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The Consequences of Missing the Canadian Tax Filing Deadline: What You Need to Know

As the tax filing deadline approaches in Canada, it’s crucial for residents of North Simcoe to understand the potential consequences of not filing on time. Navigating the complexities of Canadian tax law can be daunting, but being informed can help you avoid unnecessary penalties and stress. This article explores what can happen if you miss

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Navigating Tax Season in Ontario: The Advantages of Professional Tax Services

As tax season unfolds in Ontario, individuals and those who are self-employed or running sole proprietorships face the annual task of tax preparation. While the allure of DIY tax software is strong, the benefits of engaging with a professional tax service like Keenans Accounting Service are significant and worth considering. Navigating the Maze of Tax

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Maximizing Tax Returns for Small Businesses in Simcoe County

For small businesses in Simcoe County, navigating tax season effectively is not just a compliance requirement; it’s an opportunity to enhance financial health. This guide offers strategic insights into maximizing your tax returns, capitalizing on the unique opportunities and challenges faced by local businesses.   Understanding Tax Deductions and Credits: Business Expenses: Dive deeper into

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Top 3 Changes To Canada’s Tax System You Need To Know For 2023

The landscape of properly filed taxes is ever-changing, and with new legislation and laws being introduced each year, keeping up with Canada’s various tax rules can seem overwhelming when you try and file on your own. For the 2023 tax filing season, several key changes could significantly impact how much you pay in taxes and

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What Every Freelancer and Sole Proprietor Should Know About Taxation in Canada

Whether you’re a sole proprietor of a business or a freelancer, there’s no denying that taxes need to be properly calculated.  Knowing the difference between being a sole proprietor and working as a freelancer can help you make informed decisions about filing your taxes. Difference Between Sole Proprietorship and Freelancing When it comes to self-employment,

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4 Last-Minute Tax Filing Tips

Have you filed your 2020 taxes yet? Or are you one of the many procrastinators that is putting off filing until the last minute? While last year’s tax filing deadline was extended due to the pandemic, this year things are back to normal. This means that you must file your personal income taxes before the

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The Canada Emergency Response Benefit and your 2020 Tax Return

Did you receive the Canada Emergency Response Benefit (CERB) during the beginning of the pandemic? If so, you should soon receive your tax slip from the Canada Revenue Agency (CRA) for CERB and any other recovery benefits you may have received in 2020. One thing some people did not seem to realize t is that

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What Can I Claim On My Taxes When Working From Home During The Pandemic?

Since the beginning of the pandemic, many workforces have shifted from working in an office setting to having employees creating an office at home. This has forced many employees to purchase new furniture and office supplies to continue their job. The question is, can you write off these new expenses on your next tax return? 

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Updated: Deadlines Extended for Income Tax Payments

The Canada Revenue Agency (CRA) has once again made changes to the deadlines for both personal and corporate taxes due to the ongoing pandemic. The CRA is extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as installment payments, from September 1, 2020, to

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Save the Date for the Tax Man! Corporate Tax Deadlines for 2020

Tax Season is here! The Canada Revenue Agency (CRA) sets strict filing deadlines and expects to receive income tax returns and payments on time. To avoid any late fees, you need to know when your return and payments are due. Here is a list of some important deadlines you will not want to miss otherwise