enough lifetime TFSA room and contributed $88,000. Because she had been a non-resident for several years, however, she had significantly less contribution room than she thought.

The result? More than $5,000 in tax, penalties and interest.

One important takeaway: if CRA notifies you that you've overcontributed to your TFSA, don't ignore the letter. CRA generally expects the excess amount to be withdrawn without delay.

💡 Before making a TFSA contribution, make sure you know exactly how much room you have.

Citizenship and tax residency are not the same thing — and that distinction can be costly.

📖 More details in the Financial Post.

09/22/2026

🏗️ Behind every busy contracting business is a mountain of paperwork.

Invoices. Payroll. Material costs. Subcontractors. HST. Year-end taxes.

When you’re focused on keeping jobs moving and managing crews, it’s easy for the books to become an afterthought.

Professional accounting support gives you:

🛠️ Accurate, up-to-date records so you have a clearer view of your costs and profitability.
📉 Less administrative stress so you can spend less time behind a computer after a long day on-site.
📈 Better financial visibility so you can make informed decisions as your business grows.

Your accounting should support your business, not slow it down.

📩 Contact our team to learn more about accounting support for your contracting business.