Brock-Simcoe Accounting Professional Corporation

07/31/2026

Both offices closed on Monday August 3rd for Civic Long Weekend.

Enjoy your weekend!

06/29/2026

Proud to again sponsor Canada Day.

CANADA DAY SPONSORS ARE KEY!
Thanks to our Activities Sponsor helping make all events free!

06/09/2026

Our offices will be closed on Thursday June 11 for staff training.

05/29/2026

Our summer hours kick in starting June 1 at both offices!

05/14/2026

📢 Attention small and medium businesses! Canada Business

The Canada Carbon Rebate for Small Businesses is now non-taxable for all fuel charge years.

Here’s what this means for your business:

➡️ If you filed your T2 Corporation Income Tax Return before June 30th, 2025, and your rebate was clearly reported on Line 295 of Schedule 1, we’ll adjust your return automatically to remove the rebate from your taxable income. No further action is needed.
➡️If you filed your T2 return after June 30th, 2025, and included the rebate in your taxable income, you’ll need to submit an adjustment request.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/business-tax-credits/canada-carbon-rebate-small-businesses/tax-treatment-rebate.html?utm_content=2026-04-09_2198

[Image description: A person sands a chair. The text: “The Canada Carbon Rebate for Small Businesses“]

05/14/2026

Both of our offices will be closed on Monday May 18 for Victoria Day Long Weekend!

05/01/2026

So you received a notice from CRA indicating that "Your authorized representative with Canada Revenue Agency (CRA) has changed" and you're concerned because you had not changed anything.

Don't panic! Every year when we file your tax return we indicate in the filing that if CRA has any questions they can contact our offices. This annual notification to CRA will trigger this notice even though nothing actually "changed".

A pain in the but? Yes.

04/30/2026

As tax season 2026 officially closes out (but not really) we want to thank our hard working staff at both of our offices. Many hours and much work to serve our valued clients.

A very special thank you to everyone including our Orillia co-op student who leaves our office today after three successful work terms with us.

Regular hours at both of our offices are back in effect tomorrow. Of course tax work continues for many clients including sole proprietors, partnerships, corporations, and trusts.

Happy May 1st!

04/03/2026

Yet another lesson that you can't hide the cash transactions and that keeping good books and records is critically important.

Convenience store owners were subject to net worth audits since their records were poor and the numbers "did not add up".

Not reporting cash and "plugging" numbers into the books to make things balance will only lead to trouble. Compound that by the owner/shareholder not properly reporting his income from the company.

So in the end they will have to pay the tax they tried to evade in the first place PLUS substantial penalties for failure to report income and interest on that. And add to that the legal bills and the fact CRA will be keeping a close eye on them in the future.

I wonder if he thinks having shabby accounting records and hiding cash really worked out all that well for him afterall?

04/01/2026

INTERESTING!

Yes you must report interest earned even if you did not get that T5 slip (or other tax slip). Banks do not have to issue a T5 if the interest is below a prescribed amount ($50). However you must still report the interest.

On the topic of interest.... if someone owes you money and there is interest charged on the debt then remember you must claim that interest even if it was not yet paid. Interest must be reported on an annual basis (that can be calendar or fiscal).

Also, "interesting enough" any refund interest paid to you by CRA must also be reported on your tax return.

Of course interest earned on qualifying TFSA investments are not reportable or taxable.