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The Canada Revenue Agency (CRA) has released the 2026 travel rates. These include updated vehicle and meal allowances. These rates help businesses reimburse employees for work-related travel. They also affect payroll reporting and tax deductions. Understanding them can help you stay compliant and reduce errors. 🚗 2026 Vehicle (Kilometric) Rates For 2026, the CRA recommends the following rates when employees use their personal vehicle for business travel: $0.73 per kilometre

As tax season approaches, many Canadians overlook the opportunity to correct or improve their previously filed tax returns through T1 Adjustments . A T1 Adjustment allows taxpayers to make changes to their original return, including claiming missed credits or deductions, which can have a significant impact on federal and provincial taxes. Understanding the limits, benefits, and potential drawbacks is essential for maximizing your tax savings. How Far Back Can T1 Adjustments B

When you run a business, structuring it correctly from the start is essential. The type of corporation you register affects how you’re taxed, what deductions you can claim, and even your risk of a CRA audit. we see many business owners overlook these details — creating more work and more tax exposure than needed. What are the main corporation types? In Canada, the Canada Revenue Agency defines several different corporation types: ⦁  Canadian-controlled private corporation (CC

If you’re a small business owner, employee, or an entrepreneur, understanding how to handle vehicle expenses for tax time is key. With the end of the year approaching, it’s a good moment to review how auto expense deductions work — and how to make sure you’re claiming them correctly. If you use a vehicle for work or business, you may  be able to deduct some of those costs — but the allowable deductions depend on how you earn your income. The rules for salaried employees diffe

Over the past 50 years, Canada’s Income Tax Act has expanded significantly, adding new layers of complexity with each budget, amendment,...

If you run a small business, you probably pay for things like meals, events, and marketing. But did you know not all these costs are...

As a small business owner, staying compliant with GST/HST filing requirements is essential to avoid unnecessary penalties and interest...

The Canada Revenue Agency (CRA) has proposed significant updates to the capital gains inclusion rate, effective June 25, 2024. These...

As tax season approaches, staying organized is crucial to ensure a hassle-free filing process. At K Liu Accounting Services Inc, we aim...

As tax season approaches, recording and tracking your business transactions is more important than ever. Proper bookkeeping ensures your...