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Tariffs: The Hidden Cost Behind Rising Prices

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Ever wonder why prices keep creeping up, even on everyday stuff? One reason might be tariffs : taxes on imported goods that quietly raise costs across the board. They don’t just affect businesses.  They affect your wallet too!

What Exactly Is a Tariff?
Tariffs are taxes on goods brought into the country from abroad. They are charged at the border before the items reach local stores. Governments use tariffs to protect local businesses, raise funds, or deal with international trade issues. Importers pay the tariff, but that cost often gets added into the final price of the product. That means you pay more, even if you’re not importing anything yourself.

How Tariffs Sneak Into Your Total
When something is imported, the tariff amount depends on the product’s type, value, country of origin, and quantity. Sometimes it’s a fixed charge, sometimes a percentage. Importers report these details and pay the fee. After that, companies raise prices to make up the cost. You might not see the tariff listed anywhere, but it’s baked into what you pay at checkout.

Who Actually Foots the Bill?
Even though the importer writes the cheque, that cost moves through the supply chain. Wholesalers, retailers, and finally everyday shoppers all end up covering it. If you’ve noticed higher prices lately, tariffs might be part of the reason.

How Tariffs Hit Your Wallet
Tariffs don’t show up on your receipt, but they still hit your wallet. Here’s how:

  • Prices go up on everyday goods like groceries, clothes, electronics, and furniture
  • You pay more in sales tax since it applies to the total (tariff-inflated) price
  • Small businesses face higher costs for imported supplies
  • Not all added expenses are tax-deductible, which can lower profit margins
  • Budgeting gets harder when prices keep shifting without clear reason

Why This Matters More Than You Think…
Tariffs aren’t just a trade thing. They affect your cost of living, your ability to save, and even your tax bill. Understanding how they work helps you make better money choices. Prices go up for a reason, and tariffs are one of the quiet ones behind the scenes.

Maximize Your Rental Income: Simple Tax Tricks for Landlords

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Leasing out a property can be a fulfilling source of additional pay however without a clear procedure for following and claiming costs your assess charge can eat into those benefits. In this web journal post we’ll walk you through everything you would like to know to optimize your findings keep up rock-solid records and keep more cash in your take.

Why Deductions Matter
When you report your rental income together with all eligible expenses, you lower your taxable net profit and pay less tax. By forecasting your property’s cash flow in advance, you can identify every deduction opportunity and ensure full compliance with CRA regulations, helping you maximize
your returns and avoid surprises at tax time.

Top Expenses You Can and Should Claim

  1. Mortgage Interest
    Claim only the interest portion of your monthly payment; request a statement that separates
    principal from interest.
  2. Property Taxes
    Deduct the share of your tax bill for the rented area; prorate if you occupy part of the home.
  3. Insurance
    Include premiums for tenant-covered space and keep separate invoices for each policy.
  4. Utilities
    Recover tenant-paid gas water electricity internet and garbage costs; track shared usage in a
    simple spreadsheet.
  5. Repairs and Maintenance
    Deduct routine fixes in the year they occur; apply Capital Cost Allowance for major
    improvements.
  6. Property Management Fees
    Include fees for rent collection tenant screening and on-site supervision.
  7. Advertising and Marketing
    Claim costs for online listings newspaper ads signage and real-estate commissions.
  8. Office Supplies and Home Office
    Deduct printer ink stationery postage and other tenant-related supplies; include a portion of a
    dedicated home-office space.

Keep Those Records Tight
The CRA expects clear documentation for every deduction. Keep all receipts and invoices, save proof of payment such as bank or credit-card statements, maintain travel logs for showings and repair visits, and file lease and maintenance records that link each cost to a tenant or event.

How to Report Your Rental Activity
When it is time to file your taxes, first download Form T776 (Statement of Real Estate Rentals) from the CRA website. Next, enter your total rent income and list each of your deductible expenses.
If you occupy part of the property, be sure to split costs accurately. Finally, attach the completed Form T776 to your personal T1 income-tax return. Filing carefully helps you avoid CRA inquiries and potential reassessments.

Conclusion
By actively tracking every expense and claiming every valid deduction, you will reduce your tax burden, boost cash flow for future property investments and gain a clearer picture of your rental’s true profitability. Ready for a stress-free tax season? Make an appointment with our tax experts today and keep your rental finances running smoothly!

How to Claim the Disability Tax Credit in Canada

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What is the Disability Tax Credit?
The Disability Tax Credit (DTC) is a non-refundable tax credit offered by the Canadian
government to reduce the income tax burden on individuals living with a severe and
prolonged physical or mental impairment. It’s designed to help offset extra living costs and
can also unlock access to other financial support programs like the Registered Disability Savings Plan (RDSP) and Child Disability Benefit.

Who Can Apply?
To qualify, the impairment must be:

  • Severe enough to significantly restrict basic daily activities
  • Prolonged, meaning it has lasted or is expected to last at least 12 consecutive months,
  • And verified by a medical practitioner through a form called T2201.

How to Apply?
Applying for the Disability Tax Credit begins with Form T2201: Disability Tax Credit
Certificate, available on the Canada Revenue Agency (CRA) website. This form helps determine whether you meet the eligibility criteria based on how your condition affects daily living.

The form has two sections:

  • Part A: To be completed by the applicant or their legal representative
  • Part B: To be completed by a qualified healthcare professional who can describe how the
    condition significantly limits daily functioning

Once the form is complete, you can submit it to the CRA in one of the following ways:

  • Online via your CRA My Account
  • By mail to the appropriate CRA tax center listed on the form

The CRA typically reviews applications within eight weeks, but the process may take longer if
more information is needed from your doctor.
If approved, you can claim the credit on your tax return:

  • Use line 31600 if you are claiming the credit for yourself
  • Use line 31800 if you are claiming for a dependent
  • Use line 32600 if you are claiming for a spouse or common-law partner

You can also request adjustments for up to 10 previous tax years if you were eligible but didn’t apply at the time, potentially unlocking significant retroactive tax relief.

Why It Matters?
The Disability Tax Credit is a meaningful recognition of the financial challenges that individuals with physical or mental impairments often face. Living with a disability can come with a wide range of additional costs, including medical care, assistive devices, specialized therapies, and everyday support. The credit helps reduce taxable income, allowing individuals and families to keep more of their earnings and better manage these ongoing expenses. Beyond immediate tax
relief, being approved for the Disability Tax Credit can also unlock access to other programs, such as the Registered Disability Savings Plan and the Child Disability Benefit.

Quick Tips
Doctor’s fees for completing Form T2201 can be claimed as a medical expense on your tax
return, helping to offset some of the costs involved in the application process. If the person with the disability does not need the full amount of the tax credit to reduce their taxes to zero, the remaining portion can be transferred to a supporting relative, such as a parent, spouse, or caregiver, to ensure the benefit is fully used. If at any point the process feels overwhelming or unclear, it’s a good idea to seek support from tax professionals or disability advocacy organizations, who can provide guidance and help you navigate the application with confidence.

Why Set up an HST/GST Account?

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HST/GST is the Harmonized Sales Tax/Goods and Services Tax which is levied at 13% on most of our goods and services. As a business owner it is a wise decision to open an HST/GST account with Canada Revenue Agency even if you are doing so on a voluntary basis. By opening an HST/GST account, you get the opportunity to claim back money you spent on purchasing things in your business. This is especially important when you are just starting up your business. In the beginning stages of a business you are more likely to spend more than you earn and opening up an HST/GST account at this time would benefit you by giving you back the money you spent on taxes, which essentially helps a business with cashflow, a crucial component for young businesses.

Once your business income surpasses $30,000 in any quarter or annual period, it becomes mandatory that a business must open an HST/GST account. As a business owner depending on the kind of business you operate, you may be eligible to not collect HST on sales and can claim the expenses you incur. Delivery companies that does contractor work on behalf of a larger company falls into this category. In so doing your business has the potential to earn a quarterly income. It is important to see if your business qualifies for this opportunity.

Paying HST/GST payable when it is due avoids late charges, penalties and the risk of being audited. Setting up your HST/GST account on a quarterly basis gives a company a chance to recover big expenditures during the quarter rather than at year-end (if an annual filer) where it may not be qualified due to a high overall for the year. For more details about setting up an HST account, please call 416-629-1347 or visit All-Good-Accounting.com

How To Avoid Audits with CRA

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The CRA’s mandate is to audit the financial records of taxpayers and, if appropriate, assess taxes based on the information provided. A CRA audit can lead to an assessment of tax, penalties and interest. An audit may result in a reassessment of income or deductions claimed on a previous tax return or assessments for amounts not previously reported. Audits can be initiated by the CRA through its own initiative or in response to a taxpayer’s request for an adjustment or correction. In order to avoid a CRA audit, you should keep your accounting records up-to-date and maintain all required documentation for at least six years. You should also use accounting software that has features that allow you to access your data from anywhere. This way you will always have the most recent data available to share with the CRA, should the need arise. Lastly, the key is to ensure your data reflects the actual transactions that occurred in your business and that you have receipts and documents as verification. In addition, ensure you keep a journal of your kilometres driven or use an app to verify vehicle expenses. Although it is the luck of the draw if you get audited you can be for sure prepared with the above tips and avoid penalties and interest.

Benefits of Having Payroll

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They are able to focus on their work and not worry about the things that they can’t control, like their paycheck.

Some of the benefits of payroll that employees experience are:
-The ability to budget and plan for finances in the future
-The ability to save for retirement
-Reduced stress about financial matters
-More time spent on work and less time spent worrying about money

Payroll is the act of paying a person for their work. It can be done either by the hour or by salary. Payroll is an important aspect of running a business and should not be ignored.

There are many benefits to having payroll in place, such as:
-Easy management of employee hours and pay rates
-Easier to set up automatic deductions for taxes
-Helps with reporting taxes to the CRA
-Prevents employees from taking unfair advantage of company time
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The benefits of payroll are immense for both the company and the employee. The company benefits from a more organized payroll, saving time and money on administrative tasks. They also get to enjoy the tax breaks that come with payroll. On the other hand, employees get to enjoy a more organized budgeting process and increased financial security.
Some of these benefits include:
-A more organized payroll process -Increased financial security -Tax breaks
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Payroll is a process in which an employer withholds taxes and other deductions from an employee’s salary. It is also used to pay the employer’s portion of payroll taxes.
The benefits of having payroll include:
-Reducing the administrative workload on employers.
-Providing tax relief for employees by reducing their taxable income.
-Paying employees on a regular basis and providing them with accurate information as to how much they have been paid, including any deductions that have been made.
-Informing employees about their rights in relation to wages, hours and working conditions.
In conclusion, Payroll is a great way to reduce your taxes payable and create benefits for you and your employees through a Health Spending Account.