SNF Accounting

💡 TIPS FROM A CPA

Things your future self will thank you for at tax time!

📁 1. Keep Every Receipt
Yes, even the small ones! Coffee for a client meeting, mileage logs, parking they add up. If it's a legit business or medical expense, keep it.

📆 2. Don’t Wait Until April
Start organizing your documents NOW. Tax season doesn’t need to be stressful if you prepare a little each month.

💼 3. Separate Personal & Business
Using a dedicated business bank account and card makes bookkeeping so much easier.

📊 4. Track Income from ALL Sources
Side hustle? Rental? Freelance gig? CRA wants to know and so should you.

📝 5. File Even If You Didn’t Work
Filing unlocks credits & benefits like GST/HST, CCB, and more — even if your income was $0.

🙋‍♂️ 6. Don’t Guess. Ask.
Google can’t defend you in an audit. A CPA can help you file right, claim more, and avoid costly mistakes.

📩 DM us if you need help staying tax-ready all year long.

❎ Don't fall for this tax myth!

🧠 MYTH :
“I can’t claim medical or dental expenses unless I have a private plan.”

✅ FACT:
Even if you paid out-of-pocket, you may be able to claim medical expenses on your return.

Contact SNF Accounting — we make taxes simple!

💰🎉 Do I Have to Pay Tax on Lottery Winnings in Canada?

In Canada, lottery winnings are not taxable — whether you win the Lotto Max, a raffle, or a casino jackpot, you can keep the full amount. 🤑

💡 But Here’s the Catch:
Although winning is tax free, if you invest your winnings and earn interest or dividends, that income is taxable.

📌 CPA Tip:
Just because it’s tax-free doesn’t mean it’s risk-free — talk to a pro before making big financial moves with your winnings!

🇨🇦 CRA Tax Deadlines Made Simple for Canadian Businesses & Self-Employed

Here’s a quick breakdown of important 2026 CRA deadlines you should not miss 👇

✅ Payroll Accounts
• T4/T4A returns due: End of February each year
• Payroll remittance due dates depend on your remitter type & AMWA

✅ Self-Employed Individuals
• Tax filing deadline: June 15, 2026
• Tax payment deadline: April 30, 2026
• Instalments due: Mar 15, Jun 15, Sep 15, Dec 15

✅ Corporations
• T2 return due: Within 6 months after fiscal year-end
• Tax payments usually due: 2 months after year-end
• Eligible CCPCs may get up to 3 months

✅ GST/HST Registrants
• Monthly & quarterly filers: File/pay 1 month after reporting period
• Annual filers: File/pay within 3 months after fiscal year-end
• Self-employed annual filers: Payment due Apr 30, filing due Jun 15

⚠️ Missing deadlines can lead to penalties and interest.

Need help with bookkeeping, payroll, GST/HST, or corporate taxes in Canada?

Book your free initial consultation: https://www.snfaccounting.com/book-meeting

🎁 Are Gifts or Inheritance Taxable in Canada?

✅ Good news!
In most cases, gifts and inheritance are NOT taxable to the recipient in Canada. You don’t have to report them as income on your tax return. 🙌

💡 However…
👉 If the asset like a house, stock, or crypto increased in value, the person giving it may have to pay capital gains tax.
👉 If you inherit an income-generating asset like a rental property, future income is taxable to you.

📌 CPA Tip:
Keep clear records of what you received, when, and from whom this helps later with capital gains or audits.

💰 𝐁𝐚𝐬𝐢𝐜 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐀𝐦𝐨𝐮𝐧𝐭 (𝐁𝐏𝐀): 𝐓𝐡𝐞 𝐓𝐚𝐱 𝐅𝐫𝐞𝐞 𝐙𝐨𝐧𝐞 🇨🇦

Did you know the first $15,000 you earn is tax-free thanks to the Basic Personal Amount?

📌 What is it?
The Basic Personal Amount (BPA) is a non-refundable tax credit that allows all Canadians to earn a certain amount before paying federal income tax.

💡 CPA Tip:
You don’t need to apply — it’s automatically included on your tax return. But make sure your employer is using the correct amount on your TD1 form!

🏡💸 Big News for First-Time Homebuyers in Canada!

GST Eliminated on New Homes Under $1M 🎉
📣 As of March 20, 2025, the federal government has removed the 5% GST on newly built homes priced at $1 million or less — but only for first-time buyers!

📌 CPA Tip:
Pair this with the First-Time Home Buyers' Tax Credit and Home Buyers' Plan to stack your savings!

✈️ What If I Work in Multiple Provinces? Where Do I File My Taxes?

It’s not where you work that decides where you file, it's where you live on December 31st! 🏡

📍 Here’s the Rule:
✔️ You file your taxes based on your province or territory of residence on December 31 of the tax year.

➡️ Example:
● You worked in Alberta all summer but moved back to Ontario in November?
👉 You file as an Ontario resident.

🧾 Important Things to Know:
🔹 You’ll still have to report all your income from all provinces.
🔹 The provincial tax rates that apply are based on your December 31st residence.
🔹 Moving between provinces? You might also qualify for moving expenses if the move was for work or study!

💡 CPA Tip:
✅ Keep your pay stubs and T4s from all provinces — CRA will want to see everything you earned!

👶💰 Common Tax Questions About Child Support (Canada)

1. Is the income from child support taxable?
➤Child support payments are not taxable for the recipient and not deductible for the payer.

2. Is it necessary for me to disclose child support on my tax return?
➤ Generally, no — but you may need to disclose it for benefits like the Canada Child Benefit (CCB).

3. Does the payment of child support affect my eligibility to claim the child?
➤ Yes. Only one parent can claim the child on their taxes or for credits like the CCB. Usually, the custodial parent claims them.

4. Is it possible for both parents to claim their child on their tax returns?
➤ CRA does not allow duplicate claims — you must decide who qualifies based on custody and living arrangements.

📌 CPA Tip: If you share custody 50/50, each parent may be able to claim half of the Canada Child Benefit. It depends on CRA’s custody guidelines.

🗂️ How Long Do I Need to Keep My Tax Documents in Canada?

✅ The CRA requires you to keep your tax records for at least 6 years from the end of the tax year they relate to.

🗓️ Example:
If you filed your 2024 taxes in spring 2025, you must keep those records until at least the end of 2031!

🚨 CPA Tip:
✅ Keep both paper and digital copies if you can, CRA accepts electronic records, but they must be clear, organized, and accessible if requested.

👵🏼👴🏼 Tax Benefits for Seniors in Canada

If you’re 65 or older, you may qualify for tax breaks and credits that can save you money at tax time. Here are some of the most common:

✅ 1. Age Amount
If your net income is below a certain threshold, you may claim the Age Amount tax credit (up to ~$8,700 federally for 2024).

✅ 2. Pension Income Amount
You can claim up to $2,000 of eligible pension income as a non-refundable tax credit.

✅ 3. Pension Income Splitting
Seniors receiving eligible pension income can split up to 50% with their spouse, which may lower their combined taxes.

✅ 4. Guaranteed Income Supplement (GIS)
If you receive Old Age Security (OAS) and have low income, you may qualify for GIS — a monthly, non-taxable benefit.

✅ 5. Medical Expenses Credit
You can claim out-of-pocket medical expenses, including prescriptions, dental, home care, and certain mobility aids.

✅ 6. Home Accessibility Tax Credit (HATC)
You can claim up to $20,000 in renovations that make your home more accessible or safer.