by Karim Bitar | Sep 28, 2025 | Accounting
Table of Contents Introduction — Why CRA Sends Review or Audit Letters Review Letter vs Audit Letter — What’s the Difference? First Steps to Take When You Receive a CRA Letter Documents the CRA Commonly Requests CRA Audit Triggers and Red Flags Car and Vehicle Expense...
by Karim Bitar | Sep 20, 2025 | Accounting
Table of contents Introduction — quick answer and who this is for TL;DR: Who should use TurboTax and who should hire an accountant? What TurboTax (and other DIY tax software) can do — strengths & limitations What a professional tax accountant brings to the table...
by Karim Bitar | Jun 16, 2025 | Accounting
If you’re a business owner in Canada, the words “CRA audit” can send a shiver down your spine. But here’s the truth: not all audits are cause for panic, and many are preventable. By understanding what triggers an audit from the Canada Revenue Agency (CRA), you...
by Karim Bitar | Apr 13, 2025 | Accounting
In 2026, an Ontario Canadian-controlled private corporation (CCPC) pays a combined 11.2% on its first $500,000 of active business income earned from July 1, 2026 (12.2% before that), and 26.5% on income taxed at the general rate. The federal rates are 9% and 15%....
by Karim Bitar | Feb 26, 2025 | Accounting
Canadian dividends are taxed in two steps: you add a gross-up to the dividend you actually received, then claim a dividend tax credit that reflects tax the corporation has already paid. For 2026, eligible dividends are grossed up by 38% and non-eligible dividends by...
