Tax-AdVise

Tax-AdVise TaxAdVise provides both taxes and bookkeeping services for personal or for businesses. Follow us for financial tips.

Tax(ad)Vise provides tax services for individuals and businesses (sole proprietors, partnerships and corporations).We also offer the full bookkeeping services, GST returns, year end statements, rentals, business plans for bank loans, tax seminars for DIY tax preparers, audit assistance, solving disputes with CRA. New service: RMS= Refund Management Services: gaming and casino tax refund! We are al

so specialized in non-resident tax returns for foreign workers / corporations. WE DO TOUR TAXES IN 24 HOURS! If you have any questioned, feel free to contact us or post it on Facebook book!

“I know I should invest, but I’m afraid of making the wrong decision”. don’t be hard on yourself! I guide and educate yo...
08/19/2026

“I know I should invest, but I’m afraid of making the wrong decision”. don’t be hard on yourself! I guide and educate you so you can reach your goals. We educate first, so you understand every recommendation before making a decision.

"I earn a good income, but I have no idea where my money goes every month."If you've ever said this, you're not alone.Mo...
08/07/2026

"I earn a good income, but I have no idea where my money goes every month."
If you've ever said this, you're not alone.

Most people were never taught how to manage money. That's why the first step in our Financial Roadmap is understanding your cash flow.

When you know where every dollar goes, you can finally make informed financial decisions with confidence.

📅 Book your complimentary Financial Roadmap Meeting.

🌐 www.kodafa.com

Let’s your taxes pay for your debt! Book your conversation now at www.kodafa.com and I’ll show what my 600+ clients alre...
08/07/2026

Let’s your taxes pay for your debt! Book your conversation now at www.kodafa.com and I’ll show what my 600+ clients already do.

We analyze your debt and develop a repayment strategy that helps you become debt-free faster while balancing your other financial goals. Koda Financials follows a proven 6-step financial planning process focused on long-term financial success. ook now; www.kodafa.com ,

07/11/2026

For businesses including some proprietors

Quarterly Instalment Remittances.
When you are required to make quarterly tax instalment payments, in addition to interest on the balance owing when you file your return, you may be charged instalment interest.

But that will only occur if your instalments are late or too small. If you discover that your previous instalments for the year are insufficient, you can reduce your instalment interest by making larger instalments for the year, sooner, that is before the June 15, September 15 or December 15 deadline.

Note that farmers and fishers have until December 31, to make a single instalment remittance for the year, based on 2/3 of their anticipated taxable income.

Once you’re notified of interest payable, no further interest will be charged if the total balance due is paid promptly – this generally means within 20 days of the notice.

Get help and book now: www.kodafa.com

07/10/2026

Interest – Taxable and Deductible?

In addition, any interest paid to you by the CRA is taxable and must be reported on your tax return for the year the interest is received.

If the CRA then reassessed your return, created a balance due and you resulting in repaying any of that refund interest you reported, you can claim that repayment as a deduction. Otherwise interest and penalties you pay to the CRA are not deductible. Nor, by the way, is any interest on a loan to contribute to a registered account like an RRSP, TFSA or FHSA.

get help now, book at www.kodafa.com

07/09/2026

Tax Planning.

The general rule for paying interest of any kind, is that you should, whenever possible, ensure the interest paid is tax-deductible, for example when paid to acquire an income-producing asset.

Interest paid to the CRA is never deductible and cannot be linked to an income-earning investment, so paying interest to the CRA is to be avoided whenever possible.

To ensure you don’t owe interest to the CRA, you should:

Pay your taxes each year by April 30, even if you’re self-employed and your tax return is not due until June 15
If you’re required to make instalment payments, make them on time
If you’re reassessed, respond immediately. If the reassessment is valid, pay the taxes promptly

Get help, book now: www.kodafa.com

07/08/2026

When you owe to CRA

The interest rate owed is compounded daily. That’s a real wealth eroder. In fact that real annual interest rate, which is also known as the effective annual rates is 7.25%. It may be less expensive to borrow from the bank than from the CRA. Check this out and make the comparisons; then pay off CRA first if you can.

When CRA owes you. You will note that when CRA owes you money, they’ll pay you compounding interest at the prescribed ra...
07/07/2026

When CRA owes you.

You will note that when CRA owes you money, they’ll pay you compounding interest at the prescribed rate of interest plus only 2% more. Worse, your interest payment only begins at the latest of:

30 days after the balance due date
30 days after you file your return
the day you overpaid your taxes

Stop Making Interest-Free Loans to CRA. As much as people love their tax refunds, try not to overpay your taxes at source. That’s just an interest-free loan for CRA. Some tips:

Increase deductions and credits: make larger charitable donations before year end, RRSP contributions within 60 days of the year end, and be sure to write off all the deductions you are entitled to.
Whenever possible, arrange to have a balance due of less than $3,000 each year when you file your return. That keeps you out of the quarterly tax remittance profile.
If you are making instalments, estimate your income taxes for the year before making your last instalment (December 15 or for farmers or fishers, December 31). Don’t make a payment if you’ve paid enough; make an overpayment if your instalments were deficient.
If you have a refund coming, file as early as possible. Then pay off non-deductible debt, like credit card debt.

Want help? Contact us! www.kodafa.com

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