Ali Asghar CPA

Are quarterly tax installments on your radar?

If you’re a Canadian small business owner, paying these installments might be necessary if you owe $3,000 or more in taxes ($1,800 in Quebec).

Why are they so important?

- They help you avoid large tax bills at year-end.
- They keep you on the CRA’s good side by avoiding interest and penalties.

The key dates to remember for Sole Proprietors are: March 15, June 15, September 15, and December 15. Save this post so you don’t forget!

If your business is incorporated, due dates will be based on your fiscal year-end and can be found on your notice of assessment.

Want personalized help with your tax planning and quarterly installments? Let’s make sure you’re on the right track.

Send me a DM or visit my website to book a consultation today!

Nervous about booking a discovery call?

We get it.

Nobody likes feeling like they’re walking into a sales pitch.

That’s why I wanted to show you exactly what happens during my free discovery calls.

Spoiler alert: It’s actually pretty relaxed 😊

The goal isn’t to convince you of anything.
It’s to understand your business, identify opportunities, and see if we’re a good fit to help you reach your goals.

Swipe through to see the breakdown ➡️

Ready to chat about your books? DM me BOOKS and I’ll send you a link :)

As summer wraps up and the school year kicks back in, many business owners realize their bookkeeping has been left on the back burner.

Between vacations, family time, and managing peak season demands, it’s common for financial records to fall behind during the warmer months.

We notice this pattern every September.

But here’s the reality—Q4 is right around the corner, and year-end prep sneaks up quicker than most expect.

The silver lining? September is one of the best times to reset.

With summer distractions behind you, kids back in school, and that fall “fresh start” momentum, it’s the perfect moment to get your books back in order.

If you’re feeling a little behind, you’re definitely not alone—and you don’t need to stress about catching up.

Our team regularly helps businesses get organized after summer. We know the fastest way to bring your books up to date and prepare you for a strong finish to 2025.

Want peace of mind going into year-end?

Let’s connect and talk through how we can help you catch up and put simple systems in place to keep things running smoothly.

You can book a free discovery call through the link in our bio.

Think earning $25K from a side hustle means you can skip filing? Think again. Canada requires you to report all self-employment income—no matter how small.

The $30K limit you’ve heard of is about GST/HST registration, not income tax. Until your revenue hits that threshold, you don’t need to collect sales tax. But you still must file Form T2125 to report your earnings and claim deductions—home office, supplies, vehicle… all of it.

Reporting builds your RRSP room, proves legitimacy, and keeps CRA happy. If that feels overwhelming, I can help GTA freelancers track, file, and optimize. Let’s tackle it together.

Understanding your paycheck can be confusing when your net pay feels smaller than expected. Here’s what happens for Ontario employees paid biweekly:

Your gross pay is the total amount before deductions. Net pay is what you actually take home after mandatory deductions like federal and Ontario taxes, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums.

CPP and EI have annual caps, so deductions stop once you reach those limits. Income taxes are progressive, meaning you pay higher rates on higher income portions.

Different calculators may show different net pay because of how they apply tax brackets, CPP/EI caps, and payroll rounding. Use a reliable payroll deductions calculator to estimate your take-home pay better and budget smarter. Questions? Feel free to ask anytime.

Income splitting isn't just a senior perk—it’s a powerful tool for families, professionals, and entrepreneurs too.

💡 Pension income splitting for retirees
💡 Prescribed-rate loans to spouses for safe investing
💡 Spousal RRSPs to shift income later
💡 Family trusts & dividends—watch TOSI rules
💡 Spousal salary/splits for small business owners

Each opens doors to tax savings—but only if done right. Curious which one works for you? Based in the GTA—I help families navigate tax strategies with confidence.

Auto-fill grabs your T4s, T5s, and T3s—but that doesn’t mean your return is complete. Personal deductions, side income, and errors still need your input. Missing a gig revenue or expense could cost you thousands—or trigger a reassessment.

Double-check slips against your CRA My Account, add income manually, review deductions, and fix errors before you file. The CRA won’t do it for you. If managing details feels overwhelming, I’ve got you—helping GTA clients file confidently.

Think paying your tax in April is enough?
Not if you owe over $3,000 two years in a row—because CRA expects installments throughout the year.

They send reminders in February and August; payments land in March, June, September, and December.

Miss a payment or underpay? CRA charges daily compounded interest—and if interest adds up to $1,000+, you’re hit with a penalty too.

Simple tips to prevent this:
• Watch your CRA My Account and mark dates
• Choose the best payment method for your situation
• Pay early or overpay to reduce interest build-up
• Keep copies of confirmation slips

Installments prevent spring surprises and help your cash flow stay stable.
If installments are new or you need help, I’m here to guide your GTA-based business.

Think earning more will leave you with less after taxes? It’s a common myth—but completely false.

In Canada, only the income within each tax bracket is taxed at that rate. So if you move into a higher bracket, only the extra dollars are taxed more—not your entire income.

Your average tax rate is always lower than your marginal one.
Bottom line: more income still means more take-home.

Don’t let tax myths hold you back from growth.
📍Based in the GTA and here to help you understand your return—not just file it.