Lisa Rumsey, Chartered Professional Accountant

03/04/2026

Business owners juggle so much, and it’s easy for personal and business expenses to blur along the way. A recent Canadian tax case is a good reminder of why timing and intention matter when it comes to shareholder loan accounts. 💼📘

In this case, a corporation covered some personal expenses for its owner which got added into their income as shareholder benefits. Years later, the owner tried to retroactively clear those amounts using their shareholder loan instead. Ultimately, the courts disagreed with the shareholders position, noting that the loan was clearly used to support the business, not to offset personal benefits. In the end courts rejected the adjustment because the loan was clearly used to fund operations — and intention can’t be rewritten after the fact. ⚖️

For corporations, this highlights the need for:
- Timely reconciliation of shareholder loan accounts
- Clear documentation of purpose and intention
- Proper year‑end adjustments to avoid unintended tax consequences

For more information about this ruling or how these rules work in practice reach out to my office. 📩

Call now to connect with business.

11/19/2025

Automation is a Tool, Not a Strategy

AI and automation are changing how we do business—but they don’t replace the human side of the work.

At my firm, we use smart tools to:
✅ Cut down on paperwork
✅ Speed up your year-end
✅ Keep your books clean and CRA-ready

But software can’t:
❌ Help you plan for taxes
❌ Spot red flags in your numbers
❌ Give you peace of mind

That’s where I come in.

I work with business owners to make sense of the numbers, plan ahead, and feel confident in their decisions.

📆 Want to see how automation + strategy can work for you? Let’s connect.

10/28/2025

Accounting can be spooky too 👻
Here’s a scary tax mistake to avoid this Halloween:

🚫 Claiming personal expenses as business deductions.
That family dinner, your kid’s soccer gear, or Halloween costumes? If they’re not business-related, don’t write them off. The CRA will notice—and the audit won’t be nearly as fun as trick-or-treating.

🧙‍♀️ Pro tip from your friendly CPA:
Keep your records clean, your receipts organized, and your deductions legit. That’s how you avoid a financial fright!

💬 Share this with a fellow business owner who needs a little spooky-season sanity.

10/06/2025

📌 Bookkeeping Tip from Your CPA!!

Receipts piling up in your purse, glove box, or inbox?
📸 Snap a photo and drop it into a cloud folder or upload to your bookkeeping software once a week.
🧾 No more paper chaos.
💡 Your future self (and your accountant) will thank you!
👉 Tag a friend who needs this tip!

Need help? Reach out and I will be happy to provide assistance!

09/29/2025

📘 Alberta Tax Tip for Small Biz Owners!

Working from home? You might be able to claim home office expenses on your taxes—even if your office is a corner of the living room!

Things like rent, utilities, internet, and repairs could be deductible. 💸

Want to know what qualifies and how to make it work for you?

👉 Drop a comment or send me a message. I’m here to help Alberta entrepreneurs save money and stay stress-free.

05/07/2025

🧾 Bookkeeping Questions Every Business Owner Has

Whenever I work with a new client, conversations always turn to bookkeeping:
➡️ Do I really need accounting software?
➡️ What records does the CRA expect to see?
➡️ How often should I do my bookkeeping?

While these questions seem simple, the reality is poor record-keeping can cost your business big time—from missed deductions to tax penalties and even cash flow surprises. So, how can you avoid costly mistakes?

🔍 Hidden Costs of Poor Record-Keeping 📝
❌ Mixing personal & business expenses
❌ Ignoring tax deadlines
❌ Poor tracking of income & expenses
❌ Overlooking deductions
❌ Not reviewing financial reports regularly

✨ How to Keep Your Books in Shape:
✅ Use Accounting Software – Automate records with QuickBooks, Xero, or similar tools.
✅ Set Up a Digital Filing System – Keep important documents stored securely online.
✅ Reconcile Bank Statements Monthly – Spot errors and fraud early!
✅ Track Cash Flow – Don’t just focus on revenue—understand where money is going.
✅ Prepare for Tax Season Year-Round – No more last-minute stress!
💡 Tip: In Canada, keep tax records for at least six years to stay compliant!

A strong bookkeeping system = a stronger business. Don’t wait until tax season to get organized—stay ahead and keep your finances working for you!

Need guidance? Let’s chat! 💬

04/07/2025

📢 Important Update from the CRA on Auto-fill My Return and Tax Slips 🧾

In January 2025 the CRA rolled out a new validation process for organizations submitting information returns to help improve data accuracy. This change was done to enhance data quality, however, some issuers encountered challenges submitting these slips. As a result, some slips may not appear in My Account, Represent a Client, or the Auto-fill My Return service as early as they have in past years.

💡 What You Need to Know:

- Issuers were still required to distribute tax slips directly to recipients by the filing deadline, so you should have received hard copies needed to file your tax return

- If a tax slip isn’t visible in CRA tools, use the slip provided by the issuer (e.g., your employer or financial institution). If you believe it may be missing, follow up with the issuer, they can always send another/electronic copy to you if needed

- Your accountant/CPA may be asking for slips and clarification that they never needed in past years. This is because they want to ensure your return is complete and accurate. Please be patient as we ask these questions

🔍 What If You Miss a Slip on Your Taxes?
If you forget to include a tax slip in your return, don’t worry—it happens! However, it's important to address the issue promptly to avoid interest and penalties. The CRA may adjust your return automatically if they receive the missing slip later, which could result in additional taxes owed or interest and penalty charges. To avoid this, double-check that all slips are accounted for before filing, and if you realize you've missed one, file an adjustment as soon as possible.

📩 The CRA is actively working with issuers to resolve these issues and ensure tax slips are accessible as soon as possible. ✅

🙋‍♀️ Questions? I’m Here to Help!
If you have any questions or need assistance navigating your tax slips or filing your return, don’t hesitate to reach out to me. I’m here to make tax season as smooth as possible for you!

Send a message to learn more

03/24/2025

Tax Season 2025: What Canadians Need to Know! 🗓️💰

Tax season is here, and I'm here to help you navigate it with confidence! Here are some key updates, tips, and pitfalls to watch out for in 2025:

1️⃣ Important Deadlines 📆:

April 30, 2025: Deadline for most individuals to file and pay taxes

June 15, 2025: Deadline for self-employed individuals to file (payments still due by April 30). Did you know if your spouse is self-employed your filing deadline is also moved to June 15?!

If either of these dates fall on a weekend the filing deadline is moved to the next business day.

2️⃣ What's New:

Document Verification Service: Verify your identity instantly for CRA account access.

Alternative Minimum Tax (AMT): Changes introduced for 2024 and later tax years.

3️⃣ Maximize Your Tax Situation:

Ensure all tax slips are included.

Explore deductions and credits, like the Child Tax Credit and EV incentives

4️⃣ Common Mistakes to Avoid:

Missing Deadlines: Filing late can result in penalties and interest.

Overlooking Deductions: Forgetting deductions like medical expenses or tuition can cost you.

Incorrect Information: Errors in SIN numbers or banking details can delay your refund.

Ignoring CRA Notices: Addressing CRA requests promptly can save time and headaches.

5️⃣ Go Digital:

File online for faster processing and refunds. Last year, 93% of Canadians filed online!

Register for CRA online for quicker access to letters and notices sent by the CRA.

💡 Need help? I am here to make tax season stress-free. Contact me today for expert advice and personalized support!