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RPK Accounting and Tax Filing Services, Toronto, ON (2026)

Kindly like & share this useful information with your family and friends.Email: tax.rpk@gmail.com | Call: 647-675-2535We...

09/11/2026

Kindly like & share this useful information with your family and friends.
Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

T4, T4A and T5 may look similar, but they do not report the same type of income.

A T4 identifies remuneration paid by an employer to an employee during the calendar year. Common boxes include employment income, CPP or QPP contributions, EI premiums and income tax deducted.

A T4A can report several different types of income, including pension or superannuation, annuities, self-employed commissions, fees for services and RESP educational assistance payments. There is no single tax-return line for the entire T4A—the correct treatment depends on the populated box.

A T5 reports certain investment income. Depending on the box, it may include Canadian-source interest, taxable Canadian dividends, foreign income, foreign tax paid or certain other investment amounts.

One taxpayer can receive all three slips in the same year. Review every populated box and follow its specific CRA reporting instruction. Some information boxes are already included in another total, so avoid reporting the same amount twice.

CRA says most tax slips should be received by the end of February. Request a copy if a slip is missing or lost, and contact the issuer promptly if any information is incorrect.

DM RPK Accounting & Tax Filing for help reviewing your tax slips before filing.

General information only — not personal tax advice.

09/11/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Are you working for a client through your own corporation? Incorporation alone does not guarantee access to small-business corporate tax rates.

CRA may consider the corporation to be carrying on a Personal Services Business when you or a related person is a specified shareholder, you would reasonably be considered the client’s employee if the corporation did not exist, the corporation employs five or fewer full-time employees throughout the year, and the service payments are not received from an associated corporation.

The analysis depends on the actual working relationship—not only the wording in the contract. Factors such as control, tools and equipment, ability to subcontract, financial risk, investment and management responsibility, and opportunity for profit may be relevant when determining worker status.

A PSB cannot claim the small business deduction or federal general tax reduction and is subject to full federal and applicable provincial or territorial corporate tax rates, plus an additional 5% federal tax on PSB income.

Permitted deductions are restricted. They generally include salary and wages paid to the incorporated employee, benefits or allowances provided to that employee, certain expenses relating to selling property or negotiating contracts, and legal expenses incurred to collect amounts owing.

Review the classification before filing the corporation’s T2 return. Salary payments may also create payroll and T4 reporting obligations.

DM RPK Accounting & Tax Filing if you would like help reviewing an incorporated-contractor arrangement.

General information only — not personal tax advice.

09/10/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Paid investment-management fees or interest on money borrowed to invest? Some costs may be deductible on line 22100—but the purpose and use of the money matter.

Qualifying amounts may include fees to manage non-registered investments, certain investment-advice or investment-income-recording fees, reasonable tax-return preparation fees in specific business or property-income situations, and most interest paid on money borrowed and used to try to earn investment income such as interest or dividends.

If the investment can produce only capital gains, CRA says the borrowing interest cannot be claimed. Interest on money borrowed to contribute to an RRSP, TFSA, FHSA, RESP or another listed registered plan is also excluded.

Safety deposit box charges, financial-newsletter subscriptions and student-loan interest are not deducted on line 22100. Brokerage fees or commissions paid when buying or selling securities are instead used when calculating the capital gain or loss.

Keep your loan agreements, interest statements, investment records and invoices. DM RPK Accounting & Tax Filing if you would like help reviewing your line 22100 expenses and supporting documents.

General information only — not personal tax advice.

09/10/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Small-business payroll reminder: if CRA has assigned you as a regular remitter, your August 2026 payroll deductions are due September 15, 2026.

A payroll remittance generally includes the CPP and CPP2 contributions, EI premiums, and income tax withheld from employees, plus the employer portions of CPP and CPP2 contributions and EI premiums, where applicable.

Your due date depends on your assigned remitter type—quarterly, regular, or accelerated—so check CRA correspondence or My Business Account instead of assuming the monthly deadline applies.

Before paying, confirm your payroll program (RP) account number, gross payroll, employee count, remitting-period end date, and total remittance. Keep your payment confirmation and reconcile it to the payroll register.

DM RPK Accounting & Tax Filing for help reviewing payroll remittances and records.

General information only — not personal tax advice.

09/09/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Collected HST from customers? Do not treat the full amount as spendable business income.

Under the regular method, a GST/HST registrant generally calculates net tax by taking the GST/HST collected or collectible on taxable supplies, subtracting eligible input tax credits, and including any required adjustments.

An input tax credit may be available when GST/HST was paid or became payable on a purchase used in commercial activities, the business was registered at the relevant time, and sufficient supporting documents are available. Personal and non-commercial portions do not qualify.

The carousel includes an Ontario illustration: $130 of HST collected minus a $26 eligible ITC equals $104 of net tax before adjustments. This assumes the regular method and full commercial use. Quick Method calculations and ITC rules differ.

DM RPK Accounting & Tax Filing for help reviewing your GST/HST records and return calculations.

General information only — not personal tax advice.

09/08/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Paid interest on a student loan? You may be able to claim a non-refundable tax credit—but borrowing money for school does not automatically make the interest eligible.

The loan must have been issued under the Canada Student Loans Act, Canada Student Financial Assistance Act, Apprentice Loans Act, or similar provincial or territorial government legislation.

Only the student legally responsible for the loan can claim the credit, even when a parent or someone else paid the interest on the student’s behalf.

You may claim qualifying interest actually paid during the current tax year or an unused eligible amount from the preceding five years. Apply the oldest carry-forward amount first and track the remaining balance because CRA does not track it for you.

Interest on a bank student line of credit or another private loan does not qualify. Eligibility can also be lost when a government student loan is combined, renegotiated, or reconsolidated with another loan.

Canada Student Loans have not accumulated interest since April 1, 2023, although interest may still apply to certain provincial portions and eligible older amounts may remain available within the five-year claim period.

Review your annual interest-paid statement and report the eligible amount on federal line 31900 and provincial or territorial line 58520, where applicable.

DM RPK Accounting & Tax Filing if you would like help reviewing your student-loan interest information.

General information only — not personal tax advice.

09/07/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Ontario residents: the next regular 2026 Ontario Trillium Benefit payment date is September 10, 2026, subject to your eligibility, assessment timing, and payment choice.

The OTB combines the Ontario energy and property tax credit, Northern Ontario energy credit, and Ontario sales tax credit. You only need to qualify for one component to receive an OTB payment.

To receive the 2026 OTB, you must file your 2025 income tax and benefit return—even if you had no income. CRA determines the Ontario sales tax credit from your return. To apply for the Ontario energy and property tax credit or Northern Ontario energy credit, complete the applicable sections of Form ON-BEN.

Most entitlements over $500 are paid monthly. An annual entitlement of $500 or less is generally paid once in the first payment month, usually July. If you chose the delayed lump-sum option and your entitlement is over $500, CRA says it will be paid on June 10, 2027.

If you expected a payment, review your OTB notice or CRA My Account, confirm your 2025 return was assessed, and check your direct-deposit and personal information.

DM RPK Accounting & Tax Filing if you need help reviewing your Ontario benefit information.

General information only — not personal tax advice.

09/06/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Made a charitable donation? Your official receipt may support federal and provincial or territorial non-refundable tax credits.

To qualify, the gift generally needs to be made to a registered charity or another qualified donee and supported by an official donation receipt. Use the eligible amount shown on the receipt—not automatically the full amount you paid when you received something in return.

You can choose to claim an eligible donation in the year it was made or carry an unused amount forward for up to five years. Eligible donations made by you or your spouse or common-law partner may also be combined on one return. Different rules apply to certain gifts, including ecologically sensitive land.

Keep your receipts and proof of payment, track amounts already claimed, and complete Schedule 9 when filing.

DM RPK Accounting & Tax Filing if you would like help reviewing charitable donation receipts and carry-forward amounts.

General information only — not personal tax advice.

09/05/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

RRSP or TFSA—which account should receive your next contribution?

An RRSP contribution may provide a tax deduction, subject to your available deduction limit. Investment income is usually tax-deferred while it remains in the plan, but withdrawals are generally taxable.

A TFSA contribution is not tax-deductible. However, investment income and withdrawals are generally tax-free. TFSA withdrawals are added back to your contribution room on January 1 of the following calendar year—not immediately.

The better starting point depends on your current tax rate, expected future tax rate, savings goal, and how soon you may need the money. In many cases, using both accounts can be appropriate.

Check your available RRSP and TFSA room before contributing. DM RPK Accounting & Tax Filing if you would like help reviewing the tax considerations.

General information only — not personal tax advice.

09/05/2026

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Email: [email protected] | Call: 647-675-2535
Website: www.rpkaccounting.ca

Spousal RRSPs can be a useful retirement-planning tool for couples—but the withdrawal rules matter.

The contributor uses their own RRSP deduction room and may claim the RRSP deduction. However, if the annuitant withdraws money in a year the contributor made a spousal-RRSP contribution, or either of the two preceding years, all or part of that withdrawal may be taxed back to the contributor.

Before contributing, check your RRSP deduction limit, keep clear contribution records, and plan withdrawals carefully.

DM RPK Accounting & Tax Filing if you would like help reviewing your RRSP strategy.

General information only — not personal tax advice.

RPK Accounting and Tax Filing Services

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