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GEIB & COMPANY Chartered Professional Accountants, CPA

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Canada
Calgary, AB
GEIB & COMPANY Chartered Professional Accountants, CPA

Accounting, consulting, and tax services to keep your business running.

05/28/2026

A CRA review is not the same as a full audit, but it does require timely attention.
Reviews are often triggered by large or unusual deductions, inconsistencies with prior filings, or missing documentation.

If selected, CRA will request supporting documents to verify specific claims on your return.
Responding accurately and on time is critical to avoid reassessments or delays.

If you receive a review request, Geib & Company can help you prepare and submit the required information with confidence.

05/26/2026

When withdrawing funds from a Registered Education Savings Plan (RESP), it’s important to understand how each component is taxed.

Original contributions are returned tax-free, while investment income and government grants are taxable to the student.

Because students often have low income, withdrawals can be structured to minimize or eliminate tax.
Planning withdrawals over multiple years can help maximize available credits and reduce overall tax impact.

If you receive a review request, Geib & Company can help you prepare and respond with confidence.

05/21/2026

Rental income must be reported annually, but not all expenses are treated the same for tax purposes.

Operating costs such as property taxes, insurance, and maintenance are generally deductible in the year incurred.

However, capital expenses — including major renovations or improvements — must be added to the property’s cost and claimed over time through depreciation (CCA).
Misclassifying expenses is one of the most common reasons for CRA reassessments.

Keeping clear records and properly categorizing expenses can help avoid issues later.

05/19/2026

The Canada Groceries and Essentials benefit, formally known as the GST/HST credit is a tax-free quarterly payment designed to offset sales tax for eligible individuals and families.

Eligibility and payment amounts are recalculated each year based on your most recent tax return.

If your income changed in 2025, your payments beginning in July 2026 may increase, decrease, or stop entirely.

Filing your return on time is essential to ensure your benefits continue without interruption.

Geib & Company can assist you with tax filings to ensure your eligibility for this credit.

05/18/2026

When an individual passes away, their final tax return, known as the terminal return, must still be filed.

The filing deadline depends on the date of death, and in some cases, additional optional returns may be filed to reduce overall tax.

Income earned up to the date of death must be reported, and certain assets may trigger tax implications.
Proper planning and filing can help minimize taxes payable by the estate and ensure compliance with CRA requirements.

Geib & Company can assist executors and families in navigating these filings during a complex time.

05/14/2026

The temporary flat-rate method introduced during COVID-19 is no longer available.

Employees must now use the detailed method to claim home office expenses and must have a completed and signed T2200 from their employer.

Eligible expenses may include a portion of rent, utilities, internet, and maintenance costs, based on the size and use of your workspace.

It’s important to calculate the workspace percentage accurately and keep supporting documentation, as CRA may request proof of your claim.

Geib & Company can assist you with navigating this claim.

05/12/2026

If you owed more than $3,000 in taxes in 2025 (or $1,800 in Quebec), CRA may require you to make quarterly instalment payments in 2026.

These payments are due in March, June, September, and December.

Instalments are intended to spread your tax payments throughout the year and avoid a large balance owing at filing time.

However, if your income has decreased or changed significantly, your required instalments may be lower than CRA’s estimate.

Reviewing your situation early can help you avoid overpaying or facing interest on underpayments.

05/11/2026

If you missed the April 30 personal tax deadline, penalties and interest begin immediately on any balance owing.

The late-filing penalty is 5% of the amount owing, plus an additional 1% for each full month the return is late, up to 12 months. Interest compounds daily, which can increase the total quickly.

Even if you’re unable to pay the full amount right away, filing your return as soon as possible is critical. Filing late increases penalties, while paying late only increases interest.

If needed, CRA may allow a payment arrangement, but the sooner you act, the more you can limit additional costs.

If you’ve missed the deadline and aren’t sure what to do next, Geib & Company can help you take the right steps and minimize penalties.

04/28/2026

If you can’t prove it, CRA won’t accept it.

Good recordkeeping is one of the most overlooked parts of tax compliance.

Receipts, invoices, and supporting documents are not just administrative—they are your defense if CRA reviews your filings.

Incomplete records can lead to denied deductions, even if the expense was legitimate.

Geib & Company can help you set up systems that keep your records organized and defensible year-round.

04/27/2026

Cross $30K in revenue? CRA expects you to act.

Many small businesses assume they do not need to register for GST/HST right away.

However, once revenues exceed $30,000 over a rolling 12-month period, registration becomes mandatory.

Failing to register on time can result in owing tax out of pocket.

Geib & Company can help monitor thresholds and ensure registration is handled properly.

Address

1020, 10201 Southport Road SW
Calgary, AB
T2W4X9

Opening Hours

Monday	8am - 5pm
Tuesday	9am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

+14032594519

Website

http://www.geibco.com/

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