Versatile Accounting Professional Corporation

05/12/2026

Good news. Carbon rebate is non-taxable for businesses!

📢 Attention small and medium businesses! Canada Business

The Canada Carbon Rebate for Small Businesses is now non-taxable for all fuel charge years.

Here’s what this means for your business:

➡️ If you filed your T2 Corporation Income Tax Return before June 30th, 2025, and your rebate was clearly reported on Line 295 of Schedule 1, we’ll adjust your return automatically to remove the rebate from your taxable income. No further action is needed.
➡️If you filed your T2 return after June 30th, 2025, and included the rebate in your taxable income, you’ll need to submit an adjustment request.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/business-tax-credits/canada-carbon-rebate-small-businesses/tax-treatment-rebate.html?utm_content=2026-04-09_2198

[Image description: A person sands a chair. The text: “The Canada Carbon Rebate for Small Businesses“]

05/08/2026

Happy Mother’s Day to the amazing moms, caregivers, and mother‑figures who make our workplaces, families, and communities stronger.

Your ability to balance responsibilities, support others, and lead with patience and heart is nothing short of extraordinary. We are grateful for the dedication, resilience, and warmth you bring into everything you do.

On behalf of our firm, we celebrate you today and every day.

And in true honesty — many of you manage life with far more grace than your boss manages his inbox and phone calls, so please accept this message as both appreciation and admiration.

Wishing you a wonderful Mother’s Day filled with rest, joy, and well‑deserved recognition.
— Versatile Accounting & Tax

03/17/2026

TaxTips.ca - Goods and services tax (GST) rebate for new housing purchases and substantial renovations

02/24/2026

https://youtu.be/ld63Du9fdO0?si=PVB2nAewXs8K4era

Tax season kicks off with key deadlines and new creditsSubscribe to CTV News to watch more videos: https://www.youtube.com/ctvnewsConnect with CTV News:For l...

02/24/2026

Starting today, February 23rd, you can do your 2025 taxes online!

⏰ Doing your taxes on time means that you’ll keep getting the benefit and credit payments you’re eligible for, and you might even get a refund!

Get started 👉 https://ow.ly/erjs50YiZ0Y

[Image description: An icon of a bell inside a calendar. “2025 taxes are due April 30th, 2026!”]

10/26/2025

We’re making it easier to regain access to your CRA account if you’ve been locked out, or have forgotten your login info. For more on how we’re expanding our digital services: https://ow.ly/KkLi50X5bKS

[Image description: A green lock icon inside a green diamond with text that reads “I’m locked out of my account.” More text below reads “As of October 20th, existing CRA account users will be able to unlock their account without calling us.” Abstract green lines surround it.]

03/27/2025

Corporate tax update for December To March year ends:

The corporate tax payment deadline has moved to June 30th, 2025. The filing of GST deadline is the same and corporate tax filing deadline is 6 months after the year end.

03/27/2025

Tax Updates:

Home Buyers’ Plan (HBP) withdrawals. The HBP withdrawal limit increased to $60,000 from $35,000 for withdrawals made after April 16, 2024. Temporary repayment relief was also introduced to defer the start of the 15-year repayment period by an additional three years (up from two years previously) for participants making a first withdrawal between Jan. 1, 2022, and Dec. 31, 2025. Accordingly, the 15-year repayment period will start in the fifth year following the year that the first withdrawal was made.

03/26/2025

More Updates to follow once we get more information from CRA and CPA.

There are announcements for workers and small businesses:
March 21, 2025
Ottawa, Ontario

Today, the Prime Minister, Mark Carney, met with provincial and territorial premiers and shared his plan to build one strong Canadian economy.
The trade war brought on by the United States has renewed the urgency to address longstanding barriers that have fragmented our economy and reduced opportunities for Canadians. At the top of the agenda, the Prime Minister updated premiers on the Government of Canada’s actions to support workers and businesses affected by tariffs.

To support workers, the new government will:
Temporarily waive the one-week employment insurance (EI) waiting period.

Suspend rules around separation for a six-month period, so workers don’t have to exhaust severance pay before collecting EI.
Make it easier to access EI by increasing regional unemployment rate percentages.

To support businesses, the new government will:

1. Defer corporate income tax payments and GST/HST remittances from April 2 to June 30, 2025, providing up to $40 billion in liquidity to businesses.

2. Deploy a new financing facility for businesses.
Provide more funding to Canada’s regional development agencies, so they can better support businesses.
3. Provide more funding to Canada’s regional development agencies, so they can better support businesses.

02/22/2025

Important announcement from CRA:

CRA Administrative Filing “Extensions” Announced:
T4, T4A and T5 information returns – Due to issues with the CRA electronic filing system for these information returns reporting salary and wages, fees and income payments, and investment income, the deadline to file without late-filing penalty is now March 7th, 2025. This is an extension from the normal February 28th, 2025 filing deadline and applies to all filers.

Given ongoing challenges faced by some filers, the CRA will grant relief in respect of late-filing penalties for information returns filed on or before March 7, 2025.

For Individuals
T1 personal income tax returns – T1 Individual tax return filers impacted by the announced changes to the capital gains inclusion rate (which we have reason to believe means any taxpayer that is reporting capital dispositions in 2024) will have until June 2nd, 2025 to file their T1 return without late filing penalty or arrears interest. This is an extension from the normal April 30th, 2025 filing deadline and does not appear to affect T1 filers that would have a June 15th, 2025 deadline. T1 returns without any capital dispositions in 2024 will still have a filing deadline of April 30th, 2025.