2023 Filing and payment deadline

2023 Filing and payment deadline

You will be able to file your income tax and benefit return for 2022 starting on February 20, 2023. The deadline for most Canadians to file their income tax and benefit return for 2022 is April 30, 2023. Filing your return before the deadline will allow you to avoid...
Sole proprietor vs. incorporate

Sole proprietor vs. incorporate

Should a sole proprietor incorporate? As a sole proprietor, there is no separation between you and your business. You are your business, and you report your business income on your personal tax return. As a corporation, you create a legal entity separate from you. A...
CRA Administrative Policy for Gift Cards

CRA Administrative Policy for Gift Cards

As the end of the year approaches, many employers consider showing appreciation to their employees with gift cards. However, ensuring these gifts remain tax-exempt requires understanding the Canada Revenue Agency’s (CRA) updated guidelines. Effective January 1,...