Tetz Powell LLP Chartered Professional Accountants

12/03/2025

Traveling out of town for a medical procedure? You can deduct travel expenses such as a flights, vehicle expenses, hotels, meals. Long wait times are an allowable reason to be able to deduct travel expenses (2020-0851841E5)

You can also potentially claim the travel expenses for an accompanying person as well

Make sure to get a doctor's note

12/03/2025

Traveling out of town for a medical procedure? You can deduct travel expenses such as a flights, vehicle expenses, hotels, meals. Long wait times are an allowable reason to be able to deduct travel expenses (2020-0851841E5)

You can also potentially claim the travel expenses for an accompanying person as well

Make sure to get a doctor's note

11/25/2025

Business owners: if you plan on selling your company in the future. Be aware of a surprise tax if you use your Capital Gains Exemption

It is a refundable tax and it is paid the year your use your CGE, but refunded to you over 7 years. If its not refunded to you in 7 years, the unrefunded amount is lost for ever.

Have a plan to recover the tax:
1) trigger income y withdrawing from RRSP/RRIF or triggering capital gains in non registered accounts

2) if you will own another business after, switch to getting paid a wage, as opposed to a dividend

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10/25/2025

Business owners: should you buy your vehicle personally or through your coporation

It depends on business use of the vehicle

10/24/2025

10/24/2025

Health Spending Accounts:

If you hear about them being this magical tool that business owners are using to put things through such as gym equipment, gym memberships, cosmetic procedures etc. They are likely misusing the HSA (potentially unknowingly).

As a reminder, if its not an eligible medical expense (per CRA, link below). It must be reported as a taxable benefit on the employees T4

Sole shareholders can also utilize an HSA as well, but under strict CRA guidelines

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return.html

10/20/2025

The benefits from voluntarily converting your RRSP to a RRIF after age 65 but before age 71
-RRIF withdrawal income is eligible for pension income splitting, RRSPs are not
- Access to pension income tax credit ($300 tax savings per year, per spouse)
-No income tax withheld on minimum RRIF withdrawals

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10/17/2025

Running a small business and tired of overcomplicating your GST?

The GST Quick Method is designed to simplify things — and can even save you money.

Instead of tracking every input tax credit (ITC), you just remit a fixed percentage of your sales to CRA — usually 3.6% instead of 5%. You still charge 5% to your customers but keep the difference.

✅ Simplified bookkeeping — no ITC tracking on day-to-day expenses
✅ Less CRA paperwork — one easy calculation each filing period
✅ Extra savings for service-based businesses with low expenses

Perfect for:

Trades businesses

Consultants

Designers

Contractors

Any business which has low amount of GST input tax credits, often because their biggest expense is wages

10/16/2025

Do you have uncashed CRA cheques? Check your CRA online account

10/16/2025

Do you have uncahed CRA cheques? Check your CRA online account

10/14/2025

The GST Quick Method is special way to remit your GST, which simplifies the GST filing and can also result in a nice savings