Sum It Up Accounting Services

10/03/2025

Thinking about starting a business? One of the biggest early decisions is whether to operate as a sole proprietor or to incorporate.
👉 Sole Proprietor – Simple and affordable to set up. Profits are taxed personally, and you keep all the control. Downside? You’re personally liable for business debts.
👉 Incorporated Business – Separate legal entity, meaning more protection from liability. Can open doors to tax planning opportunities (like paying dividends or splitting income). But setup costs and ongoing filings are higher.
💡 Not sure which structure is best for you? We can walk you through the pros and cons based on your situation.
📩 Message us today for advice tailored to your business!

09/10/2025

Running a business is hard enough without stressing over the numbers. That’s where a Virtual CFO comes in.

Think of it like having a financial strategist in your corner — without the cost of a full-time CFO. A Virtual CFO helps you:
✔️ Understand your numbers
✔️ Improve cash flow
✔️ Plan for growth and taxes

It’s the next step for businesses that want to stop reacting and start strategically growing.

👉 Ready to see how a Virtual CFO can help your business thrive? Send us a message today.

09/02/2025

Separated? Here’s a tax tip you might not know.

When parents separate, each may be able to claim one child as an Eligible Dependant—but only if certain CRA rules are met. This can change your credits, refund, and even benefits.

It’s one of those details that can make a big difference.

Not sure how it applies to you? Send me a message and I’ll walk you through it.

08/21/2025

🏠 Thinking of claiming depreciation (CCA) on your rental property?

Here’s the quick breakdown 👇

✅ Pros:

Lowers your taxable rental income today

Can reduce your current tax bill if you’re in a high-income year

⚠️ Cons:

When you sell, the CRA will “recapture” the CCA you claimed — meaning you’ll pay tax on it then

Claiming CCA can reduce your ability to use the Principal Residence Exemption later if you move back into the property

👉 Bottom line: CCA is a useful tool for some landlords, but it’s not always the best choice for everyone.

Have a rental property and not sure what’s right for you? I can help you run the numbers so you don’t get caught off guard at tax time.

📩 Send me a message and let’s chat.

08/13/2025

💼 Thinking About Incorporating Your Business?

Incorporating can be a smart move — but it’s not always the right time for everyone. Here are a few signs you might be ready:

✅ You’re earning more than you need for personal expenses and can leave profits in the business
✅ You want limited liability protection for your personal assets
✅ You’re looking to take advantage of the small business tax rate
✅ You need flexibility in paying yourself through dividends or salary
✅ You want to build a business that’s separate from you personally

📌 Keep in mind: Incorporation comes with added costs, annual filings, and more record-keeping.

💬 Not sure if it’s time? Send me a message — I’ll walk you through the tax, legal, and practical considerations so you can make an informed decision.

08/05/2025

🏡 Thinking about buying your first home? A First Home Savings Account (FHSA) might be your new best friend.

It combines the benefits of an RRSP and a TFSA—tax-deductible contributions and tax-free growth—making it a powerful way to save for a down payment.

But here’s the catch: over-contributing can trigger tax penalties. Don’t let that happen to you!

📌 Here are some quick FHSA tips:

You must be a first-time home buyer and a Canadian resident over 18

You get $8,000 per year in contribution room (starting the year you open your FHSA)

Lifetime limit is $40,000 across all FHSAs

Over-contributions are taxed monthly—but you can fix it by filling out Form RC727 and working with your financial institution

Use CRA’s estimators to calculate your savings + tax benefits

Not sure if you're eligible? Or worried you may have already over-contributed? I’m happy to help walk you through it.

📩 Message me anytime or visit www.canada.ca/FHSA

A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits).

07/29/2025

📣 The Canada Disability Benefit is now available!

This new federal program offers monthly financial support to working-age Canadians with disabilities who are approved for the Disability Tax Credit (DTC).

✅ Who qualifies?
Canadians aged 18–64 who have been approved for the DTC.

📝 How to apply:
➡️ If you received a letter from the CRA, you can apply online here:
🔗 https://www.canada.ca/en/services/benefits/disability/canada-disability-benefit/apply.html
➡️ Didn’t receive a letter? You can still apply using the same link — just make sure you’ve already been approved for the Disability Tax Credit (DTC).

📩 Not sure if you qualify? Haven’t applied for the DTC yet?
I’m happy to help you figure out the next step. Reach out anytime.

How to apply to the Canada Disability Benefit

07/25/2025

😬 Still haven’t filed your 2024 taxes?
You’re not alone—and we can help.
Whether you're behind a few weeks or a few years, we're experienced in late filings and CRA correspondence. No judgment, just solutions.

📩 Message us today to get started.

07/17/2025

12/16/2024

Save money this year with the GST/HST Break!
From now until February 15, 2025, qualifying items like food, children’s clothing, toys, books, and more will be GST/HST exempt.

Take advantage of this opportunity and plan your purchases wisely! If you need help understanding how this affects your finances or taxes, Sum It Up Accounting Services is here to help.

Visit canada.ca/gst-hst-break for full details.
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