SNF Accounting

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SNF Accounting

At SNF Accounting, we help small businesses in Canada stay financially organized and compliant.

Our expert team provides bookkeeping, tax filing, payroll processing, HST/GST/PST filling, CRA audit support, financial consultancy and virtual CFO services.

09/01/2026

A brown envelope from the CRA isn’t a crisis.

Ignoring it for three weeks is.

Most owners do one of two things with a CRA letter: panic, or bury it under the coffee machine. Both are expensive. Here’s what the letter usually is, and what to actually do in the first 48 hours.

What it usually is:
→ A review letter — “show us the receipts for X.” Routine. Not an audit.
→ A request for information — they’re matching your filing against slips they already have.
→ An arrears notice — you owe, and interest is running daily.

The first 48 hours:
1. Open it. Today. The deadline inside doesn’t pause because you didn’t read it.
2. Put the response date in your calendar with a one-week buffer.
3. Pull the records they’re asking about — nothing more, nothing less.
4. Respond through a professional. Tone and completeness matter more than people think.

The pattern we see after years of these: the CRA is rarely unreasonable with businesses that respond on time with clean records. It escalates with silence.
(Responding to CRA notices is included in our package — this is literally a service line for us.)

If there’s a brown envelope on your desk right now, DM me “REVIEW” — WE’ll tell you what it means and what it needs, free, before you reply to anyone.

08/01/2026

Car Rental platforms now report host income directly to the CRA. The deduction side of the ledger is still on you — and on audit, no per-vehicle log can mean no vehicle deductions at all.

So we built a free Excel workbook for Canadian Turo hosts and rental fleet operators: per-booking rental log with HST, expenses tagged to each vehicle, incident log, mileage summary that surfaces personal-use gaps, and a per-vehicle P&L that shows which cars actually earn.

https://www.snfaccounting.com/tools/car-rental-tracker

07/27/2026

The CRA already knows what Turo paid you. Your deductions are the part they'll question. 🚗

Rental platforms report host income now. So an audit isn't about what you earned — that number is already on file. It's about what you claimed.

And this is where hosts lose: without a per-vehicle log, the CRA can disallow your vehicle expenses entirely. Fuel, insurance, repairs — denied. Not for cheating. For not being able to show which car, which booking, which kilometre.
We got tired of watching rental operators learn this the expensive way. So we built the fix — and made it free.

THE PER-VEHICLE TRACKER — a free Excel workbook that gives every car its own audit trail:
🚙 Rental log — one row per booking, HST calculated for you
🧾 Every expense tagged to its vehicle — fuel, charging, maintenance, insurance
🔧 Damage & incident log for claims, disputes, and your audit file
📍 Mileage summary that flags unrecorded personal use before the CRA does
📊 Per-vehicle P&L — see which car earns and which one you're quietly subsidizing
✅ CRA record-keeping rules built in, plus a simple monthly routine

One car or fourteen — the rule is the same: every vehicle needs its own paper trail.

👉 Comment "TRACKER" or DM us and we'll send it straight over. Free, no strings.

07/20/2026

That $30K commission? Up to $3,900 of it belongs to the CRA — and most new realtors find out the hard way. 😬

Your commission lands with HST on top. It looks like income, so it gets spent. Then filing season arrives and the money's already gone.

The fix: split every commission the day it lands. Your money in one account, the CRA's in another. Automatic. No willpower required.

👉 Want to know exactly how much to set aside from every deal? Book a free 20-min consultation — link in bio. No pitch, no surprise HST bills.

https://www.snfaccounting.com/book-meeting

07/16/2026

T4 vs. T5 — What’s the Difference?

Not sure which slip does what? Here’s a quick breakdown 👇
💼 T4
➡️ Issued by your employer
➡️ Reports your salary, wages, bonuses
➡️ Includes deductions like tax, EI, and CPP
📅 You’ll need this if you worked a job during the year.

💰 T5
➡️ Issued by banks or investment firms
➡️ Reports interest, dividends, or other investment income
📅 You’ll get this if you earned over $50 in investment income.

📌 PRO Tip:
You may get both if you worked and invested!

Missing either can lead to reassessments or penalties from the CRA.

07/15/2026

🏡 Am I a Resident for Tax Purposes in Canada?

💬 You don’t have to be a citizen or permanent resident to be considered a tax resident — and that can affect how much of your worldwide income is taxable.

💡 Pro Tip: Residency for tax purposes is not the same as immigration status or citizenship — and misclassifying yourself can lead to CRA penalties.

07/13/2026

💑 Can I Split Income with My Spouse to Reduce Taxes?

Income splitting is when you shift income from a higher-income spouse to a lower-income spouse to reduce the total tax owed — but the CRA has strict rules on how it's done.

❌ You Can’t Just:
● Transfer employment or self-employment income

● “Gift” investment income without tax consequences

● Add a spouse’s name to avoid tax — the CRA will notice

07/11/2026

Turo doesn't send you a T4, but the CRA already knows exactly what you earned.

Every dollar you make hosting on Turo is taxable from day one.

Since last year, Turo legally reports your annual earnings directly to the CRA, making unreported income incredibly easy to spot. 🚗

Many hosts confuse income tax with the $30,000 GST/HST threshold.

That limit only dictates when you must register for sales tax, combining all your gig and business revenue together.

The good news? Once you register, you can claim Input Tax Credits (ITCs) to recover the sales tax you paid on vehicle maintenance and operating expenses.

For example, an Ontario host paying 13% HST on $8,000 of running costs can get over $1,000 back.

07/10/2026

The CRA already knows exactly how much your side hustle made last year.

Many Canadian business owners believe they do not need to report their earnings if they make under $30,000.

That is a costly misunderstanding.

In Canada, every single dollar of side hustle income is taxable from day one, whether you drive for Uber, rent a car on Turo, or sell on Shopify.

The $30,000 figure is only the threshold for GST and HST registration, not an income tax exemption.

To make matters more urgent, digital platforms are now legally required to report your gross payouts directly to the CRA by January 31.

When you file your personal return, you must report this income on Form T2125 to organise your taxes correctly and avoid penalties. 💼

Want the full lesson? It's in "Yes, the CRA knows about your side hustle, here's what to report" on SNF Accounting.

Address

Unit 102, 89 Skyway Avenue, Etobicoke
Toronto, ON
M9W6R4

Telephone

+16479556132

Website

https://www.snfaccounting.com/

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