Chrome Accounting

Chrome Accounting CPA Ontario Registered Firm - Corporate & Personal Tax and Accounting Solutions

Did you know that if you rent our your basment you might be taxed on the capital gain (assuming the value of your home h...
07/28/2026

Did you know that if you rent our your basment you might be taxed on the capital gain (assuming the value of your home has increased overtime)? CRA might renting your basement as a sale at market value.

Filing a 45(2) election can prevent that. Even better, you might be eligible to continue to claim Primary Residence while the home is rented for 4 more years. Change in Use of your is one of the situation where discussing with a CPA is worth it.

07/13/2026

With the rental market being soft in Ontario and interest rates remaining elevated, I have seen many rental properties being run at a loss. Did you know that your rental loss may in some cases used to offset income earned through business or employment?

This can be a relief for investors of rental properties who initially made an investment with a reasonable intention for profit and faced a different circumstance as rental market went through a soft-cycle.

Behind every number is a story โ€” and we always look beyond the numbers.Chrome Accounting was built on a simple vision: s...
04/16/2026

Behind every number is a story โ€” and we always look beyond the numbers.

Chrome Accounting was built on a simple vision: small businesses deserve top-tier, personalized service without the big-firm hassle

Curious to know why your might be selected for a CRA audit? Itโ€™s not random! Certain files are more likely to be selecte...
02/05/2026

Curious to know why your might be selected for a CRA audit? Itโ€™s not random! Certain files are more likely to be selected for an audit than others!.

Check the info graph below for factors that might trigger a CRA audit

๐—จ๐—ป๐—ฟ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฒ๐—ฑ ๐—œ๐—ป๐—ฐ๐—ผ๐—บ๐—ฒ: a missing T4/T5/ or more commonly a T4A slip might be flagged if submitted by the issuer but missing from the your T1 file.

๐— ๐—ฎ๐—ท๐—ผ๐—ฟ ๐—˜๐˜…๐—ฝ๐—ฒ๐—ป๐˜€๐—ฒ ๐—–๐—น๐—ฎ๐—ถ๐—บ๐˜€: All expense submitted to CRA are categorized into a GIFI (General Index Of Financial Information) which can be a different than whatโ€™s on your accounting records. So, claiming an expense category that is exceptionally large might trigger an inquiry.

๐—–๐—ผ๐—ป๐˜€๐—ถ๐˜€๐˜๐—ฒ๐—ป๐˜ ๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—Ÿ๐—ผ๐˜€๐˜€๐—ฒ๐˜€: the question of if this is a legitimate business might arise

๐— ๐—ถ๐˜€๐˜€๐—ถ๐—ป๐—ด ๐—ผ๐—ฟ ๐—œ๐—ป๐—ฎ๐—ฑ๐—ฒ๐—พ๐˜‚๐—ฎ๐˜๐—ฒ ๐—ฅ๐—ฒ๐—ฐ๐—ฒ๐—ถ๐—ฝ๐˜๐˜€ ๐—ผ๐—ฟ ๐——๐—ผ๐—ฐ๐˜‚๐—บ๐—ฒ๐—ป๐˜๐—ฎ๐˜๐—ถ๐—ผ๐—ป:ย IF CRA inquires about an expense and you canโ€™t prove it the inquiry might expand into an audit.

๐—Ÿ๐—ฎ๐—ฟ๐—ด๐—ฒ ๐—–๐—ฎ๐˜€๐—ต ๐—ง๐—ฟ๐—ฎ๐—ป๐˜€๐—ฎ๐—ฐ๐˜๐—ถ๐—ผ๐—ป๐˜€: Certain businesses might involve large cash transactions. If youโ€™re in such a business, make sure your documentation is audit-ready.

๐—ข๐—ฑ๐—ฑ ๐—ผ๐—ฟ ๐—”๐—ด๐—ด๐—ฟ๐—ฒ๐˜€๐˜€๐—ถ๐˜ƒ๐—ฒ ๐——๐—ฒ๐—ฑ๐˜‚๐—ฐ๐˜๐—ถ๐—ผ๐—ป๐˜€: 100% of your car expenses claimed for business when you own a single car might raise questions about the legitimacy of your deduction, rightly so.

My passion for business and entrepreneurship has led me to pursue a career in accounting since my early teens. I began m...
01/29/2026

My passion for business and entrepreneurship has led me to pursue a career in accounting since my early teens. I began my journey in a small, family-owned business and went on to join PwC Toronto where I completed my CPA designation. Founding Chrome Accounting comes as the culmination of over 10 years in the accounting field.

Ali Alsharif
CPA, BBA, MPAcc

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75 Dewson Street
Toronto, ON
M6H1G9

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