Practical CRA compliance guides covering audits, penalties, notices, late filings, tax payment issues, audit triggers, and steps to stay prepared for CRA review.
CRA charges a late-filing penalty of 5% of the unpaid tax due on the filing deadline, plus 1% for each complete month the T2 return is late, up to a maximum of 12 months. (Penalties for failing to file a T2 return) The penalty doubles to 10% plus 2% per month (maximum 20 months) when […]
Canadian taxpayers can pay tax owing to the Canada Revenue Agency online through four authorized methods: online banking with your bank or credit union, the CRA’s My Payment debit service, pre-authorized debit (PAD), and CRA-approved third-party providers. Line 48500 on your T1 income tax return shows your balance owing after the CRA applies credits, instalments,
How to Pay Tax Owing to the CRA Online Read More »
Square has reported Canadian merchant transaction data to the Canada Revenue Agency (CRA) under a 2017 Federal Court order. The CRA retains authority to request merchant information from payment processors at any time. CRA can access Square data through third-party information requests, Federal Court orders, or under Canada’s new digital platform reporting rules that took
Does Square Report to the CRA? Read More »
What Is a CRA Audit and Why Does It Happen? The Canada Revenue Agency (CRA) administers tax laws and benefit programs to ensure fairness in Canada’s tax system. CRA audits are not random. Files are selected using risk-based assessments that compare your filings with industry benchmarks and third-party data. Auditors analyze past errors, inconsistencies, and
The 7 Red Flags: What Triggers a CRA Audit and How to Prepare for Tax Compliance Read More »
Filing for corporate taxes is a compliance requirement, rather than simply an annual administrative task for every business in Canada. It significantly influences your financial health and business reputation. Whether running a small startup or managing a large corporation, understanding how to correctly file corporate taxes is key to being compliant and avoiding costly penalties.
Avoiding Penalties: Corporate Tax Filing Canada Best Practices Read More »
Being audited by the CRA and having penalties assessed on your filings is a distressing, puzzling, and costly experience. The good news, however, is that you are not always stuck with the full amount assessed. With the right knowledge and approach, you can dispute or reduce audit-related penalties, thereby saving yourself from paying more than
How to Dispute or Reduce CRA Audit Penalties Read More »
As we move deeper into 2026, one pressing question resounds among many Canadian businesses and individuals: Why is the Canada Revenue Agency increasing audits this year? The reason lies at the juncture of regulatory change, technological advancement, and changing economic realities. For any business operating in Canada, or for individuals with complex tax situations, understanding
Understanding Why the CRA Focusing Audits in 2026 Read More »
Trust is at the root of all successful entities in today’s fast-moving business world. Small business owners, large corporation managers, and even non-profit managers all rely upon the financial information you present to make key decisions. However, all interested people are really asking this: how accurate are those financial statements, and how clear are those
How Audit Services Improve Financial Transparency Read More »
Staying on top of Canada Revenue Agency (CRA) rules is challenging enough, especially when you’re already juggling everything that comes with running a business in Ontario. Between tracking receipts, organizing invoices, filing the right forms, and meeting deadlines, it’s easy to feel overwhelmed. Many business owners find themselves unsure about what records to keep, how
How Bookkeeping Services Ensure CRA Compliance for Ontario Businesses Read More »
