Thousand Peaks Bookkeeping

Thousand Peaks Bookkeeping Bookkeeping, Payroll and Tax Preparation in British Columbia and Alberta

02/16/2026

Q: As self employed, do I have to charge GST?

A: No, if you are a Small Supplier.
You must register for a GST/HST account if your total taxable revenues (before expenses) exceed $30,000 in Four consecutive calendar quarters (the last 12 months).
đźš« The Exception: If you are a ride-sharing driver (Uber/Lyft), the $30,000 rule does NOT apply to you. You must register and charge GST/HST from your very first dollar!

02/15/2026

Q: I did not receive my T4 and the employer is not responding, what can I do about it?

A: You should still include the income on you tax return based on your best estimate to avoid late penalties. You can always amend it later.
Employers are required to submit the T4s to the CRA by February 28 and if they do, you will find it on your CRA account. If it not there, you can use your last pay stub from 2025 and look for Year-to-Date (YTD) totals.

02/14/2026

Q: What are the deadlines to file my tax return and to pay my taxes?

A: Most Canadians must file their tax return by April 30, 2026. Self-Employed (and their spouses) have until June 15, 2026, to file the tax return.
đź’¸ The Payment Deadline is April 30, 2026 for everybody.

TIP: Self-employed people get extra time to do the math, but they don't get extra time to pay the bill. If you think you'll owe money, send a payment to the CRA by April 30 based on an estimate, then finish your paperwork by June 15!

02/13/2026

Q: I am leaving Canada, what should I do about my tax return?

A: You should still file it, but your tax return might have to be filed by paper if you left Canada during the tax year. On your tax return, you must clearly state the exact date you left Canada. This date marks when you stop being a Resident for Tax Purposes.
Don’t forget to change your verification phone number to access your CRA account, before you cancel your phone plan. And also update your direct deposit information, if you are closing your bank account. CRA will not send your refund to a non-Canadian bank account, but you can open a Canadian Wise bank account.

02/12/2026

Q: I am employed, can I deduct some work-related expenses?

A: Yes, you can. To claim anything, your employer must sign a Form T2200 (Declaration of Conditions of Employment). This form is their way of telling the CRA: "Yes, I required this employee to pay for these things out of their own pocket as part of their job."
And what can you deduct
🏠 Home Office - you must have worked from home more than 50% of the time for at least 4 consecutive weeks)
đźš— Vehicle & Travel - If your job requires you to drive to different sites (not just "commuting" to the office), and your employer doesn't give you a tax-free allowance
🖇️ Supplies & Tools
⚖️ Professional Dues

02/11/2026

Q: As self employed, do I have to keep all my receipts?

A: Yes. If you want to claim the deduction, you must have the proof. If you get audited and don't have the receipt, the tax authorities can (and will) disallow the expense—meaning you owe that tax money back, plus interest. 💸
CRA accept digital copies of receipts as long as they are legible and represent the original. You can snap a photo with your phone and toss the faded thermal paper in the bin.
Bank Statements are NOT Receipts đźš«and you should keep all your receipts up to 6 years.

02/10/2026

Q: I bought something of marketplace, can I expense it?

A: YES. But you need to build your own paper trail to satisfy the tax man. 📄✨
1. Screenshot Everything: Save the original listing (showing the price and description) and your message thread with the seller confirming the sale.
2. Proof of Payment: If you paid by E-transfer, save the confirmation. If you paid cash, withdraw the exact amount from your business bank account so the withdrawal matches the purchase date and price.
3. The DIY Receipt: Ask the seller to send a quick text or email saying for example: "Received $500 from David Long for trailer on October 25, 2025."

02/10/2026

Q: How long will it take to get my refund?

A: If you file online and have the direct deposit set up with CRA, it usually takes up to 2 weeks to receive your refund. Without the direct deposit it could be 3-4 weeks to receive the cheque in mail. And If you mail your tax return, it could take up to 2 months.

02/09/2026

Q: Can I use "NETFILE" to send my first return online?

A: In most cases, yes! While the CRA used to require first-time filers to mail paper returns, most newcomers can now file electronically. Make sure to enter the date you arrived to Canada into your tax return to avoid any delays with processing.

02/07/2026

Q: FSHA, RRSP and TFSA, what is the difference?

A: FHSA (First Home Savings Account) is the best savings account when saving up for your first home. Contributions will lower your taxable income (meaning you won’t pay taxes on your contribution), withdrawal is tax-free when you are buying your first home and if you don't end up buying a house within 15 years, you can roll the FHSA money into your RRSP without using up any RRSP room. Maximum annual contribution is $8,000, lifetime limit is $40,000

RRSP (Registered Retirement Savings Plan) is best for long-term retirement savings. Contributions will lower your taxable income, you can "borrow" up to $60,000 from your RRSP for a home (Home Buyers' Plan), but you must pay it back over 15 years.
The catch with RRSP is that you pay tax when you take the money out. The goal is to withdraw it when you're retired and in a much lower tax bracket. Or take some money out when your income is low if needed. Always check your CRA account or Notice of Assessment from previous year for your annual contribution limit.

TFSA (Tax Free Savings Account) despite the name, is not just a "savings account"; it is an investment account. You can take money out whenever you want for a house, or an emergency, and you never pay tax on the gains. You don't get a tax refund when you put money in. If you withdraw $5,000 today, you get that $5,000 of contribution room back on January 1st of next year.

02/06/2026

Q: Incorporation or self employed, what is better?

A: There is not really a straight answer to this. It usually comes down to how much you earn, how much you take and how much paperwork you can tolerate.
You may want to consider incorporating if you are earning more than you personally need and you want to keep money in the business, for future investments for example. If you need all the money you make, then there is not really a point of incorporating your business. Also to keep in mind that corporation’s legal and accounting fees are much higher than for self employed.

Address

Pemberton, BC

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+16049354762

Website

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