Silver Peak Accounting

🚨 Received a CRA Notice? Here’s Why It’s Important to Pay Attention

Running a business keeps you incredibly busy. But when you receive a message or letter from the CRA, it’s important to take the time to read it and understand what’s being requested.

While all CRA correspondence should be reviewed carefully, some types may require a response by a specific deadline.

Here are 3 examples:

1. Review or Information Request 📄
CRA may ask for receipts, invoices, or other documents to support information reported on your tax return. Missing the response deadline could result in deductions being denied or other tax consequences.

2. Notice of Reassessment ⚠️
A reassessment can change the amount of tax you owe or the refund you receive. If you disagree with the reassessment, there may be options available to challenge it.

3. Audit Notice 🔍
A CRA audit means the agency is reviewing your business records and tax filings. Getting your documents organized early can help make the process smoother and less stressful.

The key takeaway? Don’t put CRA correspondence aside.

Review it, take note of any deadlines, and get professional advice if you’re unsure how to proceed.

📩 Received a CRA notice and not sure what it means or how to respond? Contact us today. We’re here to help.

Happy Labour Day Weekend! 🍁✨

Behind every strong community is the hard work, dedication, and resilience of its people. Whether you’re a local business owner, a dedicated employee, or part of the many people who keep our communities moving, this long weekend is a perfect chance to pause and appreciate all that you do.

Here’s to a few days spent relaxing with family and friends, enjoying the last bits of summer, and taking a well-earned break from the numbers.

Please note: Our office will be closed on Monday, September 7, for the holiday and will reopen on Tuesday, September 8.

Salary vs. Dividends: How Should You Pay Yourself From Your Corporation?

If you're an incorporated business owner, deciding between salary, dividends, or a combination of both can be an important part of your overall tax and financial planning.

Each option has different implications for tax, CPP, RRSP contribution room, and payroll. Factors such as your personal income, business cash flow, retirement goals, and plans for your corporation can all influence the right approach.

Our latest blog post explains the key differences and what to consider when choosing how to structure your income.

📖 Read the full article: https://www.taxhelptoday.ca/post/from-corporation-to-personal-account-understanding-salary-vs-dividends

Need help deciding what works for you? Our team can help you understand your options and take care of the related payroll and dividend processing.

📩 Contact us to discuss your corporate accounting and tax planning needs.

From Corporation to Personal Account: Understanding Salary vs. Dividends For many incorporated business owners, one of the first questions that comes up after the corporation starts making money is simple:How do I get money from my corporation into my personal account?Two common methods are salary and dividends. While both can provide you with personal income, they are t...

🏠 Ontario first-time home buyers — this is worth knowing about.

If you're buying or building a new home, you may be eligible for federal and provincial GST/HST rebates that could provide significant tax savings.

Make sure you understand the eligibility requirements and how the rebates may apply to your situation. 👇

Have questions about the tax side of your home purchase? We’re here to help.

Ontario residents: we’ve got news for you!

If you buy or build a new home, you could be eligible for the federal and provincial first-time home buyers’ GST/HST rebates, saving you up to $130K in taxes.

Check if you’re eligible! https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html?utm_content=2026-07-01_0023

[Image description: Two adults and a child smile in front of a house.]

📢 The Taxpayers’ Ombudsperson is seeking feedback on CRA adjustment delays.

The Office is currently asking taxpayers, tax preparers and small-business owners about delays in processing complex T1 adjustments and their experiences with the CRA’s complaint process.

This may be of particular interest to anyone who has been waiting an extended period for a tax adjustment or has had difficulty resolving a CRA service issue.

The questionnaire is open until September 2, 2026.

Read the announcement and find the questionnaire here: https://www.canada.ca/en/taxpayers-ombudsperson/news/2026/08/taxpayers-ombudsperson-wants-your-feedback-on-t1-adjustment-delays-and-complaint-options-at-the-canada-revenue-agency.html

🚩 3 Red Flags to Look For in Your Books

Your books can be “balanced” and still not tell the full story.

What can easily get overlooked:

1️⃣ Personal & business expenses mixed together
This can make your records harder to manage, obscure your true business expenses, and create unnecessary tax headaches.

2️⃣ Profit is being confused with cash flow
You can be profitable on paper and still struggle to pay the bills. Profit and cash flow tell two very different stories.

3️⃣ GST/HST not tracked properly
GST/HST you collect isn’t simply extra business income. It needs to be tracked and accounted for correctly.

Good bookkeeping isn't just about filing taxes. It helps you understand what’s actually happening in your business.

📊 Need help getting your books in order? Contact us today.

Accurate Financial Records Matter ⚠️

A recent B.C. case involving a former mortgage broker highlights an important lesson for businesses and individuals: financial information needs to be accurate, verifiable, and properly documented.

The regulator found issues across multiple files, including overstated income, misleading information, and documents that were not authentic. The consequences were significant: a $25,000 administrative penalty, $5,000 in investigation costs, and a lifetime ban from the profession.

While this case is specific to the mortgage industry, the broader lesson applies to businesses and individuals alike: financial records are more than paperwork. They can influence lending decisions, tax reporting, business opportunities, and professional credibility.

Accurate, well-maintained records can help identify discrepancies early—before they become costly problems.

At Silver Peak Accounting, we believe good accounting is about more than numbers. It’s about accuracy, transparency, and building trust.

👉 Read the full story on CTV News

💰 Could you be missing out on money from the CRA?

If you haven’t filed your 2021–2024 tax returns, you may still be eligible for retroactive Canada Carbon Rebate (CCR) payments.

Depending on your province, family size and circumstances, the amount could be significant — up to $1,800 for some families.

📅 Proposed deadline: October 30, 2026

Budget 2025 proposed that no Canada Carbon Rebate payments would be made for tax returns or adjustment requests filed after October 30, 2026.

The deadline is not yet law, but if you have outstanding returns, now is a good time to get caught up and avoid missing payments you may be entitled to.

📰 For more details, check out the recent National Post article.

📩 Behind on your tax returns? Our team can help you bring your filings up to date and determine whether you may be eligible for retroactive payments.

💡 Tax questions don’t only come up at tax time.

A business change, new investment, additional source of income, or a concern with a previous return can leave you wondering what to do next.

We help individuals and businesses navigate complex tax matters throughout the year—from preparing detailed returns and addressing CRA inquiries to planning ahead with confidence.

If you’re dealing with a tax situation that’s more complicated than expected, you don’t have to figure it out alone. We’re here to help.

Can you deduct legal fees you pay for someone else's tax dispute?

A recent Tax Court decision says not in this case.

A taxpayer paid over $6,200 in legal fees to help a family member appeal a CRA reassessment. Although she paid the bill, the CRA denied the deduction—and the Tax Court agreed.

Key takeaway: Legal fees related to a CRA objection or appeal are generally deductible by the taxpayer whose assessment is being challenged, not by someone else who pays the expense.

Read the full Financial Post article for more details on this case.

Tax rules can be complex and every situation is unique. Contact our team to schedule a consultation and discuss your specific circumstances.