Muib Khan, CPA

Muib Khan, CPA CPA firm specializing in CRA Audits and Cloud Based Accounting System

Muib Khan, CPA is a full-service accounting firm that provides comprehensive solutions to individuals and businesses in Canada. We offer a range of services, including tax planning and preparation, bookkeeping, payroll, and business advisory services. We understand the unique challenges faced by small businesses and offer customized solutions tailored to their specific needs. Our firm's mission is

to help our clients achieve their financial goals by providing accurate, timely, and cost-effective services. With years of experience, our team has a deep understanding of the Canadian tax system, and we stay up-to-date with the latest changes to ensure our clients are compliant and maximize their tax savings. We take pride in building long-lasting relationships with our clients, providing them with personalized attention and exceptional service. Contact us today to schedule a consultation and see how we can help you achieve your financial objectives.

03/22/2026

The Math is Simple:

If our service costs you $1,000, but we find you $3,000 in deductions you missed

We basically handed you $2,000 in money.

It's okay to file your own taxes.

But are you doing it correctly?

Or losing money to CRA?

Most "DIY" business owners are accidentally giving the CRA a "tip" (that extra money)

$2,000, $5,000, or even $10,000 in overpaid taxes because of:

Vehicle expenses: Are you claiming the right percentage of your truck or car?

Home Office expenses: Most people claim too little because they are afraid of an audit.

Equipment purchase: Did you buy that new tool at the wrong time of year?

Small Slips: That "personal" lunch that was actually a business strategy session.

Of course you can DIY, but your time as a business owner is better spent running and growing your business.

โœจ ๐๐ข๐  ๐“๐š๐ฑ ๐‚๐ก๐š๐ง๐ ๐ž๐ฌ ๐”๐ง๐๐ž๐ซ ๐๐ซ๐ข๐ฆ๐ž ๐Œ๐ข๐ง๐ข๐ฌ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค ๐‚๐š๐ซ๐ง๐ž๐ฒ โ€” ๐‡๐ž๐ซ๐žโ€™๐ฌ ๐–๐ก๐š๐ญ ๐˜๐จ๐ฎ ๐๐ž๐ž๐ ๐ญ๐จ ๐Š๐ง๐จ๐ฐ!Canadaโ€™s new PM, Mark Carney, has roll...
09/30/2025

โœจ ๐๐ข๐  ๐“๐š๐ฑ ๐‚๐ก๐š๐ง๐ ๐ž๐ฌ ๐”๐ง๐๐ž๐ซ ๐๐ซ๐ข๐ฆ๐ž ๐Œ๐ข๐ง๐ข๐ฌ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค ๐‚๐š๐ซ๐ง๐ž๐ฒ โ€” ๐‡๐ž๐ซ๐žโ€™๐ฌ ๐–๐ก๐š๐ญ ๐˜๐จ๐ฎ ๐๐ž๐ž๐ ๐ญ๐จ ๐Š๐ง๐จ๐ฐ!

Canadaโ€™s new PM, Mark Carney, has rolled out major tax reforms focused on affordability, housing, and investment. Hereโ€™s the breakdown:

๐Ÿ”ด ๐Ÿ. ๐‚๐š๐ซ๐›๐จ๐ง ๐“๐š๐ฑ ๐‘๐ž๐ฆ๐จ๐ฏ๐ž๐
โœ… As of April 1, 2025, the federal consumer carbon tax (fuel charge) is eliminated โ€” giving Canadians relief at the pump and on utility bills.

๐Ÿ”ด ๐Ÿ. ๐†๐’๐“ ๐‘๐ž๐ฅ๐ข๐ž๐Ÿ ๐Ÿ๐จ๐ซ ๐…๐ข๐ซ๐ฌ๐ญ-๐“๐ข๐ฆ๐ž ๐‡๐จ๐ฆ๐ž๐›๐ฎ๐ฒ๐ž๐ซ๐ฌ
โœ… Buying a new home valued at $1 million or less? Youโ€™ll get a full 5% GST rebate โ€” up to $50,000 in savings.
๐Ÿก For homes priced between $1M and $1.5M, the rebate gradually phases out. Above $1.5M, no rebate applies.

๐Ÿ”ด ๐Ÿ‘. ๐Œ๐ข๐๐๐ฅ๐ž-๐‚๐ฅ๐š๐ฌ๐ฌ ๐“๐š๐ฑ ๐‚๐ฎ๐ญ
โœ… The lowest federal income tax rate is dropping from 15% to 14%, effective July 1, 2025.
๐Ÿ“‰ For 2025, the effective blended rate will be 14.5% since the cut applies mid-year.

๐Ÿ”ด ๐Ÿ’. ๐‚๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐†๐š๐ข๐ง๐ฌ ๐‘๐ž๐ฅ๐ข๐ž๐Ÿ
โœ… The planned increase to the capital gains inclusion rate has been cancelled/deferred.
โœ… The Lifetime Capital Gains Exemption (LCGE) is now $1.25 million (up from ~$1M) for small business owners, farmers, and fishers.

๐Ÿง  ๐‚๐๐€ ๐“๐ข๐ฉ:
These changes can reshape your tax planning, investments, and home purchase decisions. Make sure youโ€™re taking advantage of every credit and exemption available to you!

๐Ÿ“ฐ๐Ÿ”ฅ ๐๐‘๐„๐€๐Š๐ˆ๐๐† ๐๐ž๐ฐ๐ฌ: ๐“๐ก๐ž ๐…๐ž๐๐ž๐ซ๐š๐ฅ ๐‚๐จ๐ง๐ฌ๐ฎ๐ฆ๐ž๐ซ ๐‚๐š๐ซ๐›๐จ๐ง ๐“๐š๐ฑ ๐ˆ๐ฌ ๐†๐Ž๐๐„!๐–๐ก๐š๐ญ ๐“๐ก๐ข๐ฌ ๐Œ๐ž๐š๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐˜๐จ๐ฎ:โœ… Lower prices on ๐ ๐š๐ฌ, ๐ก๐ž๐š๐ญ๐ข๐ง๐ , and ๐ฎ๐ญ...
09/29/2025

๐Ÿ“ฐ๐Ÿ”ฅ ๐๐‘๐„๐€๐Š๐ˆ๐๐† ๐๐ž๐ฐ๐ฌ: ๐“๐ก๐ž ๐…๐ž๐๐ž๐ซ๐š๐ฅ ๐‚๐จ๐ง๐ฌ๐ฎ๐ฆ๐ž๐ซ ๐‚๐š๐ซ๐›๐จ๐ง ๐“๐š๐ฑ ๐ˆ๐ฌ ๐†๐Ž๐๐„!

๐–๐ก๐š๐ญ ๐“๐ก๐ข๐ฌ ๐Œ๐ž๐š๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐˜๐จ๐ฎ:
โœ… Lower prices on ๐ ๐š๐ฌ, ๐ก๐ž๐š๐ญ๐ข๐ง๐ , and ๐ฎ๐ญ๐ข๐ฅ๐ข๐ญ๐ฒ ๐›๐ข๐ฅ๐ฅ๐ฌ
โœ… ๐๐จ ๐ฆ๐จ๐ซ๐ž ๐ช๐ฎ๐š๐ซ๐ญ๐ž๐ซ๐ฅ๐ฒ ๐‚๐š๐ซ๐›๐จ๐ง ๐€๐œ๐ญ๐ข๐จ๐ง ๐ˆ๐ง๐œ๐ž๐ง๐ญ๐ข๐ฏ๐ž (๐‚๐€๐ˆ) ๐ซ๐ž๐›๐š๐ญ๐ž๐ฌ
โœ… ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐š๐ฅ ๐œ๐š๐ซ๐›๐จ๐ง ๐ฉ๐ซ๐ข๐œ๐ข๐ง๐  remains in place for major polluters

๐Ÿง  ๐‚๐๐€ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ:
This change could ๐ซ๐ž๐๐ฎ๐œ๐ž ๐ก๐จ๐ฎ๐ฌ๐ž๐ก๐จ๐ฅ๐ ๐ž๐ฑ๐ฉ๐ž๐ง๐ฌ๐ž๐ฌ, but may also ๐š๐Ÿ๐Ÿ๐ž๐œ๐ญ ๐จ๐ญ๐ก๐ž๐ซ ๐ซ๐ž๐›๐š๐ญ๐ž๐ฌ ๐š๐ง๐ ๐›๐ž๐ง๐ž๐Ÿ๐ข๐ญ ๐œ๐š๐ฅ๐œ๐ฎ๐ฅ๐š๐ญ๐ข๐จ๐ง๐ฌ โ€” so stay informed as you plan your finances.

๐Ÿš—๐Ÿ’ผ ๐‚๐š๐ง ๐ˆ ๐‚๐ฅ๐š๐ข๐ฆ ๐Œ๐ฒ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐จ๐ง ๐Œ๐ฒ ๐“๐š๐ฑ๐ž๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?๐˜๐„๐’ โ€” ๐ข๐Ÿ ๐ฒ๐จ๐ฎ ๐ฎ๐ฌ๐ž ๐ข๐ญ ๐Ÿ๐จ๐ซ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ!If you drive your ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐ฏ๐ž๐ก๐ข๐œ๐ฅ๐ž for ...
09/27/2025

๐Ÿš—๐Ÿ’ผ ๐‚๐š๐ง ๐ˆ ๐‚๐ฅ๐š๐ข๐ฆ ๐Œ๐ฒ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐จ๐ง ๐Œ๐ฒ ๐“๐š๐ฑ๐ž๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?

๐˜๐„๐’ โ€” ๐ข๐Ÿ ๐ฒ๐จ๐ฎ ๐ฎ๐ฌ๐ž ๐ข๐ญ ๐Ÿ๐จ๐ซ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ!
If you drive your ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐ฏ๐ž๐ก๐ข๐œ๐ฅ๐ž for ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐ž๐ฌ (not commuting), you may be eligible to ๐๐ž๐๐ฎ๐œ๐ญ ๐œ๐ž๐ซ๐ญ๐š๐ข๐ง ๐ž๐ฑ๐ฉ๐ž๐ง๐ฌ๐ž๐ฌ on your tax return.

โš ๏ธ ๐๐”๐“ โ€” ๐˜๐จ๐ฎ ๐Œ๐ฎ๐ฌ๐ญ:
โ— Keep a ๐๐ž๐ญ๐š๐ข๐ฅ๐ž๐ ๐ฆ๐ข๐ฅ๐ž๐š๐ ๐ž ๐ฅ๐จ๐ 
โ— Clearly ๐ฌ๐ž๐ฉ๐š๐ซ๐š๐ญ๐ž ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐ฏ๐ฌ. ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐ฎ๐ฌ๐ž
โ— Claim ๐จ๐ง๐ฅ๐ฒ ๐ญ๐ก๐ž ๐ฉ๐ž๐ซ๐œ๐ž๐ง๐ญ๐š๐ ๐ž of expenses related to business use

๐Ÿง  ๐‚๐๐€ ๐“๐ข๐ฉ:
Start tracking ๐ง๐จ๐ฐ โ€” CRA requires a ๐ฅ๐จ๐ ๐›๐จ๐จ๐ค!
Missed it this year? A ๐Ÿ‘-๐ฆ๐จ๐ง๐ญ๐ก ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž ๐ฅ๐จ๐  can still help estimate your annual use.

๐๐š๐ฌ๐ข๐œ ๐๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐€๐ฆ๐จ๐ฎ๐ง๐ญ (๐๐๐€) โ€” ๐“๐š๐ฑ ๐˜๐ž๐š๐ซ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ’๐ƒ๐ข๐ ๐ฒ๐จ๐ฎ ๐ค๐ง๐จ๐ฐ that the first $๐Ÿ๐Ÿ“,๐Ÿ•๐ŸŽ๐Ÿ“ you earn is ๐ญ๐š๐ฑ-๐Ÿ๐ซ๐ž๐ž thanks to the ๐๐š๐ฌ๐ข๐œ ...
09/25/2025

๐๐š๐ฌ๐ข๐œ ๐๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐€๐ฆ๐จ๐ฎ๐ง๐ญ (๐๐๐€) โ€” ๐“๐š๐ฑ ๐˜๐ž๐š๐ซ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ’

๐ƒ๐ข๐ ๐ฒ๐จ๐ฎ ๐ค๐ง๐จ๐ฐ that the first $๐Ÿ๐Ÿ“,๐Ÿ•๐ŸŽ๐Ÿ“ you earn is ๐ญ๐š๐ฑ-๐Ÿ๐ซ๐ž๐ž thanks to the ๐๐š๐ฌ๐ข๐œ ๐๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐€๐ฆ๐จ๐ฎ๐ง๐ญ?

๐—ช๐—ต๐—ฎ๐˜ ๐—ถ๐˜€ ๐—ถ๐˜?
The ๐๐š๐ฌ๐ข๐œ ๐๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐€๐ฆ๐จ๐ฎ๐ง๐ญ (๐๐๐€) is a ๐ง๐จ๐ง-๐ซ๐ž๐Ÿ๐ฎ๐ง๐๐š๐›๐ฅ๐ž ๐ญ๐š๐ฑ ๐œ๐ซ๐ž๐๐ข๐ญ that lets Canadian taxpayers earn up to a certain amount before paying federal income tax.

๐Ÿ“Œ ๐—–๐—ฃ๐—” ๐—ง๐—ถ๐—ฝ
You donโ€™t need to apply โ€” itโ€™s ๐š๐ฎ๐ญ๐จ๐ฆ๐š๐ญ๐ข๐œ๐š๐ฅ๐ฅ๐ฒ ๐ข๐ง๐œ๐ฅ๐ฎ๐๐ž๐ on your tax return. But make sure your ๐ž๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐ž๐ซ ๐ข๐ฌ ๐ฎ๐ฌ๐ข๐ง๐  ๐ญ๐ก๐ž ๐œ๐จ๐ซ๐ซ๐ž๐œ๐ญ ๐š๐ฆ๐จ๐ฎ๐ง๐ญ on your ๐“๐ƒ๐Ÿ ๐Ÿ๐จ๐ซ๐ฆ!

๐—›๐—ผ๐˜„ ๐—ช๐—ผ๐˜‚๐—น๐—ฑ ๐—–๐—ฅ๐—” ๐—ž๐—ป๐—ผ๐˜„ ๐—œ๐—ณ ๐—œ ๐—จ๐—ป๐—ฑ๐—ฒ๐—ฟ๐—ฟ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜ ๐—œ๐—ป๐—ฐ๐—ผ๐—บ๐—ฒ?โœ… ๐Ÿญ. ๐— ๐—ฎ๐˜๐—ฐ๐—ต๐—ถ๐—ป๐—ด ๐—ฌ๐—ผ๐˜‚๐—ฟ ๐—ฆ๐—น๐—ถ๐—ฝ๐˜€The CRA receives copies of all your T-slips โ€” T4 (emp...
09/23/2025

๐—›๐—ผ๐˜„ ๐—ช๐—ผ๐˜‚๐—น๐—ฑ ๐—–๐—ฅ๐—” ๐—ž๐—ป๐—ผ๐˜„ ๐—œ๐—ณ ๐—œ ๐—จ๐—ป๐—ฑ๐—ฒ๐—ฟ๐—ฟ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜ ๐—œ๐—ป๐—ฐ๐—ผ๐—บ๐—ฒ?

โœ… ๐Ÿญ. ๐— ๐—ฎ๐˜๐—ฐ๐—ต๐—ถ๐—ป๐—ด ๐—ฌ๐—ผ๐˜‚๐—ฟ ๐—ฆ๐—น๐—ถ๐—ฝ๐˜€
The CRA receives copies of all your T-slips โ€” T4 (employment), T5 (investments), T4A (contract/gig), T2202 (tuition), and more.
If your return doesnโ€™t match their records, your file will be automatically flagged.

โœ… ๐Ÿฎ. ๐—•๐—ฎ๐—ป๐—ธ ๐—”๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜ ๐— ๐—ผ๐—ป๐—ถ๐˜๐—ผ๐—ฟ๐—ถ๐—ป๐—ด
The CRA can request bank records during audits or investigations. If deposits donโ€™t align with your reported income, expect questions.

โœ… ๐Ÿฏ. ๐—˜๐—บ๐—ฝ๐—น๐—ผ๐˜†๐—ฒ๐—ฟ & ๐—ง๐—ต๐—ถ๐—ฟ๐—ฑ-๐—ฃ๐—ฎ๐—ฟ๐˜๐˜† ๐—ฅ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜๐—ถ๐—ป๐—ด
Your employer, clients, or platforms like Uber, Airbnb, and Shopify submit reports to CRA. If your name appears and itโ€™s not on your return...

๐Ÿšจ ๐—ง๐—ฟ๐—ผ๐˜‚๐—ฏ๐—น๐—ฒ.

โœ… ๐Ÿฐ. ๐—Ÿ๐—ถ๐—ณ๐—ฒ๐˜€๐˜๐˜†๐—น๐—ฒ ๐—”๐˜‚๐—ฑ๐—ถ๐˜๐˜€
The CRA can investigate your lifestyle compared to your reported income โ€” high spending with low income is a red flag.

โš  ๐—ช๐—ต๐—ฎ๐˜ ๐—›๐—ฎ๐—ฝ๐—ฝ๐—ฒ๐—ป๐˜€ ๐—œ๐—ณ ๐—ฌ๐—ผ๐˜‚ ๐—š๐—ฒ๐˜ ๐—–๐—ฎ๐˜‚๐—ด๐—ต๐˜?

๐Ÿ”ด Reassessments
๐Ÿ”ด Interest and penalties
๐Ÿ”ด Potential prosecution in serious cases
๐Ÿ”ดLoss of eligibility for credits and benefits

๐Ÿ’ก ๐—–๐—ฃ๐—” ๐—ง๐—ถ๐—ฝ:
Itโ€™s always easier โ€” and cheaper โ€” to file correctly than to deal with a tax mess later.

๐Ÿ“š๐ƒ๐จ ๐’๐ญ๐ฎ๐๐ž๐ง๐ญ๐ฌ ๐๐ž๐ž๐ ๐ญ๐จ ๐…๐ข๐ฅ๐ž ๐“๐š๐ฑ๐ž๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?๐’๐ก๐จ๐ซ๐ญ ๐š๐ง๐ฌ๐ฐ๐ž๐ซ: ๐˜๐ž๐ฌ โ€” ๐š๐ง๐ ๐ก๐ž๐ซ๐žโ€™๐ฌ ๐ฐ๐ก๐ฒ ๐ฒ๐จ๐ฎ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐! ๐Ÿ‘‡Even if you made little or no ...
09/22/2025

๐Ÿ“š๐ƒ๐จ ๐’๐ญ๐ฎ๐๐ž๐ง๐ญ๐ฌ ๐๐ž๐ž๐ ๐ญ๐จ ๐…๐ข๐ฅ๐ž ๐“๐š๐ฑ๐ž๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?
๐’๐ก๐จ๐ซ๐ญ ๐š๐ง๐ฌ๐ฐ๐ž๐ซ: ๐˜๐ž๐ฌ โ€” ๐š๐ง๐ ๐ก๐ž๐ซ๐žโ€™๐ฌ ๐ฐ๐ก๐ฒ ๐ฒ๐จ๐ฎ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐! ๐Ÿ‘‡

Even if you made little or no income, filing your taxes as a student is ๐ญ๐จ๐ญ๐š๐ฅ๐ฅ๐ฒ ๐ฐ๐จ๐ซ๐ญ๐ก ๐ข๐ญ:

โœ… ๐Ÿ. ๐“๐ฎ๐ข๐ญ๐ข๐จ๐ง ๐“๐š๐ฑ ๐‚๐ซ๐ž๐๐ข๐ญ๐ฌ
Claim your tuition fees and carry them forward โ€” or transfer up to $5,000 to a parent or spouse.

โœ… ๐Ÿ. ๐†๐’๐“/๐‡๐’๐“ ๐‚๐ซ๐ž๐๐ข๐ญ
Even with no income, you could receive quarterly payments just for filing!

โœ… ๐Ÿ‘. ๐๐ฎ๐ข๐ฅ๐ ๐‘๐‘๐’๐ ๐‘๐จ๐จ๐ฆ
Every year you file, you accumulate RRSP contribution room โ€” even if you donโ€™t use it right away.

โœ… ๐Ÿ’. ๐๐ซ๐จ๐ญ๐ž๐œ๐ญ ๐˜๐จ๐ฎ๐ซ ๐๐ž๐ง๐ž๐Ÿ๐ข๐ญ๐ฌ
Filing ensures you remain eligible for benefits like the Canada Child Benefit (if you're a student parent) or provincial aid.

โœ… ๐Ÿ“. ๐๐š๐ซ๐ญ-๐“๐ข๐ฆ๐ž ๐จ๐ซ ๐’๐ฎ๐ฆ๐ฆ๐ž๐ซ ๐‰๐จ๐›๐ฌ?
If you worked, you might be owed a tax refund if too much was deducted from your pay.

โœ… ๐–๐ก๐ž๐ซ๐ž ๐ƒ๐จ ๐˜๐จ๐ฎ ๐…๐ข๐ฅ๐ž ๐“๐š๐ฑ๐ž๐ฌ ๐ˆ๐Ÿ ๐˜๐จ๐ฎ ๐–๐จ๐ซ๐ค๐ž๐ ๐ข๐ง ๐Œ๐ฎ๐ฅ๐ญ๐ข๐ฉ๐ฅ๐ž ๐๐ซ๐จ๐ฏ๐ข๐ง๐œ๐ž๐ฌ?โœ” ๐‘๐ฎ๐ฅ๐ž:You file your personal income tax return based on t...
09/21/2025

โœ… ๐–๐ก๐ž๐ซ๐ž ๐ƒ๐จ ๐˜๐จ๐ฎ ๐…๐ข๐ฅ๐ž ๐“๐š๐ฑ๐ž๐ฌ ๐ˆ๐Ÿ ๐˜๐จ๐ฎ ๐–๐จ๐ซ๐ค๐ž๐ ๐ข๐ง ๐Œ๐ฎ๐ฅ๐ญ๐ข๐ฉ๐ฅ๐ž ๐๐ซ๐จ๐ฏ๐ข๐ง๐œ๐ž๐ฌ?

โœ” ๐‘๐ฎ๐ฅ๐ž:
You file your personal income tax return based on the ๐ฉ๐ซ๐จ๐ฏ๐ข๐ง๐œ๐ž ๐จ๐ซ ๐ญ๐ž๐ซ๐ซ๐ข๐ญ๐จ๐ซ๐ฒ ๐ฐ๐ก๐ž๐ซ๐ž ๐ฒ๐จ๐ฎ ๐ซ๐ž๐ฌ๐ข๐๐ž๐ ๐จ๐ง ๐ƒ๐ž๐œ๐ž๐ฆ๐›๐ž๐ซ ๐Ÿ‘๐Ÿ๐ฌ๐ญ of the tax year โ€” ๐ง๐จ๐ญ where you worked.

โžก ๐„๐ฑ๐š๐ฆ๐ฉ๐ฅ๐ž:

* If you worked in Alberta during the summer but lived in Ontario on December 31, you file as an ๐Ž๐ง๐ญ๐š๐ซ๐ข๐จ ๐ซ๐ž๐ฌ๐ข๐๐ž๐ง๐ญ.
* The ๐Ž๐ง๐ญ๐š๐ซ๐ข๐จ tax rates and credits will apply.

โœ… ๐Ž๐ญ๐ก๐ž๐ซ ๐ˆ๐ฆ๐ฉ๐จ๐ซ๐ญ๐š๐ง๐ญ ๐๐จ๐ข๐ง๐ญ๐ฌy

* ๐€๐ฅ๐ฅ ๐ข๐ง๐œ๐จ๐ฆ๐ž ๐ฆ๐ฎ๐ฌ๐ญ ๐›๐ž ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ๐ž๐, regardless of the province where it was earned.
* ๐๐ซ๐จ๐ฏ๐ข๐ง๐œ๐ข๐š๐ฅ ๐ญ๐š๐ฑ ๐ซ๐š๐ญ๐ž๐ฌ are based on your ๐ƒ๐ž๐œ๐ž๐ฆ๐›๐ž๐ซ ๐Ÿ‘๐Ÿ๐ฌ๐ญ ๐ซ๐ž๐ฌ๐ข๐๐ž๐ง๐œ๐ž.
* If you ๐ฆ๐จ๐ฏ๐ž๐ ๐Ÿ๐จ๐ซ ๐ฐ๐จ๐ซ๐ค ๐จ๐ซ ๐ฌ๐œ๐ก๐จ๐จ๐ฅ, you ๐ฆ๐š๐ฒ ๐œ๐ฅ๐š๐ข๐ฆ ๐ฆ๐จ๐ฏ๐ข๐ง๐  ๐ž๐ฑ๐ฉ๐ž๐ง๐ฌ๐ž๐ฌ (if eligible under CRA rules).

๐Ÿ’ก ๐‚๐๐€ ๐“๐ข๐ฉ

Keep ๐“๐Ÿ’๐ฌ, ๐ฉ๐š๐ฒ ๐ฌ๐ญ๐ฎ๐›๐ฌ, and any other income documents from ๐ž๐š๐œ๐ก ๐ฉ๐ซ๐จ๐ฏ๐ข๐ง๐œ๐ž where you worked. The CRA may request them.

๐Ÿงพ๐Ÿ’ก ๐ƒ๐ข๐๐งโ€™๐ญ ๐ฎ๐ฌ๐ž ๐š๐ฅ๐ฅ ๐ฒ๐จ๐ฎ๐ซ ๐ญ๐š๐ฑ ๐œ๐ซ๐ž๐๐ข๐ญ๐ฌ ๐ญ๐ก๐ข๐ฌ ๐ฒ๐ž๐š๐ซ? ๐ƒ๐จ๐งโ€™๐ญ ๐ฐ๐จ๐ซ๐ซ๐ฒ โ€” ๐ฒ๐จ๐ฎ ๐œ๐š๐ง ๐œ๐š๐ซ๐ซ๐ฒ ๐ญ๐ก๐ž๐ฆ ๐Ÿ๐จ๐ซ๐ฐ๐š๐ซ๐!Whether it's ๐ญ๐ฎ๐ข๐ญ๐ข๐จ๐ง, ๐‘๐‘๐’๐ ๐œ๐จ๐ง๐ญ๐ซ๐ข...
09/18/2025

๐Ÿงพ๐Ÿ’ก ๐ƒ๐ข๐๐งโ€™๐ญ ๐ฎ๐ฌ๐ž ๐š๐ฅ๐ฅ ๐ฒ๐จ๐ฎ๐ซ ๐ญ๐š๐ฑ ๐œ๐ซ๐ž๐๐ข๐ญ๐ฌ ๐ญ๐ก๐ข๐ฌ ๐ฒ๐ž๐š๐ซ? ๐ƒ๐จ๐งโ€™๐ญ ๐ฐ๐จ๐ซ๐ซ๐ฒ โ€” ๐ฒ๐จ๐ฎ ๐œ๐š๐ง ๐œ๐š๐ซ๐ซ๐ฒ ๐ญ๐ก๐ž๐ฆ ๐Ÿ๐จ๐ซ๐ฐ๐š๐ซ๐!

Whether it's ๐ญ๐ฎ๐ข๐ญ๐ข๐จ๐ง, ๐‘๐‘๐’๐ ๐œ๐จ๐ง๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง๐ฌ, or ๐œ๐ก๐š๐ซ๐ข๐ญ๐š๐›๐ฅ๐ž ๐๐จ๐ง๐š๐ญ๐ข๐จ๐ง๐ฌ, unused credits can still save you money in the future when your income is higher. ๐Ÿ‘‡

โœ… Tuition amounts โ€” transfer up to $5,000 or carry forward the rest
โœ… RRSP contributions โ€” unused amounts carry forward ๐ข๐ง๐๐ž๐Ÿ๐ข๐ง๐ข๐ญ๐ž๐ฅ๐ฒ
โœ… Charitable donations โ€” claim within 5 years to maximize your refund

๐Ÿ“Œ ๐‚๐๐€ ๐“๐ข๐ฉ: Keep track of your unused credits โ€” theyโ€™re future tax savings waiting to happen!

๐Ÿ“‚ ๐‡๐จ๐ฐ ๐‹๐จ๐ง๐  ๐ƒ๐จ ๐ˆ ๐๐ž๐ž๐ ๐ญ๐จ ๐Š๐ž๐ž๐ฉ ๐Œ๐ฒ ๐“๐š๐ฑ ๐ƒ๐จ๐œ๐ฎ๐ฆ๐ž๐ง๐ญ๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?โœ… The CRA requires you to keep your tax records for ๐š๐ญ ๐ฅ๐ž๐š๐ฌ๐ญ ๐Ÿ” ๐ฒ...
09/18/2025

๐Ÿ“‚ ๐‡๐จ๐ฐ ๐‹๐จ๐ง๐  ๐ƒ๐จ ๐ˆ ๐๐ž๐ž๐ ๐ญ๐จ ๐Š๐ž๐ž๐ฉ ๐Œ๐ฒ ๐“๐š๐ฑ ๐ƒ๐จ๐œ๐ฎ๐ฆ๐ž๐ง๐ญ๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?
โœ… The CRA requires you to keep your tax records for ๐š๐ญ ๐ฅ๐ž๐š๐ฌ๐ญ ๐Ÿ” ๐ฒ๐ž๐š๐ซ๐ฌ from the end of the tax year they relate to.

๐Ÿ—“๏ธ ๐„๐ฑ๐š๐ฆ๐ฉ๐ฅ๐ž:
If you filed your 2024 taxes in spring 2025, you must keep those records until ๐š๐ญ ๐ฅ๐ž๐š๐ฌ๐ญ ๐ญ๐ก๐ž ๐ž๐ง๐ ๐จ๐Ÿ ๐Ÿ๐ŸŽ๐Ÿ‘๐Ÿ!

๐Ÿ“Œ ๐‚๐๐€ ๐“๐ข๐ฉ:
โœ… Keep both ๐ฉ๐š๐ฉ๐ž๐ซ ๐š๐ง๐ ๐๐ข๐ ๐ข๐ญ๐š๐ฅ ๐œ๐จ๐ฉ๐ข๐ž๐ฌ if you can. CRA accepts electronic records, but they must be ๐œ๐ฅ๐ž๐š๐ซ, ๐จ๐ซ๐ ๐š๐ง๐ข๐ณ๐ž๐, ๐š๐ง๐ ๐š๐œ๐œ๐ž๐ฌ๐ฌ๐ข๐›๐ฅ๐ž if requested.

๐ŸŒ๐Ÿ’ธ ๐ƒ๐จ ๐ˆ ๐๐ž๐ž๐ ๐ญ๐จ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐Ÿ๐ซ๐จ๐ฆ ๐€๐›๐ซ๐จ๐š๐?โœ… ๐—ฌ๐—˜๐—ฆ โ€” If you are a ๐—ฟ๐—ฒ๐˜€๐—ถ๐—ฑ๐—ฒ๐—ป๐˜ ๐—ผ๐—ณ ๐—–๐—ฎ๐—ป๐—ฎ๐—ฑ๐—ฎ ๐—ณ๐—ผ๐—ฟ ๐˜๐—ฎ๐˜… ๐—ฝ๐˜‚๐—ฟ๐—ฝ๐—ผ๐˜€๐—ฒ๐˜€, you must report your...
09/15/2025

๐ŸŒ๐Ÿ’ธ ๐ƒ๐จ ๐ˆ ๐๐ž๐ž๐ ๐ญ๐จ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐Ÿ๐ซ๐จ๐ฆ ๐€๐›๐ซ๐จ๐š๐?

โœ… ๐—ฌ๐—˜๐—ฆ โ€” If you are a ๐—ฟ๐—ฒ๐˜€๐—ถ๐—ฑ๐—ฒ๐—ป๐˜ ๐—ผ๐—ณ ๐—–๐—ฎ๐—ป๐—ฎ๐—ฑ๐—ฎ ๐—ณ๐—ผ๐—ฟ ๐˜๐—ฎ๐˜… ๐—ฝ๐˜‚๐—ฟ๐—ฝ๐—ผ๐˜€๐—ฒ๐˜€, you must report your ๐˜„๐—ผ๐—ฟ๐—น๐—ฑ๐˜„๐—ถ๐—ฑ๐—ฒ ๐—ถ๐—ป๐—ฐ๐—ผ๐—บ๐—ฒ on your Canadian tax return.

That includes:
โ— Foreign employment income
โ— Rental income from overseas property
โ— Interest, dividends, or pensions from other countries
โ— Cryptocurrency or investment gains abroad

๐Ÿ“Œ The CRA taxes global income, ๐—ฏ๐˜‚๐˜ ๐˜†๐—ผ๐˜‚ ๐—บ๐—ฎ๐˜† ๐—ฏ๐—ฒ ๐—ฒ๐—น๐—ถ๐—ด๐—ถ๐—ฏ๐—น๐—ฒ ๐—ณ๐—ผ๐—ฟ ๐˜๐—ต๐—ฒ ๐—ณ๐—ผ๐—ฟ๐—ฒ๐—ถ๐—ด๐—ป ๐˜๐—ฎ๐˜… ๐—ฐ๐—ฟ๐—ฒ๐—ฑ๐—ถ๐˜ to avoid double taxation.

๐—–๐—ฃ๐—” ๐—ง๐—ถ๐—ฝ:
Make sure you declare ๐—ณ๐—ผ๐—ฟ๐—ฒ๐—ถ๐—ด๐—ป ๐—ฝ๐—ฟ๐—ผ๐—ฝ๐—ฒ๐—ฟ๐˜๐˜† ๐—ผ๐˜ƒ๐—ฒ๐—ฟ $๐Ÿญ๐Ÿฌ๐Ÿฌ,๐Ÿฌ๐Ÿฌ๐Ÿฌ ๐—–๐—”๐—— (like real estate or investment accounts) using ๐—™๐—ผ๐—ฟ๐—บ ๐—ง๐Ÿญ๐Ÿญ๐Ÿฏ๐Ÿฑ.

๐Ÿช™ ๐ƒ๐จ ๐ˆ ๐‡๐š๐ฏ๐ž ๐ญ๐จ ๐๐š๐ฒ ๐“๐š๐ฑ ๐จ๐ง ๐‚๐ซ๐ฒ๐ฉ๐ญ๐จ๐œ๐ฎ๐ซ๐ซ๐ž๐ง๐œ๐ฒ ๐๐ซ๐จ๐Ÿ๐ข๐ญ๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?โœ… ๐˜๐„๐’ โ€” Cryptocurrency is ๐ญ๐š๐ฑ๐š๐›๐ฅ๐ž ๐ข๐ง ๐‚๐š๐ง๐š๐๐š!The CRA treats c...
09/15/2025

๐Ÿช™ ๐ƒ๐จ ๐ˆ ๐‡๐š๐ฏ๐ž ๐ญ๐จ ๐๐š๐ฒ ๐“๐š๐ฑ ๐จ๐ง ๐‚๐ซ๐ฒ๐ฉ๐ญ๐จ๐œ๐ฎ๐ซ๐ซ๐ž๐ง๐œ๐ฒ ๐๐ซ๐จ๐Ÿ๐ข๐ญ๐ฌ ๐ข๐ง ๐‚๐š๐ง๐š๐๐š?

โœ… ๐˜๐„๐’ โ€” Cryptocurrency is ๐ญ๐š๐ฑ๐š๐›๐ฅ๐ž ๐ข๐ง ๐‚๐š๐ง๐š๐๐š!
The CRA treats crypto like any other investment โ€” if you ๐ฉ๐ซ๐จ๐Ÿ๐ข๐ญ, you may ๐จ๐ฐ๐ž ๐ญ๐š๐ฑ.

๐Ÿ“Œ ๐‚๐๐€ ๐“๐ข๐ฉ:
Track all your transactions โ€” ๐๐š๐ญ๐ž, ๐ฏ๐š๐ฅ๐ฎ๐ž ๐ข๐ง ๐‚๐€๐ƒ, ๐Ÿ๐ž๐ž๐ฌ, ๐š๐ง๐ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐ž.
Crypto exchanges ๐๐จ๐งโ€™๐ญ ๐š๐ฅ๐ฐ๐š๐ฒ๐ฌ ๐ข๐ฌ๐ฌ๐ฎ๐ž ๐ญ๐š๐ฑ ๐ฌ๐ฅ๐ข๐ฉ๐ฌ!

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