BK Tax & Real Estate Inc.

🤝 BK Tax & Real Estate × SSR Auto Repair & Collision Service 🚗

We’re excited to announce our partnership with SSR Auto Repair & Collision Service 🎉

🎁 EXCLUSIVE OFFER
👉 Get 20% OFF auto repair & collision services
📌 When referred by BK Tax & Real Estate

✔ Paint & Collision Repair (Lifetime Warranty)
✔ Mechanical Work & Oil Change
✔ A/C Repair & Tire Services
✔ Tinting & Detailing
✔ All Insurance Companies Approved

📍 Scarborough, ON
📞 647-514-4821 | ☎ 416-690-2424

📢 Important:
Mention BK Tax & Real Estate reference at booking to receive the discount.

🚗✨

Happy New year 🥳

Worker Misclassification – Budget 2025 Update

Budget 2025 targets employers who wrongly classify employees as contractors to avoid CPP, EI, and tax obligations — an issue common in the trucking industry.

What’s changing:

$77M for CRA enforcement + ongoing funding

Crackdown on personal services businesses

Mandatory fee reporting returns for trucking

CRA sharing data with ESDC

Goal: better compliance, fair taxes, and stronger worker protections.

Employers & contractors should review classifications now to avoid penalties.

CRA Filing Deadlines – Important Reminder for Businesses & Contractors

Make sure you’re filing your year-end slips on time to avoid penalties and keep your business fully compliant. Below are the key deadlines you need to know:

📄 T5 – Statement of Investment Income
Due February 28. If this date falls on a weekend, the deadline moves to the next business day.

👔 T4 – Statement of Remuneration Paid
Due February 28 following the calendar year.

📑 T4A – Pension, Retirement, Annuity & Other Income
Due February 28 following the calendar year.

🏗 T5018 – Statement of Contract Payments (Construction Industry)
Due 6 months after the end of the reporting period (calendar year or fiscal period) selected by the payer.

Staying ahead of these deadlines ensures smooth compliance and avoids costly penalties.
If you need help preparing or filing any of these slips, we’re here to assist.

BK Tax & Real Estate Inc.
Your One-Stop Solution for Taxes • Accounting • Payroll • Compliance

Director Loan from a Corporation (CRA Rules)
Yes, a director can take a loan from their corporation — but CRA has strict conditions.

✔️ Must have a written loan agreement
✔️ Must charge 3% interest
✔️ Must have a clear repayment plan
✔️ Must repay within 1 year after the corporation’s year-end

If not repaid on time, CRA will treat the loan as personal income and tax it.