CM Williamson Professional Corporation

CM Williamson Professional Corporation Corporate accounting, bookkeeping, payroll and more accounting services.

04/15/2026

When your principal residence becomes a rental property, CRA may treat that as a change in use.

That means there could be a deemed sale at fair market value on the date of the change, even though you did not actually sell the home.

A few important things to know:

Get the fair market value of the property on the date it became a rental.

Start reporting the rental income and expenses from that date.

There may be an option to file a 45(2) election to defer the tax impact.

Be careful about claiming CCA (depreciation), because that can affect the election.

This area can have a big impact on future capital gains and principal residence exemption claims, so it is worth getting advice before filing.

If your home was converted to a rental and you are not sure what CRA expects, we can help.

04/14/2026

Just a reminder from CWPC:

If you know you will owe tax, do not wait until the end of April to get your return filed. Just because you file your return earlier than April 30th doesn't mean you owe the CRA tax before that date.

Yes, for most individuals, both the filing deadline and the payment deadline are April 30, 2026 — but waiting until the last minute can create unnecessary stress, delays, and a higher chance of missing something important.

The earlier you file, the more time you have to review the balance owing, make arrangements to pay it, and avoid last-minute panic.

If you have not sent us your tax information yet, now is the time.

This is a text I received today. Scam!The CRA or Service Canada will not and cannot text you.
04/13/2026

This is a text I received today. Scam!

The CRA or Service Canada will not and cannot text you.

So true!! :)
04/13/2026

So true!! :)

03/24/2026

Canadian Tax Tip (GST/HST Credit)

You may be eligible for the GST/HST credit even if you have little or no income. It’s a tax-free quarterly payment that helps offset sales tax.

Tip: Make sure you file your tax return every year, even with no income, to ensure you continue receiving the benefit.

03/20/2026

Canadian Tax Tip (CRA Instalments)

If you owed more than $3,000 in taxes in a tax year, the CRA will require you to make quarterly instalment payments.

Tip: Paying instalments on time helps avoid interest charges — even if your total tax ends up lower at year-end.

03/17/2026

Canadian Tax Tip (First-Time Home Buyers’ Tax Credit)

If you purchased your first home this year, you may be eligible for the First-Time Home Buyers’ Tax Credit.

This credit can help offset some of the costs associated with buying a home.

Tip:

You may be able to claim $10,000, which can provide up to $1,500 in federal tax savings.

Be sure to keep your purchase documents for tax time.

03/14/2026

Canadian Tax Tip (Moving Expenses)

If you moved at least 40 km closer to a new job, business location, or school, you may be able to deduct eligible moving expenses on your tax return.

👉 Tip: Keep receipts for costs like movers, travel, temporary lodging, and storage — these can add up to meaningful tax savings.

02/28/2026

Canadian Tax Tip (Medical Expenses)

Did you know? You can claim eligible medical expenses for yourself, your spouse, and dependants to reduce your taxes

This can include prescriptions, dental work, vision care, and certain travel costs for medical treatment.

Tip: You can claim expenses from any 12‑month period ending in the tax year — choose the period that gives you the highest claim.

02/25/2026

Donations to registered charities can give you valuable **non‑refundable tax credits** and help lower your tax bill. You can also carry unused donations forward for up to **5 years**.

👉 Tip: Consider “bunching” donations into one year to maximize the higher credit rate on amounts over $200.

02/20/2026

Canadian Tax Tip (Selling Your Home)

If you sold your home, remember: you still need to report the sale on your tax return — even if it qualifies for the principal residence exemption and no tax is owed.

👉 Tip: Report the year of purchase, sale price, and dates. Missing this step can delay your return or risk penalties.

02/17/2026

Canadian Tax Tip (FHSA for First‑Time Buyers)

Saving for your first home?

Contributions to the First Home Savings Account (FHSA) are tax‑deductible, and qualifying withdrawals to buy a home are completely tax‑free.

👉 Tip: You can combine the FHSA with the Home Buyers’ Plan for even more purchasing power — but planning ahead is key to maximize both.

Address

201 14068 127 Street NW
Edmonton, AB
T6V1K4

Opening Hours

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

Telephone

780-457-9331

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