BookMinders

11/24/2025

Need to get the yearend books together for your business? Having trouble with the new version of Quickbooks Online? Problems with your HST returns? I'm certified as an Advanced ProAdvisor for QBO and am happy to talk about how I can help.

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02/10/2025

Tax Filing Deadline for Individual Tax Returns
The deadline for filing your 2024 tax return is April 30, 2025.

The CRA typically requires individual taxpayers to submit their tax returns by April 30 each year.
However, if this date falls on a weekend, the deadline is extended to the next business day.
For early filers, the CRA’s NETFILE service opens on February 24, 2025, allowing taxpayers to submit their returns electronically.
If you choose to mail your return, ensure it is received or postmarked by the due date. Electronic filers must submit their return by midnight local time on April 30, 2025.
Tax Filing Deadline for Self-Employed Individuals
Self-employed taxpayers have until June 16, 2025, to submit their tax returns. Since June 15 falls on a Sunday, the deadline is extended to the following Monday.
However, any taxes owed must still be paid by April 30, 2025, to avoid interest charges.
Important CRA Tax Deadlines in 2025
Here are the key tax-related deadlines you need to be aware of for the 2025 tax season:
Filing Deadlines for 2024 Taxes
• March 3, 2025 – Deadline to contribute to an RRSP, PRPP, or SPP for the 2024 tax year
• April 30, 2025 – Tax filing deadline for individuals
• June 16, 2025 – Tax filing deadline for self-employed individuals (and their spouses/common-law partners)

Payment Deadlines for 2024 Taxes
• April 30, 2025 – Deadline to pay any taxes owed to the CRA
Business Tax Deadlines for 2025
For sole proprietors and partnerships, the tax filing deadline is June 16, 2025, if their fiscal year aligns with the calendar year.
Incorporated businesses that follow a non-calendar fiscal year must submit their returns six months after the end of their fiscal year.

Tax Filing Deadlines for Final Tax Returns
If a taxpayer passes away, their legal representative is responsible for filing the deceased’s final tax return.
If the individual passed away between January 1 and October 31, 2024, their tax return is due by April 30, 2025.
If they passed away between November 1 and December 31, 2024, their tax return is due six months after the date of death.
If the deceased or their spouse was self-employed, the filing deadline extends to June 16, 2025, but interest on any balance owed begins accruing from April 30, 2025.
Penalties for Late Tax Filing
Late Filing Penalties for Individuals
If you file your tax return late and owe taxes, the CRA will impose a penalty of 5% of the balance owed plus an additional 1% per month for up to 12 months.
Interest accrues daily on unpaid amounts.
Late Filing Penalties for Self-Employed Individuals
Small business owners must also meet payroll tax obligations and GST/HST remittances. Late filing penalties include:
10% penalty for the first payroll deduction failure
20% penalty for repeated failures
Late GST/HST remittances penalties starting at 3% and increasing up to 20%
Installment Payment Deadlines
If you make tax installment payments throughout the year, the due dates for 2025 are:
March 15, 2025
• June 15, 2025
• September 15, 2025
• December 15, 2025
How to File Your Taxes in Canada?
The CRA provides multiple ways to file your taxes:
1. Certified Tax Software (NETFILE)
Who Can Use: Canadian residents

Cost: Free or varies by provider
Processing Time: Typically within 2 weeks
2. Authorize a Representative
Who Can Use: Anyone
Cost: Free or varies
Processing Time: Typically 2 weeks
3. Community Volunteer Tax Clinics
Who Can Use: Low-income individuals with a simple tax situation
Cost: Free
Processing Time: Typically 2 weeks

4. Tax Preparers (Discounters)
Who Can Use: Anyone
Cost: Varies
Processing Time: Immediate discounted refund
5. Paper Tax Returns
Who Can Use: Anyone
Cost: Free
Processing Time: 8 weeks (if filed on time)
What If I Don’t File My Taxes on Time?
Failing to file on time can lead to interest charges, penalties, and even delays in receiving benefits such as the Canada Child Benefit (CCB) or the GST/HST credit.

To avoid unnecessary costs, file your return before the April 30, 2025 deadline.
Even if you can’t pay in full, submitting your return on time helps you avoid late filing penalties.
Understanding and meeting the CRA’s tax deadlines is crucial to avoid financial penalties and ensure you receive any refunds or benefits on time.

10/23/2024

Follow up on scam alert
Thank you for all your messages regarding this. TD's security system realized a stranger was trying to take over my accounts and re-deposited the money he had taken. I am so so lucky!! The bank told me this morning that I was the third fraud this week. Big lesson learned! Beware, my friends. Beware!!

02/10/2023

Sophisticated Canada Revenue Agency (CRA) scams circulating ahead of tax season

Beware!

The Canadian Anti-Fraud Centre says reported phishing email scams claiming to be from the CRA almost doubled between 2021 and 2022

01/12/2022

The federal government is extending the repayment deadline for interest-free loans taken from the Canada Emergency Business Account (CEBA) program to next year.

Ottawa extends CEBA deadline for businesses to repay interest-free loans to 2023

The deadline, which was Dec. 31 of this year, is now pushed to the same date in 2023, said Mary Ng, minister of international trade, export promotion, small business and economic development.

The CEBA program offered interest-free loans of up to $60,000 to small businesses and not-for-profits during the COVID-19 pandemic.

06/11/2021

OTTAWA -- The Canada Revenue Agency says thousands of self-employed workers who received emergency benefits last year won't have to repay any of it, as long as they meet certain conditions.

For anyone whose net self-employment income was under $5,000, those conditions include having filed their 2019 and 2020 tax returns and having $5,000 or more in gross self-employment income in the 12 months before their application for benefits.

They also must meet all other criteria the government laid out for the Canada Emergency Response Benefit when it paid out $500 weekly last year for workers whose incomes crashed during the first half of the pandemic.

The agency estimates that about 30,000 people won't have to refund their CERB payments, representing about $240 million in benefits, or about $8,000 on average.

Included in that government estimate is about $52 million the agency expects to refund to about 6,500 who repaid some of the benefit after being warned they were potentially ineligible late last year.

Applications to receive a refund are now open, and the agency says payments should begin in mid-June.

The government provided CERB payments last year with few validation checks to speed up payments during lockdowns last spring when three million jobs were lost.

The plan was always to circle back to see which recipients weren't eligible for benefits and order them to pay money back.

CERB criteria required recipients to have earned at least $5,000 in the 12 months before applying, which the CRA interpreted as gross income for traditional employees, but net income for self-employed.

The CRA sent out more than 441,000 letters to CERB recipients late last year asking them to verify they met eligibility rules for the payments, but didn't set an official deadline for repayment, nor a requirement to do so, following a public uproar.

It's possible that some people will hit the earnings requirements when they file their tax returns because the 12-month period could straddle 2019 and 2020

04/17/2021

Home-Office Expense Eligibility
To be eligible to claim home-office expenses an employee under the new temporary methods must have:
• Worked from home in 2020 due to COVID-19
• Worked from home for at least 50% of the time for at least four consecutive weeks during 2020
• Not been reimbursed by your employer for expenditures
• Incurred your expenses directly for work purposes
These expenses can be claimed by all salaried employees and commission employees: Electricity, Heat, Water, Internet access fees, Maintenance and minor repair costs, Rent
There are two new temporary methods employees can choose from when claiming home office expenses on their tax returns:
1. Temporary Flat-Rate Method
2. Simplified Detailed Method
The Temporary Flat-Rate Method is the simpler of the two methods to use when calculating your home-office expenses. It is calculated as follows:
• Employees receive $2 for each day worked from home
• The maximum amount that can be claimed is $400 or 200 working days per individual
• Work days can include full-time and part-time days worked from home
• Vacation days, sick days, or other leaves or absences cannot be claimed
The Simplified Detailed Method requires employees to obtain more documentation as they can claim their actual home expenditures. Details employees must obtain include:
• Type of workspace: is the employee working in a common area (i.e. kitchen) or designated workspace (i.e. home office)
• Size of workspace: what is the size of the home and workspace used
• A signed T2200 or T2200S form by the employer
The main differentiating factors between the T2200 and T2200S forms are:
• T2200 is needed if an employee has other employment expenses such as travel or supplies they would like to claim.
• T2200S is designed specifically for employees only claiming home office expenses because of COVID-19.
Using the Simplified Detailed Method and/or the Temporary Flat-Rate Method is currently only allowed for filings of 2020 tax returns.
Due to the restrictions in local markets, the CRA is accepting electronic signatures this year on forms T2200 and T2200S to ensure the health and safety of Canadians.
Courtesy Crowe Mackay

03/29/2021

Reminder:
As of April 1, 2021, Nova Scotia’s minimum wage will increase from $12.55 per hour to $12.95 per hour. The minimum wage rate applies to a work week of 48 hours or less.

03/19/2021

Can it really be??

03/15/2021

March 31st Deadline for additional CEBA Loan

Since December 4, 2020, eligible businesses facing financial hardship as a result of the COVID-19 pandemic were able to access a second CEBA loan of up to $20,000 – on top of the initial $40,000 that was available to small businesses.
Half of this additional financing, up to $10,000, will be forgivable if the loan is repaid by December 31, 2022.
This means the additional loan effectively increases CEBA loans from the existing $40,000 to $60,000 for eligible businesses, of which a total of $20,000 will be forgiven if the balance of the loan is repaid on time.
The application deadline for CEBA has been extended to March 31, 2021.
To apply, eligible businesses and not-for-profits need to contact the financial institution that provided their initial CEBA loan and provide the appropriate information and documentation.
• Since its launch, the government has made modifications to CEBA to help even more small businesses, including:
o increasing the payroll eligibility range to between $20,000 and $1.5 million;
o making CEBA available to owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly as well as family-owned corporations remunerating in the form of dividends rather than payroll;
o making CEBA available to businesses operating from a personal banking account that had previously been unable to apply due to not operating from a business banking account; and
• To qualify for CEBA, all applicants must have:
o An active Canada Revenue Agency (CRA) business number with an effective date of registration on or prior to March 1, 2020;
and either:
o meet the payroll eligibility criteria; or
o demonstrate a minimum of $40,000 in eligible non-deferrable expenses, and have filed a 2018 or 2019 tax return

Source: Government expands Canada Emergency Business Account loans - Canada.ca