Tax and Accounting Insights
Stay informed with the latest tax tips, CRA updates, and financial guidance from our team of Chartered Professional Accountants. We share practical advice to help individuals and businesses make smarter financial decisions.
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CRA Tax Instalments: Who Pays and What If You Skip
CRA tax instalments are quarterly tax payments the Canada Revenue Agency requires from individuals and businesses who owe more than $3,000 in net tax for the current year or either of the two prior -
CRA Review Letter: What It Means and How to Respond
A CRA review letter is a written notice from the Canada Revenue Agency asking you to verify specific claims on your tax return. The CRA sends review letters after processing your T1 or T2 -
Medical Expenses You Can Claim on Your Canadian Tax Return
Medical expenses give Canadian taxpayers a non-refundable tax credit that reduces federal and provincial tax owed. The CRA allows you to claim eligible medical expenses for yourself, your spouse or common law partner, and -
Home Office Expenses and the T2200: What Employees Can Claim
Home office expenses allow Canadian employees who work from home to deduct a portion of their household costs on their personal tax return. The CRA requires your employer to sign a T2200 (Declaration of -
Form 8840: The Closer Connection Exception for Canadians
Form 8840 is the IRS form that allows Canadians to claim the Closer Connection Exception and avoid being treated as a US tax resident under the Substantial Presence Test. If you spent enough days -
Tuition Tax Credits and the T2202: A Student’s Guide
Tuition tax credits let Canadian students reduce their federal and provincial income tax by claiming eligible tuition fees paid to a qualifying educational institution. The T2202 is the official CRA form your school issues -
Substantial Presence Test: How Canadians Calculate Days
The Substantial Presence Test is an IRS formula that determines if a foreign national has spent enough time in the United States to be treated as a US tax resident. For Canadians who travel -
What Is the 183 Day Rule in Canada? CRA Residency Guide
The 183 day rule in Canada is a CRA provision that deems any individual a Canadian tax resident for the entire year if they stay in Canada for 183 days or more during a -
ITIN Renewal: When Yours Expires and How to Renew It
An ITIN expires when it goes unused on a US federal tax return for three consecutive tax years, and it lapses on December 31 after that third year. Renewal uses the same Form W-7
