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Silver Peak Accounting

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London, ON
Silver Peak Accounting

Taxes, Bookkeeping, Small Business Solutions. Save time, worry less. Late appointments available. Taxes, Bookkeeping and Small Business Services.

06/16/2026

The first tax season under the CRA’s updated Voluntary Disclosures Program (VDP) highlights an important reminder: addressing past tax filing errors early can make a big difference.

The revised rules may provide relief from penalties and interest for eligible taxpayers who voluntarily come forward before any further CRA action.

If you’ve identified unreported income, filing omissions, or GST/HST errors, it may be worth reviewing your options with a tax professional.

📖 For full details, see the CTV News article.

06/12/2026

⏳ Waiting on a CRA tax adjustment? Some taxpayers are experiencing delays of up to 47 weeks for complex T1 adjustment requests.

The Office of the Taxpayers’ Ombudsperson has announced a systemic examination into CRA delays after receiving a consistently high volume of complaints related to T1 adjustment processing.

While the CRA's service standard for complex adjustments is 20 weeks, reported processing times have reached as high as 47 weeks in some cases.

If you need to:
✔️ Correct a previously filed tax return
✔️ Add missed income, deductions, or credits
✔️ Amend returns for prior years
✔️ Respond to CRA requests for additional information

Submitting complete and accurate information as early as possible can help reduce further delays.

📞 Need help with a tax return adjustment or CRA-related matter? Schedule a consultation with our team to discuss your situation and determine the best course of action.

Source: https://www.canada.ca/en/taxpayers-ombudsperson/news/2026/06/taxpayers-ombudsperson-announces-examination-into-canada-revenue-agency-delays-in-processing-complex-t1-adjustment-requests.html

06/09/2026

Another successful tax season in the books! 🎉

A big thank you to our amazing team and everyone who joined us for a great evening of celebration and appreciation.

06/05/2026

🤔 Thinking about incorporating your business? Here’s when it starts to make sense

If your business is growing, incorporation can be more than just a “future step”—it can change how you manage taxes, risk, and growth.

It may help with:
✔ Protecting your personal assets through limited liability
✔ More flexible tax planning opportunities (depending on your situation)
✔ Added credibility with banks, lenders, and clients
✔ A stronger structure for hiring or expansion

But incorporation isn’t always the best move right away—it comes with ongoing filings, bookkeeping, and compliance responsibilities.

Not sure if it’s the right choice yet, or need help incorporating? Book a consultation and we’ll go through it together.

06/02/2026

💡 Accounting Tip for Small Businesses: Keep Personal & Business Expenses Separate

Mixing personal and business expenses is one of the most common mistakes small business owners make. It can lead to confusion, missed deductions, and unnecessary stress at tax time.

A simple way to stay on track:
✅ Open a dedicated business bank account
✅ Use a separate credit card for business purchases
✅ Keep receipts organized and properly categorized

Keeping your finances separate makes bookkeeping easier, improves accuracy, and gives you a clearer view of how your business is performing.

📊 Need help staying organized? Let us handle your bookkeeping.

05/29/2026

🏡 Thinking of flipping a home?
Be careful — the CRA can deny your Principal Residence Exemption (PRE) if it determines a property was purchased primarily for resale at a profit.

A recent Tax Court case involving a Vancouver condo sale is a reminder that the CRA can reassess prior-year returns where a property was acquired mainly with the intention of resale at a profit. In those situations, profits may be taxed fully as business income instead of receiving preferential capital gains treatment or the PRE.

Key factors the CRA and courts consider include:
✔️ Length of ownership
✔️ Intent at purchase
✔️ Prior real estate activity
✔️ Occupancy and use of the property
✔️ Circumstances surrounding the sale

With anti-flipping rules now in force, real estate transactions continue to face increased scrutiny. Proper tax planning and documentation matter more than ever.

Read more in the Financial Post article.

05/26/2026

📅 Self-Employed Filing Deadline: June 15, 2026

If you or your spouse/common-law partner are self-employed, your 2025 personal income tax return is due June 15, 2026.

A quick reminder:
• Any balance owing was due April 30 (interest may apply if unpaid)
• Late filing may result in penalties
• Be sure to claim all eligible business deductions

💼 Self-employment taxes can be complex—we’re here to help you file accurately, maximize deductions, and reduce stress.

📩 Contact our team today to get started.

05/22/2026

“Tax-free” doesn’t mean “risk-free.” 💸

Two recent court decisions show how easy it is to get into trouble with the CRA over your TFSA.

In one case, a taxpayer unknowingly overcontributed for years because CRA notices were sitting in a locked My Account inbox.

In another, a taxpayer used a more advanced TFSA strategy involving private company shares — and ended up facing a massive penalty.

The takeaway:
✅ Track your contribution room carefully
✅ Check your CRA My Account regularly
✅ Be cautious with complex TFSA investments

TFSAs are powerful savings tools, but even simple mistakes can become costly over time.

If you’re unsure about your TFSA contribution room or investment strategy, getting professional advice early can make all the difference.

📰 Full details in the Financial Post article

05/20/2026

🚨 Got a CRA Demand to File for Your Corporation? Don’t Ignore It. 🚨

If your corporation has received a CRA Demand to File notice, acting quickly is important to avoid penalties, interest, or further enforcement action.

We can help you:
✔ Catch up on overdue corporate tax filings
✔ Understand CRA notices and deadlines
✔ Minimize penalties where possible
✔ Get your corporation back in good standing

Whether you’re behind by one year or several, we’re here to make the process simple and stress-free.

📞 Contact us today for professional, confidential support.

05/15/2026

Happy Victoria Day Weekend! 🇨🇦

A quick reminder that our office will be closed on Monday, May 18 in observance of Victoria Day. We’ll reopen with regular business hours on Tuesday.

If you need assistance before the long weekend, please reach out to our team today and we’ll be happy to help.

Wishing everyone a safe, relaxing, and enjoyable long weekend! ☀️🎆

Address

182 Mount Pleasant Avenue
London, ON
N6H1E2

Opening Hours

Monday	10am - 6pm
Tuesday	10am - 6pm
Wednesday	10am - 6pm
Thursday	10am - 6pm
Friday	10am - 6pm

Telephone

+15198520013

Website

http://www.spacct.ca/, https://www.taxhelptoday.ca/

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