HRM Bookkeeping & Tax Services

HRM Bookkeeping & Tax Services Bookkeeping and tax support for small businesses and self-employed professionals in Halifax, NS. Customer Intake Form: https://forms.gle/Lc7TD2pqAK6yA4BU9

QuickBooks bookkeeping, GST/HST filing, and corporate tax review.

👩Many small business owners think:🏠“My company didn’t make money, so I don’t need to file a corporate tax return.”This i...
05/01/2026

👩Many small business owners think:

🏠“My company didn’t make money, so I don’t need to file a corporate tax return.”

This is actually **not correct**.

In Canada, even if your corporation is inactive or has no income, you still need to file a T2 return with the Canada Revenue Agency.

The good news is:

If your company has little or no activity, you may qualify for a **T2 Short Return**, which is simpler and faster to file.

This usually applies if:

✔ No business activity or very minimal transactions
✔ No complex tax credits or deductions
✔ No investment or foreign income

Many new or inactive corporations can use this option to save time and costs.

If your corporation is inactive this year, I can help you determine if T2 Short applies.

If you're not sure whether your company qualifies, feel free to message me — happy to help review your situation.





05/01/2026

A rental property owner recently asked if they could deduct maintenance costs.

In many cases, expenses such as:

✔ Repairs
✔ Property management fees
✔ Mortgage interest
✔ Insurance

may be deductible.

If you have tax questions, feel free to reach out.

Understanding rental deductions properly can help reduce taxable rental income.






Last tax season, a client thought he would owe about $3,000 in taxes.📕Before filing his return, we reviewed his RRSP con...
04/29/2026

Last tax season, a client thought he would owe about $3,000 in taxes.

📕Before filing his return, we reviewed his RRSP contribution room.

🏢He contributed $6,000 to his RRSP before the deadline.

Result:

👍Instead of owing taxes, he ended up receiving a small refund.

🆗RRSP can be one of the most powerful tax planning tools in Canada.

Many people wait until tax season to think about it — but planning earlier can make a big difference.

Today was one of those painful tax cases.A client originally bought a home as a principal residence.Later they moved out...
04/29/2026

Today was one of those painful tax cases.

A client originally bought a home as a principal residence.

Later they moved out and rented the property.

A very common situation.

The problem?

When the home changed from personal use to rental use, their accountant did NOT file a 45(2) election, and did not properly address the deemed disposition issue.

Now the property has appreciated significantly.

Estimated tax bill?

💸 More than $20,000 in capital gains tax.

The frustrating part?

This was actually a perfect case for a 45(2) election.

The client remained a Canadian tax resident the whole time.

During the rental period, they didn’t own another home—they were renting.

That means the property may have potentially continued to be treated as a principal residence and could have benefited from the Principal Residence Exemption (PRE).

So what is a 45(2) election?

It can allow a rental property (in certain situations) to continue being treated as your principal residence for tax purposes.

Without it:

When you convert a home into a rental property, there may be a deemed disposition, which can trigger capital gains.

And future appreciation may become taxable.

📌 A missed election can be very expensive.

If you turned your home into a rental, make sure you understand the tax implications.

Have you heard of the 45(2) election before?








Hi everyone 👋This is HRM bookkeeping, a Halifax-based accounting professional team with over 6 years of experience in bo...
04/28/2026

Hi everyone 👋

This is HRM bookkeeping, a Halifax-based accounting professional team with over 6 years of experience in bookkeeping, corporate tax, and personal tax preparation.

I help individuals and small businesses stay organized and tax-ready with services such as:

• Bookkeeping (QuickBooks Online)
• Bank reconciliation and monthly financial reports
• GST/HST filings
• Corporate tax review and preparation (T2)
• Personal tax returns (T1)

Whether you're a small business owner, self-employed, or simply need help with your personal taxes, I’m happy to assist.

If you have questions about bookkeeping or taxes, feel free to send me a message.

Always happy to connect with fellow Halifax entrepreneurs and community members 🙂





Tax Tip for Families🏠A client recently asked me why her Canada Child Benefit (CCB) suddenly increased this year.👧After r...
04/27/2026

Tax Tip for Families

🏠A client recently asked me why her Canada Child Benefit (CCB) suddenly increased this year.

👧After reviewing her tax return, we realized she had missed claiming several eligible deductions in previous years.

🍎Once her income was adjusted correctly, her family became eligible for higher monthly CCB payments.

Sometimes small tax adjustments can affect government benefits.

If you have children in Canada, it’s always worth making sure your tax return is filed correctly and optimized.

🏠A homeowner asked me recently:“Do I have to repay the full amount every year after using the Home Buyers’ Plan?”Not nec...
04/27/2026

🏠A homeowner asked me recently:

“Do I have to repay the full amount every year after using the Home Buyers’ Plan?”

Not necessarily.

🏢When you withdraw RRSP funds through the Home Buyers' Plan, the repayment is spread over 15 years.

Each year, the CRA sets a minimum repayment amount.

For example:

🙁If someone withdrew $30,000, the minimum yearly repayment would be about $2,000 per year.

But here’s something many people don’t know:

You can always repay more than the minimum if you want to rebuild your RRSP faster.

Why might someone do this?

✔ rebuild retirement savings faster
✔ benefit from tax-deferred growth
✔ prepare for future tax planning

If you repay less than the required minimum, the difference may be added to your taxable income for that year.

Understanding these small rules can help avoid surprises at tax time.

Are you planning to buy your first home in Canada?








DTC vs Medical Expenses — Which One Should You Claim?😢A client recently asked me this question:“My child has ongoing med...
04/25/2026

DTC vs Medical Expenses — Which One Should You Claim?

😢A client recently asked me this question:

“My child has ongoing medical treatments. Should I claim the Disability Tax Credit (DTC) or medical expenses?”

This is a very common question in Canada.

The truth is: they are different credits and sometimes you can claim both.

1️⃣ Disability Tax Credit (DTC)

The Disability Tax Credit is a non-refundable tax credit designed to reduce the income tax for people with severe and prolonged impairments.

Key points:

✔ Requires approval from the CRA
✔ A doctor must complete Form T2201
✔ Once approved, it can reduce taxes every year
✔ Unused credits may be transferred to a supporting family member

This credit can save thousands of dollars per year for eligible families.

2️⃣ Medical Expense Tax Credit

Medical expenses include many health-related costs such as:

• Prescription medications
• Dental treatments
• Vision care
• Therapy or rehabilitation
• Certain medical devices
• Travel for medical treatment (in some cases)

However, medical expenses are only claimable above a certain threshold based on income.

3️⃣ Can You Claim Both?

In many situations, yes.

For example:

DTC reduces your tax payable
Medical expenses can still be claimed separately

They serve different purposes, so one does not automatically cancel the other.

4️⃣ When Should You Review This?

If you or a family member:

• Have long-term medical conditions
• Require ongoing treatment
• Support a child or dependent with disabilities

It may be worth reviewing whether DTC eligibility applies in addition to medical expense claims.

💬 Tax rules can be complicated, and every situation is different.

If you're unsure whether you qualify for DTC or medical expense credits, reviewing your tax situation ahead of time can make a big difference.






Last tax season, a client came to me thinking she would owe taxes because she had a good year with her small business.Af...
04/25/2026

Last tax season, a client came to me thinking she would owe taxes because she had a good year with her small business.

After reviewing her numbers, I asked one question:

“Did you contribute to your RRSP?”

👩She hadn’t yet.

So she decided to contribute $5,000 to her RRSP before the deadline.

The result?

😁Instead of owing taxes, she received a tax refund of about $1,700.

📕RRSP contributions can reduce your taxable income, which means you may pay less tax today while saving for retirement.

Sometimes one simple move before the deadline can make a big difference.

Have you checked your RRSP contribution room this year?

🇨🇦 Living in Quebec? Do you know about RAMQ?RAMQ (Régie de l'assurance maladie du Québec) is Quebec’s public health insu...
04/04/2026

🇨🇦 Living in Quebec? Do you know about RAMQ?

RAMQ (Régie de l'assurance maladie du Québec) is Quebec’s public health insurance program.
If you qualify, it helps cover many medical services.

✔ Doctor visits
✔ Hospital services
✔ Some medical treatments

However, not everyone is automatically covered. Eligibility depends on your residency status and how long you have lived in Quebec.

Important tip 👇
Many new residents must complete a waiting period before coverage begins.

If you are moving to Quebec or recently arrived, it’s important to understand how to apply and when your coverage starts.

Have questions about RAMQ or healthcare eligibility?
Feel free to message me 📩





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