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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.

06/02/2026

💡 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! ☀️🎆

05/12/2026

📊 Bookkeeping isn’t just for tax season.

Keeping your books up to date year-round helps you stay on top of cash flow, prepare for tax deadlines, and make better-informed decisions as your business grows.

Our bookkeeping services include:
✅ Transaction recording
✅ Bank reconciliations
✅ Payroll support
✅ GST/HST tracking
✅ Financial reporting

Accurate, organized records can save time, reduce stress, and give you a clearer picture of your business finances.

If you need support keeping your books organized and up to date, we’re here to help.

05/08/2026

🚀 Growing fast but not fully confident in your numbers?

Revenue is up—but cash flow, profitability, and forecasting still feel unclear?

That’s exactly where fractional CFO services make the difference.

In our latest blog, we break down how businesses are using senior financial leadership—without the cost of a full-time CFO—to gain clarity, control, and confidence in growth decisions.

👉 Read more here: https://www.taxhelptoday.ca/post/fractional-cfo-services-strategic-financial-leadership-without-the-full-time-cost

05/05/2026

A recent Financial Post article highlighted a common misconception about CRA instalment requirements—especially after a large one-time income event.

Owing more than $3,000 at tax time doesn’t automatically mean you’ll be required to start making instalments the following year.

Under CRA rules, instalments are generally only required if:
✔️ You owe more than $3,000 this year, and
✔️ You owed more than $3,000 in at least one of the previous two years

This means that if your tax balance was driven by a one-time event—such as a capital gain—you may not have any instalment requirement going forward.

When instalments do apply, taxpayers can choose between three calculation methods:
• No-calculation option (CRA-calculated)
• Prior-year option
• Current-year option (based on your estimate)

Each method can significantly impact cash flow and whether you overpay or underpay throughout the year.

💡 Key takeaway: Instalment requirements are based on your multi-year tax pattern—not a single unusual year.

05/01/2026

Missed the tax deadline? It happens.

The important part is what you do next:

✔ File as soon as possible
✔ Payment plans may be available if you owe
✔ Filing late is better than not filing at all
✔ You may still be eligible for a refund

No need to panic—but don’t ignore it either.
Need help with your tax return or next steps? Contact us to get started.

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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