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Accounting and tax tips for Canadian businesses Hands on laptop keyboard

Accounting and Tax Tips for Canadian Businesses

Stay up to date with the latest accounting and tax tips for Canadian businesses. At TMP, our expert team shares insights, strategies, and updates on corporate taxation, cross-border planning, deductions, digital currency, and more. Whether you’re an entrepreneur, CFO, or financial advisor, our articles offer practical guidance to help you navigate Canada’s evolving tax landscape.

Explore our blog for updates on topics like corporate tax law changes, digital asset regulations, and international tax planning. Our goal is to empower you with relevant financial knowledge to grow your business confidently.

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TMP Corp featured image for corporate year-end tax planning in Canada. On a dark teal panel: for a December 31 tax year-end, December 31, 2026 is the last day for the moves that change your 2026 tax bill, such as salary, dividends, purchases and donations; after it, you are mostly reporting what already happened. Two key dates follow: March 1, 2027, when the balance owing is due for most corporations, and June 30, 2027, when the T2 return is due. Beside it, a photograph of a quiet desk with a brass lamp and an evergreen sprig by a snowy window at dusk.

Corporate year-end tax planning in Canada: a December 31, 2026 checklist

Photograph of a hand placing a fallen oak leaf into a small wooden tray on a desk, next to text: the superficial loss window is 61 days, 30 days before the sale to 30 days after; a loss realised before year-end can offset capital gains unless you or an affiliated person buy the same or identical property in that window and still own it at the end; to be safe, trade by Wednesday, December 30, 2026 so the sale settles in 2026.

Tax-Loss Selling in Canada (2026): The Superficial Loss Rule, the Last Safe Trading Day, and the Three-Year Carryback

Diagram of a corporation and its shareholder joined by a loan, with a one-year repayment window running from the corporation's fiscal year-end

Shareholder Loans in Canada: The One-Year Repayment Rule, and Which Tax Year Actually Gets Reassessed (2026)

Diagram: one question, "Does a bare trust have to file a T3 return and Schedule 15?", with three answers of equal size hanging from it. Taxation year ending in 2023 — only if CRA made a direct request. Ending on or after 31 Dec 2024 and before 31 Dec 2026 — no, not subject to the trust reporting rules. Ending on or after 31 December 2026 — certain bare trusts must file a T3, including Schedule 15; this one is marked "in force". No answer is drawn larger or heavier than the others.

Bare Trust T3 Filing in Canada: Do You Have to File for 2026?

Diagram: three equal paths labelled no-calculation, prior-year and current-year converge on one block reading September 15, 2026. The no-calculation path is marked as the amount printed on your CRA instalment reminder.

CRA Tax Instalments in Canada: The September 15 Deadline, the $3,000 Rule and What Interest Costs You (2026)

A single empty armchair alone in a bare room, tinted teal, beside the figure 44.5% in Ontario — the combined federal and Ontario corporate tax rate on personal services business income.

Personal Services Business (PSB) in Canada: The 44.5% Tax Trap for Incorporated Contractors (2026)

A CRA review letter shown as the document in hand, badged "review", with audit and reassessment set aside as separate things, above the CRA's own statement that a review is not a tax audit.

CRA Review Letter: What to Do When the CRA Asks for Your Receipts

Diagram showing a non-resident's $1,200,000 Canadian property sale split 75% released at closing and 25% ($300,000) held back, passing through a section 116 certificate of compliance before the funds are released.

Non-Resident Selling Property in Canada: Section 116, the 25% Withholding and Your Clearance Certificate

Diagram of a $100,000 capital gain split in half — a teal taxable 50% ($50,000) added to income and taxed, and a gold tax-free 50% ($50,000) set aside — with a ribbon reading 50% inclusion rate unchanged for 2026.

Capital Gains Tax in Canada: How It Is Calculated and What You Pay (2026)

Diagram of a business owner selling QSBC shares through a QSBC-tests gate into a gold LCGE shield that shelters up to $1,275,000 of the gain tax-free for 2026.

The Lifetime Capital Gains Exemption (LCGE): Selling Your Business Tax-Free in Canada

Diagram of a corporation paying a dividend to family through a gold TOSI gate stamping it top-rate or excluded amount.

Tax on Split Income (TOSI): Income Splitting Through Your Corporation in Canada

Flat illustration of a doctor, dentist and lawyer standing together beside an incorporation document and a rising growth arrow, representing Canadian professionals deciding whether to incorporate their practice.

Professional Corporation for Doctors, Dentists & Lawyers: Should You Incorporate Your Practice? (2026 Canada Guide)

CPA reviewing AI-generated bookkeeping records for CRA audit readiness

AI Bookkeeping for Canadian Businesses: Keeping GST/HST and CRA Compliance on Track (2026 Guide)

Organized tax workspace with laptop, calendar, calculator, and documents representing CRA late filing penalties and interest in Canada.

CRA Late Filing Penalties and Interest in Canada (2026 Guide)

what-triggers-cra-audits-corporate-record-review-canada

What Triggers CRA Audits for Corporations (and How to Reduce the Risk)

Learn what triggers CRA audits for corporations in Canada. Covers income mismatches, GST/HST issues, payroll triggers, and a practical 30-day action plan to respond and reduce risk.

: Cross-border tax planning desk setup for a blog about moving from Canada to the U.S., including departure tax, U.S. year-one filing, and account reporting

Moving from Canada to U.S. tax implications: What happens to my taxes when I move to the U.S.?

CRA crypto audit risk in 2026, red flags, record-keeping rules, and how Canadian crypto investors can prepare for a CRA review

CRA crypto audit risk in 2026: Can the CRA Audit My Crypto?

30-day owner pay action plan for salary vs dividends in Canada, payroll setup, dividend documentation, and tracking for a CCPC.

Should I Pay Myself Salary or Dividends From My Canadian Corporation?

U.S. obligations Canadian businesses can trigger without a U.S. corporation, including state sales tax nexus, payroll setup, customs and importer of record, and withholding documentation

Do Canadian Businesses Need a U.S. Corporation to Sell to American Customers?

Impact of 2026 CPP and EI payroll tax changes on Canadian employers and workers.

2026 Canadian Tax Changes: What Ontario Residents and Businesses Need to Know

Example report page comparing calculation, estimate, and comprehensive valuation report levels Canada for business valuation.

Valuation Report Levels in Canada

GST HST rules for Canadian e-commerce sellers and online filing requirements

GST/HST Rules for E-Commerce Canada

2025 Federal Budget highlights showing key tax reforms and investments.

2025 Federal Budget: Key Highlights and Takeaways

Accountant filing late T2 corporate tax return in Canada.

What to Do If You Miss Your T2 Filing Deadline

Taxpayer relief process in Canada under CRA guidelines for cancelling or waiving penalties and interest.

CRA Penalty Relief in Canada

Corporate tax return documents, calculator, and financial statements representing T2 filing for Canadian corporations in 2025.

Filing Corporate Taxes in Canada: T2, GST/HST & Bookkeeping Guide (2026)

A complete guide to filing corporate taxes in Canada for 2026 — covering T2 return deadlines, GST/HST obligations, payroll remittances, bookkeeping requirements, and CRA penalties.

Canada’s 2025 beneficial ownership reporting rules for corporations and reporting entities.

Beneficial Ownership Reporting Guide in Canada

Canada's 2025 beneficial ownership rules require CBCA corporations to maintain ISC registers, report discrepancies to Corporations Canada within 30 days, and align filings with CRA. Here's what you need to know.

Understanding probate fees in Canada and how they impact estate planning.

Probate Fees in Canada: Full Guide

Complete guide to probate fees in Canada by province. Understand how the Estate Administration Tax is calculated in Ontario, BC, Alberta and other provinces, what assets bypass probate, and proven legal strategies to reduce estate costs for your beneficiaries.

Complete 2025 guide explaining U.S. corporate tax rules and Form 1120-F filing requirements for Canadian companies.

U.S. Corporate Tax for Canadian Companies: A Complete Guide

Learn how U.S. corporate tax applies to Canadian companies expanding into the U.S. — covering Form 1120-F, branch vs. subsidiary structures, withholding tax, treaty benefits, state nexus, and payroll obligations.

Corporate GIFI filing in Canada, highlighting standardized reporting of balance sheets, income statements, and notes for T2 returns.

Required Schedules and GIFI Filing for Corporations in Canada

SaaS valuation Canada using ARR NRR CAC benchmarks.

How to Value a Tech Company in Canada

Tracking crypto staking tax rules in Canada with digital records and valuation tools.

Crypto Staking & DeFi Tax Rules in Canada: CRA Guide

Active corporations in canada filing obligations 2025.

Active Corporations in Canada: Key Requirements Explained

Business professional preparing CRA Voluntary Disclosure Program Canada 2025 application with compliance forms

New Voluntary Disclosure Program in Canada

Learn how Canada's 2025 Voluntary Disclosure Program works—unprompted vs. prompted disclosures, penalty and interest relief, expanded tax coverage (UHT, DST, GMT), and how to apply with CRA Form RC199.

Estate planning Canada 2025 assets wills trusts probate capital gains

Estate Planning in Canada: A Complete 2026 Guide

A complete guide to estate planning in Canada for 2026 — covering wills, probate fees, trusts, capital gains on death, executor duties, tax reduction strategies, and powers of attorney.

Canadian cryptocurrency tax 2025 for investors and businesses

Crypto Tax Canada 2026: CRA Guide for Investors

Virtual CFO services helping a business with financial forecasting, budgeting, and planning.

The Benefits of Hiring a Virtual CFO: How Outsourcing Can Save Your Business Time and Money

Modern Canadian payroll software interface showing automated tax calculations and digital T4 reporting.

Payroll in Canada: What's New for Employers in 2026

Everything Canadian employers need to know about payroll in 2026 — CPP rates, EI premiums, tax brackets, minimum wages, remittance schedules, and T4 filing.

Business owner reviewing CRA documents related to SRED tax credit eligibility and claim preparation.

SR&ED Tax Credit: A Complete Guide for Canadian Businesses

Discover how the SR&ED tax credit can help your Canadian business recover R&D costs. Learn eligibility requirements, eligible expenses, claim amounts, and how to file successfully.

Estate planning documents on a desk including a will, power of attorney, and shareholder agreement for a Canadian business owner.

Estate Planning for Business Owners: Protecting Your Legacy and Assets

Understanding CRA rules for meal and entertainment expenses in 2025, including what’s taxable and what’s deductible

What Meal and Entertainment Expenses are Deductible

RRSP vs. TFSA comparison chart showing tax treatment, contribution limits, and ideal use cases for 2025.

RRSP vs. TFSA: Which Tax-Advantaged Account is Best for 2025?

Understanding capital gains on inherited property, including tax rules, exemptions, and calculation methods in Canada.

Capital Gains on Inherited Property: What You Need to Know

Understanding how CRA cryptocurrency transactions are monitored, including exchange reporting, blockchain analysis, and audits.

Cryptocurrency Accounting: How the CRA is Tracking Crypto Transactions in 2026

Learn how the CRA tracks and taxes cryptocurrency transactions in 2026. This guide covers capital gains vs. business income, new reporting requirements including CARF, DeFi and staking tax rules, T1135 obligations, and best practices for staying compliant in Canada.

A guide to cross-border tax planning for dual residents, covering tax treaties, foreign tax credits, and investment strategies.

Cross-Border Tax Planning: How to Reduce Taxes as a Dual Resident

Learn proven cross-border tax planning strategies for Canadians to legally avoid double taxation. This comprehensive guide covers tax treaties, foreign tax credits, RRSP vs TFSA cross-border treatment, investment structuring, and CRA & IRS compliance for dual residents and snowbirds.

A guide to crypto tax for businesses in Canada, including business income classification, transaction tracking, and tax implications.

Crypto Tax for Canadian Businesses: CRA Rules & Compliance (2026)

How missed business deductions affect tax liabilities, cash flow, and long-term business growth

Missed Business Deductions You Should Be Claiming in Canada

A complete guide to commonly missed business deductions in Canada — covering home office, vehicle expenses, meals and entertainment, CCA, employee benefits, software, and record-keeping requirements.

Important aspects of cross-border tax planning for expats, including residency status, tax treaties, and reporting obligations

A Guide to Cross-border Tax Planning for Expats

A complete guide to cross-border tax planning for expats in Canada—covering residency status, deemed dispositions, tax treaties, foreign tax credits, T1135 reporting, RRSPs, TFSAs, and retirement accounts across borders.

Key insights into crypto accounting in Canada, covering CRA compliance, transaction tracking, and valuation methods

Accounting for Crypto: How to Track and Report Your Digital Assets

Using automated tools as part of efficient payroll management tips for accuracy in Canadian payroll processing

Payroll Management in Canada: A Complete Guide for Employers

A complete guide to payroll management in Canada — covering CPP and EI deductions, income tax withholding, remittance schedules, T4 slips, record keeping, and how to avoid common payroll mistakes.

Master corporate tax filing tips to optimize tax management and enhance financial health.

Navigating Corporate Tax Filing Mistakes: Best Practices for Canadian Businesses

Overview of the Voluntary Disclosure Program Canada offering tax relief and penalty forgiveness for past tax mistakes

Voluntary Disclosure Program Canada: A Complete Guide for Taxpayers

A complete guide to the CRA Voluntary Disclosure Program — covering eligibility, the General and Limited tracks, penalty and interest relief, and how to apply to correct past tax errors or omissions.

Overview of Ontario corporate governance changes, including elimination of director residency requirements

Ontario Corporate Governance Changes: A New Era for Business Flexibility

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Miami Office

305-204-0095

1221 Brickell Ave Suite 900, Miami, FL 33131

Markham Office

905-237-6424

675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B8

New York Office

212-651-9101

555 Madison Ave 5th Floor Manhattan,
NY 10022

Toronto King Street West Office

416-333-1116

100 King Street West, Suite 5600, Toronto, ON, M5X 1C9

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