Gord Evans - Financial Solutions

04/05/2026

Are you getting started on your 2026 bookkeeping and accounting? Or, are you still dealing with 2025 and preparing your tax returns.

My free worksheets may be just what you need for either. There's one that helps you to expeditiously collect your small business financial information and prepare your year-end GST or HST report.

There's another that helps small landlords easily gather their rental information for the year.

You can download a free Excel worksheet for either purpose. Or you can copy a Google Sheets version to use "in the cloud".

Visit my "Worksheets" page to get yours, today!

https://ge-solutions.ca/worksheets

If you like these worksheets, leave a comment.

We specialize in personal tax preparation, especially during the months of March through June. We will be delighted to help you with your needs.

12/06/2024

I found this rather interesting:

On November 18, 2024, Canada provided formal notice to the Russian Federation to confirm the suspension of the Agreement Between the Government of Canada and the Government of the Russian Federation for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital, signed at Ottawa, October 5, 1995, as well as the operation of its accompanying Protocol. The suspension takes effect both for taxes withheld at source and in respect of other taxes on November 18, 2024, and continues until otherwise decided by the two governments. The Government of Canada intends to introduce legislative proposals that would give effect to this suspension under domestic law as of November 18, 2024.

01/26/2024

What's new for other employment expenses?
Deduction for tools for tradespeople and apprentice mechanics:
For 2023 and later years, the maximum employment deduction for tradespeople’s tools has increased from $500 to $1,000. As a result of this change, eligible tool costs under the apprentice mechanics' tools deduction would be those that are more than the greater of:
1. the combined amount of the increased deduction for tradespeople’s tool expenses ($1,000) and the Canada employment amount ($1,368 in 2023)
2. 5% of the taxpayer’s income earned as an apprentice mechanic (including from apprenticeship grants) Employer declaration

For 2023 and later years, employers are not required to provide a handwritten signature on Form T2200, Declaration of Conditions of Employment, and T1223, Clergy Residence Deduction.
The CRA will also accept an electronic signature on each of these forms.

Temporary flat rate method
The temporary flat rate method does not apply to 2023. Therefore, taxpayers looking to claim home office expenses for 2023 will be required to use the detailed method and get a completed Form T2200, Declaration of Conditions of Employment, from their employer.

01/11/2024

Have you discovered the FREE Worksheets available on the website?

They're designed to assist you in various aspects of your tax return preparation, and are freely downloadable.

Check them out to see if they would benefit you. If you have a small business, are self-employed, incur employment expenses as an employee, or own a rental property you may find them quite useful.

Navigate to the website and look for WORKSHEETS links and information.

We specialize in personal tax preparation, especially during the months of March through June. We will be delighted to help you with your needs.

01/10/2024

The Tax-Free Savings Account (TFSA) contribution limit has increased to $7,000 in 2024 from $6,500 in 2023. Every year, the Canada Revenue Agency (CRA) declares the annual TFSA contribution limit, which is indexed to inflation and then rounded to the nearest $500.

01/06/2024

The taxman cometh!

Are you ready?

The 2024 Personal Tax Season is coming quickly. Here's an article to help you efficiently prepare for it.

08/22/2023

https://myperch.io/buyers/heres-everywhere-you-can-open-an-fhsa/

This year the government of Canada launched a new tax-advantaged savings account aimed at helping Canadians save up for their first home. The First Home

04/24/2023

Canadian Economic Benefits vs. Canadian Politics??

Promises of spinoffs likely from one-sided, simplistic model

03/03/2023

The temporary Ontario Staycation Tax Credit for 2022 aims to encourage Ontario families to explore the province, while helping the tourism and hospitality sectors recover from the financial impacts of the COVID‑19 pandemic.

https://www.ontario.ca/page/ontario-staycation-tax-credit #:~:text=Ontario%20residents%20can%20claim%2020,and%20Benefit%20Return%20for%202022.

02/06/2023

https://www.linkedin.com/feed/update/urn:li:activity:7028229607803813888/

Stand-up routine in Atlantic city last week:

"Ladies and Gentlemen, have you ever wondered why our friends to the North never seem to complain about taxes? Well, it's because they're already frozen solid from all the snow! Just kidding, folks. But seriously, Canadians do pay a lot of taxes, but they also get a lot of benefits for it. I mean, have you seen their healthcare system? It's like a trip to the dentist where you don't have to pay for anything!

But let's be real, taxes are never a fun topic. It's like going to the dentist, getting a root canal, and having to pay for it. Ouch! But hey, at least the Canadian government gives you some pretty neat tax deductions, like if you have a home office. So now you can finally claim that couch you've been working from for the past year as a business expense!

And let's not forget about those tax refunds. It's like getting a surprise birthday gift from Uncle Sam... except it's not a surprise and it's not a gift. But hey, every little bit helps, right?

So there you have it, folks. Taxes in Canada: a necessary evil that helps fund all those poutine stands and hockey rinks. And remember, if you don't like paying taxes, just think of it as an investment in your country's future. Or just think about how much worse it could be in the United States! Thank you and goodnight!"

Kinda funny? So, what's your favourite/least favourite thing about TAX TIME in Canada?