Introduction As an IT consultant, your expertise may lie in systems, software, or digital infrastructure — not in tax law. Yet when it comes to CRA audits, IT contractors are among the most closely scrutinized professionals in Canada. Why? Because consultants often operate through incorporated companies, claim business expenses that blend into personal life, or…
When a Canada Revenue Agency (CRA) audit letter lands in your inbox, it’s normal to feel a jolt of stress. Your first instinct might be to call the auditor or start emailing documents. Pause. The steps you take in the next 24–72 hours shape the outcome of how far the audit goes, what it costs,…
For many doctors, your medical professional corporation (MPC) is more than a tax tool. It represents decades of dedication, patient care, and financial discipline. When it’s time to retire or slow down, the natural wish is to keep your practice in the family — perhaps passing it on to a son or daughter who has…
You worked hard to build your medical practice. If you’re incorporated, how you pay yourself can add up to large savings over time and reduce stress at tax season. The goal isn’t choosing salary or dividends once and for all. It’s picking a simple blend that suits your income, province, and cash needs and keeps…
Medical professionals in Canada face unique tax challenges that can quietly snowball: mixed exempt and taxable services for GST/HST, busy clinics with weak bookkeeping, personal-corporate “blur” (shareholder benefits and loans), and foreign asset reporting (T1135). The longer issues sit, the higher the stakes: penalties, compounding interest, reputational risk, and even regulatory attention. There is a…