Belmonte Léger SEP

📚 International Literacy Day September 8
Literacy gives us the tools to understand information, ask better questions, and make informed decisions. In accounting, that understanding can make a meaningful difference.

👉 Knowing how to read financial statements, understand cash flow, recognize tax obligations, and interpret key financial information can help business owners see beyond the numbers and better understand the financial health of their organization.

Accounting isn’t simply about recording what has already happened. It provides valuable information that can help businesses plan ahead, identify opportunities, manage risks, and make more confident decisions.

On International Literacy Day, we recognize the importance of education and accessible knowledge in all its forms including the financial knowledge that helps individuals and businesses make informed choices about their future.

📢 Happy Labour Day, Canada!
Today, we celebrate the dedication, hard work, and contributions of workers across our country.

Wishing everyone a well-deserved day to relax, recharge, and enjoy time with family and friends.

🙏 🛠️ 🍁

Bonne fête du Travail, Canada! 💙
Aujourd'hui, nous célébrons le dévouement, le travail acharné et la contribution des travailleurs et travailleuses de tout le pays.

Nous vous souhaitons à tous une journée bien méritée pour vous détendre, vous ressourcer et profiter de moments précieux en famille et entre amis.

📢 Are you a U.S. citizen living in Canada?
Your investments could create unexpected tax complications.

ℹ️ Living in Canada doesn’t necessarily mean your U.S. tax obligations disappear. U.S. citizens living in Canada can face tax reporting requirements in both countries, including potential implications for investment income such as interest, dividends, and capital gains. The Canada / U.S. tax treaty provides mechanisms to help prevent double taxation, but navigating the rules can still be complex.

📈 Canadian investment accounts and U.S. investments may not always receive the same tax treatment in both countries.

That’s why it’s important to understand your obligations before making investment decisions, rather than discovering unexpected tax consequences later.

At Belmonte Léger, we help clients navigate complex tax situations and make informed financial decisions.
🤝 Connect with us!
📲 514-383-4858

📚 Learning About Taxes Starts Early! 🤩
Taxes are part of everyday life but understanding how they work doesn’t have to be complicated.

👉 The Canada Revenue Agency (CRA) offers “Learn about your taxes,” an educational program designed to help students and educators better understand Canada’s tax system and build practical financial knowledge.

The program covers important topics such as:
✔️ Starting a job and understanding your pay
✔️ Preparing and filing a tax return
✔️ Understanding benefits and tax credits
✔️ Saving for the future

💰 The CRA is also promoting a national competition for middle and high school students and teachers, running from September 1 to October 16, 2026, with a total prize pool of $5,000!! 👏

At Belmonte Léger, we believe that financial literacy is an important foundation for making informed decisions today and in the future.

🔗 More information 👇

https://www.canada.ca/en/revenue-agency/services/tax/individuals/educational-programs.html

🔗 Version française 👇

https://www.canada.ca/fr/agence-revenu/services/impot/particuliers/programmes-educatifs.html

🇨🇦 The federal fuel excise tax suspension was scheduled to end September 7, with the tax returning September 8.

But according to reports today, the federal government is extending the tax holiday until January 31, 2027.
That means the federal excise tax will remain suspended:
⛽ Gasoline: 10¢ per litre
🚛 Diesel: 4¢ per litre

For someone filling a 50-litre gas tank, that's about $5 in federal excise tax avoided per fill-up.

But the bigger conversation goes well beyond what we pay at the pump.
Diesel powers the trucks moving our food.
Fuel costs affect construction, agriculture, deliveries and countless businesses costs that can ultimately work their way through the supply chain.

And perhaps the bigger question...
👉 Will Canadians actually feel the difference in their wallets or are fuel prices still too high for 10 cents a litre to make a meaningful impact?

📢 New Month. New Financial Priorities.
September marks the beginning of the final stretch of the year and a good opportunity for business owners to review where they stand financially.

ℹ️ Before Q4 begins, take some time to look at:
✔️ Cash flow: Are revenues and expenses tracking as expected?
✔️ Tax instalments: Are upcoming payments accounted for in your cash-flow planning?
✔️ Payroll obligations: Are deductions, remittances and records up to date?
✔️ Year end planning: Are there financial or tax decisions that should be considered before December?

👉 Good year-end planning doesn't start in December. Reviewing your numbers now gives you more time to identify issues, evaluate opportunities and make informed decisions before the year comes to a close.

A strong finish to 2026 starts with knowing where you stand today. ✨

📋 Did you forget to file a GST/HST return?
Don't panic and don't ignore it.

If you have an outstanding GST/HST return, it's never too late to get caught up. The CRA provides filing options for businesses in different situations, including those with overdue returns or payments.

💡 Why act now?
Outstanding returns can lead to penalties and interest
Filing helps bring your GST/HST account up to date
Payments can be made once you determine what you owe
Staying current helps keep your business in good standing

The important thing is to address the issue rather than let it accumulate.

👉 The CRA provides guidance on how to file your GST/HST return, regardless of your situation.

🔗 More Information 👇
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/file-gst-hst-return.html

🔗 Version française 👇
https://www.canada.ca/fr/agence-revenu/services/impot/entreprises/sujets/tps-tvh-entreprises/produire-declaration-tps-tvh.html

📢 Canada is responding to U.S. tariffs and Canadian businesses are getting targeted support.
With new U.S. tariffs affecting $27.6 billion of Canadian goods, the federal government has announced additional countermeasures and support for workers and businesses impacted by the trade conflict.

👇 For businesses, the response includes:
- Support for affected workers and employers
- Financial programs for businesses facing tariff-related impacts
- Support for strategic industries and investment
- Help for Canadian exporters looking to diversify into other markets
- Measures designed to strengthen Canada's economic resilience

👉 The government has also confirmed that, effective September 8, Canada will impose matching counter-tariffs of 15%, 25% and 50% on selected U.S. products, covering approximately $27.6 billion in imports.

ℹ️ For Canadian businesses, this is more than a trade-policy story.
It's a reminder to review:
- Supply chains
- Pricing and margins
- U.S. market exposure
- Alternative suppliers and markets
- Cash flow and financing
- Available government support

🔗 Source of information 👇
https://www.canada.ca/en/department-finance/news/2026/08/the-governement-of-canada-highlights-targeted-countermeasures-and-substantive-support-for-workers-and-businesses-in-response-to-us-tariffs.html

🔗 Version française 👇
https://www.canada.ca/fr/ministere-finances/nouvelles/2026/08/le-gouvernement-du-canada-souligne-les-contre-mesures-ciblees-et-les-mesures-importantes-prises-pour-soutenir-les-travailleurs-et-les-entreprises-en.html

📢 A small tax mistake can become a much bigger bill.
A recent case highlighted by Financial Post is a good reminder that late tax filings, unpaid balances and accumulating interest can add up quickly.

👇 For Canadians, the CRA can impose:
◾ Late-filing penalty:
5% of the balance owing, plus 1% for each full month late, up to 12 months.

◾ Repeated late filing penalty:
10% of the balance owing, plus 2% for each full month late, up to 20 months, in certain circumstances.

◾ Interest:
compound daily interest can apply to unpaid amounts starting the day after the payment deadline.

ℹ️ If you can't pay your tax bill in full, file your return on time anyway. Filing on time can prevent the late filing penalty from being added to the amount you already owe.

👉 A missed deadline today can become an expensive problem tomorrow.

🔗 Source of information: Financial Post.

📋 Employers: are you up to date on your payroll obligations?
The CRA’s T4001, Employers’ Guide: Payroll Deductions and Remittances provides employers, trustees and payers with guidance on deducting and remitting:
- Income tax
- CPP contributions
-️ EI premiums

The guide is designed to help employers correctly calculate payroll deductions and understand their remittance responsibilities.

For businesses, payroll compliance isn't just about paying employees it’s about getting the deductions, remittances and reporting right.

👉 A payroll error can become a costly compliance issue.
Staying current with CRA requirements can help prevent surprises.

🔗 More Information 👇
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4001.html

🔗 Version française 👇
https://www.canada.ca/fr/agence-revenu/services/formulaires-publications/publications/t4001.html