Blogs
Employee or Contractor? The CRA Test That Catches Ontario Businesses Off Guard
The CRA decides worker status by how the relationship actually works, not by what the contract says. Unremitted source deductions have no reassessment deadline and no corporate shield. Here is the test, what misclassification costs, and how to protect yourself.
Ontario’s Dividend Tax Credit Drops on January 1, 2027: Should You Pay Dividends Before Year-End?
Ontario’s 2026 Budget cut the small business corporate tax rate, but also reduced the non-eligible dividend tax credit from 1 January 2027. Here is what that combination actually costs incorporated owners, and how to decide whether to declare dividends before 31 December 2026.
Could Your Corporation Be Considered a Personal Services Business?
For many entrepreneurs, incorporating a business is an exciting milestone. It can provide liability protection, create opportunities for future growth, and offer greater flexibility when managing the business. However, incorporation …
Should You Buy Business Equipment Before Year-End?
When planning for the following year, many business owners begin thinking about ways to reduce their tax bill. One question often comes up during these conversations: Should I buy business …
When to Register Your Business for GST/HST?
Starting a business comes with countless decisions. You’re finding customers, managing expenses, keeping records, and learning how to run your business efficiently. Somewhere along the way, another question usually comes …
How Small Business Benefit From Ontario’s Corporate Income Tax Changes
When governments announce a tax cut, it’s easy to assume every incorporated business will automatically pay less tax. In reality, tax changes often come with eligibility requirements, timing rules, and …
Selling Business Equipment and Inventory: What’s the Difference?
You’ve decided it’s time to replace your work truck. The old one still has value, so you sell it and use the proceeds toward a newer model. A few weeks …
Can You Throw Away Paper Receipts?
Businesses are becoming more digital every year. Paper invoices are being replaced with PDF statements, accounting software stores transactions in the cloud, and mobile apps allow receipts to be photographed …
Closing a Business in Canada: What You Need to Know
Closing a business is rarely a decision that happens overnight. For some business owners, it comes after years of building a successful company before retiring or pursuing a new opportunity. …
Understanding CRA Tax Reassessments in 2026
Many taxpayers assume that once they receive their Notice of Assessment, their tax return is finalized. The refund has been issued, the balance has been paid, and the filing season …
Helping Family Buy Property Can Create Unexpected Tax Implications
Helping a family member buy property is a common decision. A parent may co-sign a mortgage. A relative may be added to the title to support financing. In many cases, …
Informal Agreements Can Create Tax Problems Without You Realizing
Many financial arrangements start with informal agreements. A family member helps with a down payment. A friend transfers money with the expectation it will be repaid later. A business owner …
Why is the CRA Conducting More Tax Reviews before Issuing Refunds in 2026
Many taxpayers expect a simple process when filing their return. Submit the return, wait a short period, and receive a refund if one is owed. In 2026, that process is …
Bare Trust Reporting Rules in 2026
Over the past year, bare trust reporting has been one of the most confusing tax topics for Canadians. Many individuals and business owners heard that new trust reporting rules were …
What is the Ontario Trillium Benefit?
When most business owners think about filing their taxes, the focus is simple. How much do I owe? That is only part of the picture, and failing to see the …
What is the Canada Carbon Rebate?
When money comes into your business, the default assumption is simple. It must be taxable. That assumption is not always correct, and missing out on taxable deductions can have a …
Fuel Tax Relief in 2026: What It Means for Your Business Costs
In April 2026, the federal government temporarily removed the excise tax on gasoline and diesel. At first glance, this looks like a simple cost reduction. For many business owners, especially …
CRA Processing Times in 2026: What Business Owners Need to Know
Many business owners expect their tax return to be processed within a predictable timeframe. Sometimes it is. Sometimes it takes longer. In 2026, CRA processing times remain relatively stable, but …
2026 Guide to Meal and Entertainment Expenses for Businesses
Taking a client out for lunch feels like a normal business expense. In many cases, it is. But not always in the way business owners expect. Meal and entertainment expenses …
Audit Risk for Ontario Businesses in 2026
Most business owners assume audits are rare. In reality, CRA reviews happen more often than expected, especially as digital reporting and data matching improve. In 2026, audit risk is less …
HST Rules for Ontario Construction Businesses
If you run a construction business, HST is not always as straightforward as charging 13 percent on every invoice. Depending on the type of project, who you are working for, …
2026 Key Tax Deadlines for Business Owners
If you run a business, missing a tax deadline is one of the fastest ways to create unnecessary stress. Every year, we see business owners who were fully compliant all …
Key Considerations About Your Income From Digital Platforms in 2026
If your business earns money through digital platforms, CRA likely already knows about it. Since the start of the 2025 calendar year, digital platforms that facilitate services or sales report …
Lessons from the Accidental Sale of Commercial Shares
Most people assume tax mistakes can be corrected. However, some tax obligations are legally binding the moment they occur. In particular, the sale of commercial shares. Last September, in a …
2026 Commercial Rent Tax Rules for King City Owners
If your business rents office, retail, warehouse, or clinic space, your lease could carry hidden tax responsibilities. When rent is paid to a non-resident property owner, Canadian tax rules may …
CRA Business Number Registration for King City Owners
Starting a business registration used to begin with a phone call to CRA. That process has now changed. As of November 2025, most CRA business number registrations must be completed …
Beneficial Ownership and Real Estate Tax in Canada
If you put property in your name for someone else, you may assume the tax belongs to them. That assumption can be expensive. A 2020 court case in Quebec (Bishara …
Salary vs Dividends for King City Business Owners
If you own an incorporated business in King City, one of your most important annual planning decisions is how to pay yourself. Should you take salary, dividends, or some combination? …
Capital Gains and Exit Planning in King City
If you’ve spent years building a business in King City, you’ve probably thought about what happens when you’re ready to step away. Whether you’re planning to retire, pursue other opportunities, …
Restaurant Accounting in King City: A Practical Guide
Running a restaurant in King City means juggling long hours, staff schedules, supplier relationships, and customer expectations. Your margins are thin, and a few percentage points in food or labour …
2026 Guide for Childcare Centre Accounting in Ontario
Running a childcare centre in Ontario comes with challenges most business owners never face. You’re balancing government subsidies, parent fees, staffing ratios, licensing requirements, and all the day-to-day realities of …
2026 Tax Planning for King City Businesses: Start the Year Right
If you spent the end of 2025 scrambling to find receipts, reconstruct expense records, and figure out what you actually spent on your business, you know how stressful last-minute tax …
Maximizing Your 2025 Tax Return in King City
If you’re a small business owner in King City, you might think that once the calendar flips to 2026, there’s nothing you can do about your 2025 taxes. That’s not …
Incorporation vs Sole Proprietor for King City businesses in 2026
If you’re running a business in King City, you probably started as a sole proprietor. It’s the simplest way to get going: no complicated paperwork, no separate tax returns, just …
2025 Federal Budget Guide for King City Business Owners
The 2025 federal budget introduced a mix of new measures and confirmations of earlier proposals that affect Canadian entrepreneurs, investors, and advisors. If you run a business in King City, …
2026 Tax Guide for King City Real Estate Agents
What do real estate agents in King City need to consider? Real estate agents in King City, Ontario, often work as independent contractors or through personal real estate corporations (PRECs). …
Bookkeeping 101 for King City Businesses in 2026
Bookkeeping 101 for King City Businesses in 2026 What is Bookkeeping? Bookkeeping is the foundation of your financial system. For small businesses in King City, Ontario, it means recording every …
Part 2: Startups Tax Tips for New Entrepreneurs in Ontario: A Complete Beginner Friendly Guide
PART 2: Tax tips for new startups in Ontario In part 1 we reviewed 5 tips that help new business owners and startups in Ontario and King City. In part …
Part 1: Startup Tax Tips for New Entrepreneurs in Ontario: A Complete Beginner Friendly Guide
Tax Guide for Ontario Startups: Part 1 Tax Basics Every Ontario Startup Should Understand Starting a new business in Ontario is incredibly exciting, especially when you are entering the vibrant …
OAS Clawback Rules for King City Residents in 2025
For many affluent retirees in King City, retirement income comes from a mix of private pensions, corporate dividends, RRSP withdrawals, real estate gains, and long held investment portfolios. While this …
Lending Money to Your Corporation in Ontario
For many small business owners in Ontario, particularly in King City, Vaughan, Markham, and the GTA there comes a time when additional funding is needed to keep the business running …
When To Stop Contributing to CPP? A Guide for High-Income King City Retirees
When to Stop Contributing to your CPP in King City Planning Your CPP Strategy for a Comfortable Retirement As you approach retirement in King City one of the most common …
Part 2: Advanced Small Business Write Offs: Capital Assets, HST Credits, and Smart Tax Planning for Ontario Entrepreneurs
Part 2: Advanced Small Business Tax Write Offs Explained Beyond the Basics Once you’ve mastered the everyday write offs (see Part 1) it’s time to look at the advanced deductions …
Part 1: Small Business Tax Deductions in Canada (2025)
Introduction: What Can You Really Write Off as a Small Business Owner? If you run a small business in King City, Toronto, or anywhere in Ontario, you’ve likely asked yourself …
Part 2: How a Virtual CFO Works for Ontario Businesses
From Confusion to Control In Part 1, we explored why more Ontario businesses are choosing Virtual CFO support. Now, let’s go deeper, into how it actually works and what you …
Part 1: Virtual CFO Ontario – Smarter Growth for Businesses
The CFO Challenge Every Small Business Faces If you’re running a small or growing business in Ontario you’ve likely felt the financial juggling act, managing cash flow, planning for taxes, …
Create an Effective Chart of Accounts in Ontario in 2025
Most small businesses in Ontario, from King City to the GTA, start off with the same problem: a chart of accounts (COA) that came preloaded with their bookkeeping software, or …
7 Ways Ontario Doctors Get Paid Faster with an Accountant
If you’re a doctor in Ontario you already know billing isn’t as simple as sending an invoice. Between OHIP codes, remittance rules, submission deadlines, rejected claims, and additional payers like …
An Accountant’s Guide to Business Tax Succession
When a business owner passes away, the Income Tax Act treats it as if they sold all their assets the second before death. This “deemed disposition” can result in a …
First-Time Home Buyers’ GST Rebate in Ontario: What You Need to Know
Buying your first home in Ontario is exciting but it also comes with one of the biggest financial commitments you’ll ever make. Between down payments, closing costs, and the 13% …
How Dissolving a Corporation Impacts Existing Tax Liabilities
Dissolving a corporation doesn’t mean your tax obligations simply disappear. Many business owners believe that once they close their company, any remaining tax debts are erased automatically.
4 Corporate Tax Compliance Errors That Could Cost Your Business
Staying on top of corporate tax responsibilities isn’t just a box to tick. It’s part of protecting your business from penalties and keeping your cash flow healthy. Many business owners assume that as long as they file their returns, they’re safe from problems. The truth is, small day-to-day mistakes can easily lead to fines, audits, and headaches with the CRA.
How Corporations Can Reduce Tax Risks
Managing tax risk is one of the most overlooked responsibilities in corporate operations. While most businesses focus on growth and profitability, failing to manage tax exposure can lead to costly audits, penalties, and legal issues.
How to Digitally Organize Receipts and Expense Records for Tax Season
How to Digitally Organize Receipts and Expense Records for Tax Season How to Digitally Organize Receipts and Expense Records for Tax Season When tax season approaches, many business owners find …
Benefits of Virtual Accounting for King City Businesses in 2025
5 Reasons Businesses Choose Virtual Accounting Over Traditional Firms Technology has transformed nearly every aspect of how we do business, from marketing and communication to project management and customer service. …
4 Common Bookkeeping Mistakes Made by Startups
4 Common Bookkeeping Mistakes Made by Startups Many startups focus on perfecting their product, attracting early customers, and growing fast. But there’s one area that often gets pushed aside in …
Why Mixing Personal and Business Finances Hurts Your Growth
Why Mixing Personal and Business Finances Hurts Your Growth Why Mixing Personal and Business Finances Hurts Your Growth Many small business owners start out using the same bank account or …
How to Automate Your Invoicing and Get Paid Faster
How to Automate Your Invoicing and Get Paid Faster How to Automate Your Invoicing and Get Paid Faster If you’re a small business owner, chances are you’ve spent too much …
How Poor Bookkeeping Can Cost You at Tax Time
How Poor Bookkeeping Can Cost You at Tax Time How Poor Bookkeeping Can Cost You at Tax Time Tax time is already stressful. Poor bookkeeping only makes it worse. If …
What Is Working Capital and How Does It Impact Your Business?
Why Every Business Owner Should Understand Working Capital Imagine your business is generating steady revenue and turning a profit—but you’re still struggling to cover payroll, pay bills on time, or …
10 Common Tax Write-Offs for Small Businesses in Canada
Managing a small business is no easy task—from balancing budgets and keeping customers happy to staying on top of taxes. But one area where many Canadian small business owners miss …
What Is a Chart of Accounts and Why Is It Important?
What Is a Chart of Accounts and Why Is It Important? Making Sense of Your Business Finances Starts Here If you’re a small business owner trying to understand where your …
How to Use Your Tax Refund to Strengthen Your Business
Turn Your Tax Refund into a Strategic Business Advantage A tax refund can be more than just a temporary financial reprieve, it can be a powerful tool for business growth. …
Do You Need an Accountant Year-Round or Just During Tax Season?
Do You Need an Accountant Year-Round or Just During Tax Season? Why It’s Time to Rethink the Role of Your Accountant Many individuals and business owners only connect with their …
What Happens If You Don’t File Corporate Taxes on Time in Canada?
As a business owner in Canada, managing your taxes can feel overwhelming, but it’s a responsibility you can’t afford to ignore. The deadline for corporate tax filing may come with …
Common Mistakes to Avoid When Preparing for Tax Season
Common Mistakes to Avoid When Preparing for Tax Season Tax season can be a source of stress for many individuals. The pressure to gather the right documents, understand tax laws, …
How Incorporating Your Business Helps Attract Investors Faster
Are you looking to scale your business and secure the funding needed for growth? Incorporating your business is a powerful strategy that can enhance your credibility, attract investors, and unlock …
Long-Term Benefits of Incorporating Your Business
Thinking about incorporating your business? While it may seem like a complex process, the long-term benefits far outweigh the initial effort. Many small business owners hesitate due to concerns about …
How Accountants Can Help With Dental Insurance Claims
For many dental professionals, dealing with insurance claims can feel like a never-ending cycle of paperwork, confusion, and frustration. Navigating the complex world of dental insurance is a significant challenge, …
Subcontractor Payment Tips for Construction Businesses
Managing subcontractor payments is a vital part of ensuring the success of your construction projects. Whether you’re a small general contractor or a large construction firm, ensuring timely and accurate …
The Role of an Accountant in Expanding Your Dental Practice
The Role of an Accountant in Expanding Your Dental Practice Why Your Dental Practice Needs an Accountant As a dentist, you’re passionate about providing excellent care to your patients. However, …
Navigating Dental Equipment Depreciation for Tax Savings
Are you a dental professional looking to maximize your tax savings while managing the complexities of dental equipment depreciation? Investing in high-quality equipment is essential for your practice, but understanding …
5 Signs It’s Time to Hire a Professional Bookkeeper
As a business owner, handling your finances can quickly feel like an uphill battle. From tracking receipts to staying on top of tax compliance, financial tasks often demand more time …
Post-Audit Support: How Accountants Help Correct Financial Errors
Why Post-Audit Support is Crucial for Your Business After an audit, discovering discrepancies or errors in your financial records can be overwhelming. These errors can affect your tax filings, compliance, …
Why Accurate Financial Records Are Key to Business Growth
Running a business involves making countless decisions, and many of those decisions hinge on your finances. Accurate financial records serve as the backbone for your company’s success and growth. Keeping …
How Bookkeeping Helps Your Business Stay Audit-Ready
Audits can be an intimidating process for any business owner, often bringing a mix of anxiety and uncertainty. The thought of combing through months (or even years) of financial records …
How Incorporation Affects Your Business Growth Potential
Incorporating a business can be a powerful move for any entrepreneur aiming to take their business to new heights. Most business owners find themselves wondering about the differences between incorporating …
What to Do if You Lose Important Tax Documents?
Tax season is stressful enough without the added panic of realizing you’ve lost key documents needed for filing. Imagine opening that drawer, only to find that your T4 slip or …
Tax Deadlines Every Canadian Small Business Owner Should Know
As a small business owner in Canada, managing your finances is one of the most crucial aspects of running a successful company. Staying on top of your tax obligations is …
How Canadian Small Businesses Should Organize Documents
Tax season can be overwhelming for many Canadian small business owners, especially when financial documents are scattered or disorganized. But it doesn’t have to be this way. By staying organized …
A Quick HST Guide for Small Business Owners in Ontario
Navigating taxes can be one of the most challenging aspects of running a business. One of the most common and essential taxes that businesses in Ontario deal with is the …
Maximize Tax Refund as a Self-Employed Professional in Ontario
How to Maximize Your Tax Refund as a Self-Employed Professional As a self-employed professional in Ontario, managing your taxes can feel overwhelming, especially with the added pressure of ensuring you’re …
Benefits of Hiring a Virtual CFO for Your Startup Business
Benefits of Hiring a Virtual CFO for Your Startup Business In the fast-paced world of startups, managing finances can sometimes take a backseat to innovation and growth. Yet, as any …
Importance of an Accountant For Tax Audits
Running a business involves juggling numerous responsibilities, and keeping your financial records accurate is one of the most important tasks. Whether you own a small business or manage a larger …
Top 8 Tax-Saving Tips for Small Businesses
Top 8 Tax-Saving Tips for Small Businesses Running a small business is rewarding, but it also comes with the challenge of managing your finances efficiently. With taxes taking a significant …
How to Choose the Right Accountant for Your Small Business in Canada
How to Choose the Right Accountant for Your Small Business in Canada Managing the financial side of a small business can be challenging, but having the right accountant can make …
How Will the Federal Budget 2024 Impact Your Finances?
| On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented the Federal Budget 2024 – Fairness for Every Generation, to the House of Commons. …
Canada Dental Care Plan (CDCP): New Income-Tested Benefit
| On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian residents. The plan will …
How Accounting Professionals Help Small Businesses
Updated: Jul 15 | In today’s dynamic and competitive business landscape, small business accountants are key players in steering small enterprises toward financial success. These accounting professionals offer expert financial guidance, …
How to Optimize Your Year-End Tax Planning as an Individual in 2023
| December 31, 2023 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to …
2023 Year-End Tax Planning for Corporations
| December 31, 2023 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to …
Personal Services Business: CRA Education Initiative
| How does the CRA Education Initiative work? In general, a personal services business (PSB) exists where the individual performing the work would be considered to be an employee of the …
Stay Ahead of the Game: Mark Your Calendar for These Crucial 2024 Tax Deadlines
| Personal Tax Deadlines 2024 Self-Employed (Business Income) If you or your spouse earned business income in 2023 then your tax return is due June 17, 2024. (Normally due June …
Incorporating Your Business vs. Sole Proprietorship: Your Questions Answered
| In the journey of entrepreneurship, one crucial decision that often arises is whether to incorporate your business or continue operating as a sole proprietor. Each structure comes with its …
How Do Virtual CFO Services Work?
At Malhi Accounting, we understand businesses’ complexities when managing their finances. That’s why we offer virtual CFO services, providing top-tier financial expertise without the need for a full-time chief financial …
Accounting Audits in Canada: What to Expect in 2024
| Audits: a word that can strike fear into the hearts of even the most seasoned business owners. Yet, with the right guidance and expertise, audits need not be daunting …
