Tax Services
What tax services does GOPK provide?
GOPK provides personal tax planning, tax preparation, corporate tax filing, small-business tax services, self-employed tax support, GST/HST filing and CRA-related tax assistance. Our tax services are designed to help individuals and businesses prepare accurate returns and manage their ongoing tax obligations.
When should I start preparing my taxes?
You should start preparing your taxes as early as possible before the applicable filing deadline. Early preparation gives you time to collect documents, review deductions, identify missing information and address potential issues before filing.
What documents do I need to file my taxes?
Common tax documents include income slips, expense receipts, investment statements, business records and documents supporting eligible deductions and credits. Business owners may also need bookkeeping records, financial statements and GST/HST information.
What is the difference between a tax deduction and a tax credit?
A tax deduction reduces the income used to calculate taxable income, while a tax credit directly reduces the amount of tax payable. Both can affect your final tax bill, but they work in different ways.
What expenses can a small business deduct in Canada?
A small business can generally deduct reasonable expenses incurred to earn business income when those expenses meet CRA requirements. Depending on the business, eligible expenses may include advertising, professional fees, office expenses, vehicle costs and certain home-office expenses.
Can I claim business expenses without receipts?
You should keep receipts and other supporting records for business expenses because the CRA may require documentation to verify a claim. Bank and credit-card statements may help support a transaction but may not always establish the full business purpose of an expense.
How long should I keep my tax records in Canada?
Most taxpayers should generally keep tax records and supporting documents for at least six years from the end of the relevant tax year. Certain situations can have different requirements, so businesses should confirm the applicable CRA record-retention rules.
What happens if I discover an error on my tax return?
If you discover an error after filing, you can generally request an adjustment to your tax return. The appropriate process depends on the type of error and whether the CRA has already assessed your return.
Can an accountant help if I have multiple sources of income?
Yes. An accountant can help organize income from employment, self-employment, investments, rental properties and other sources and determine how that income should be reported.
Do self-employed Canadians have different tax obligations?
Yes. Self-employed individuals generally have additional tax responsibilities because they report business income and expenses themselves and may have CPP and instalment obligations. The exact requirements depend on the individual's circumstances.
How can I reduce my taxable income legally?
You can potentially reduce taxable income by claiming eligible deductions and using appropriate tax-planning strategies. The right approach depends on your income, business structure, expenses and applicable Canadian tax rules.
What is a taxable benefit?
A taxable benefit is a benefit or advantage provided to an employee that may have to be included in the employee's income for tax purposes. The tax treatment depends on the type of benefit and the circumstances.
What is a tax instalment payment?
A tax instalment is a payment made toward taxes that you expect to owe for the year. CRA may require instalments when your previous tax situation indicates that regular advance payments are necessary.
Can an accountant help me with a CRA tax notice?
Yes. An accountant can review the CRA notice, compare it with your tax records and help determine what information or response may be required.
When should I hire a tax professional?
You should consider hiring a tax professional when your tax situation is complex, you own a business, have multiple income sources, receive a CRA notice or want professional tax-planning support.
Accounting & Bookkeeping
What is the difference between bookkeeping and accounting?
Bookkeeping records and organizes financial transactions, while accounting interprets that information for financial reporting, tax preparation and business decision-making. Both functions help maintain accurate and useful financial records.
How often should a small business do bookkeeping?
Most small businesses benefit from updating their bookkeeping regularly, often monthly or more frequently depending on transaction volume. Regular bookkeeping helps owners monitor financial performance and prepare for tax and reporting deadlines.
What does monthly bookkeeping include?
Monthly bookkeeping can include recording transactions, categorizing income and expenses, reconciling accounts and preparing financial reports. The exact scope depends on the business and its accounting requirements.
Why is bookkeeping important for a small business?
Accurate bookkeeping helps a business understand its income, expenses, cash flow and financial position. It also provides organized records for tax preparation and business decision-making.
What happens if my bookkeeping is several months behind?
Delayed bookkeeping can make it difficult to understand your current financial position and may complicate tax preparation. A bookkeeping cleanup can organize historical transactions, correct discrepancies and bring the books up to date.
What is bookkeeping cleanup?
Bookkeeping cleanup is the process of reviewing, correcting, reconciling and organizing outdated or inaccurate financial records. The goal is to bring the books into an accurate and usable condition.
What is a chart of accounts?
A chart of accounts is a structured list of the accounts a business uses to categorize financial transactions. It commonly includes income, expenses, assets, liabilities and equity accounts.
What is accounts payable?
Accounts payable is money a business owes to suppliers or other creditors for goods or services received but not yet paid for. It is generally recorded as a liability on the business's financial records.
What is accounts receivable?
Accounts receivable is money customers owe a business for goods or services that have already been provided. It is generally recorded as an asset until the customer pays.
What is the difference between revenue and profit?
Revenue is the income a business earns from selling products or services, while profit is what remains after allowable expenses are deducted from revenue. A business can have strong revenue but still have low or negative profit.
What financial statements should a small business review?
Common financial statements include the income statement, balance sheet and cash-flow statement. Reviewing these reports helps business owners understand profitability, financial position and cash movement.
What is accrual accounting?
Accrual accounting generally records income when it is earned and expenses when they are incurred rather than only when cash changes hands. It can provide a clearer picture of financial performance for many businesses.
What is cash-basis accounting?
Cash-basis accounting generally records income when it is received and expenses when they are paid. It differs from accrual accounting, which records transactions based on when they are earned or incurred.
Can bookkeeping help reduce tax problems?
Accurate bookkeeping can help reduce tax problems by keeping income, expenses and supporting records organized. Good records also make it easier to prepare accurate tax returns and respond to CRA requests.
Should a small business use accounting software?
Accounting software can help a small business record transactions, reconcile accounts and produce financial reports. The appropriate software depends on the business's size, transaction volume and accounting needs.
GST/HST
When does a small business need to register for GST/HST?
Most businesses generally have to register for GST/HST when they are no longer considered a small supplier and make taxable supplies in Canada. For most businesses, the small-supplier threshold is $30,000 under the applicable CRA rules.
What is the GST/HST small supplier threshold?
For most businesses, the small-supplier threshold is $30,000 of taxable supplies over the applicable four consecutive calendar quarters. Different rules can apply depending on how and when the threshold is exceeded.
Can a small business register for GST/HST voluntarily?
Yes. A business that qualifies as a small supplier can generally choose to register voluntarily if it makes taxable supplies in Canada. Voluntary registration creates GST/HST collection, filing and remittance responsibilities.
What is the difference between a GST number and a business number?
A business number identifies a business with the CRA, while a GST/HST account is a CRA program account associated with that business number. Therefore, a GST/HST account and a business number are not the same thing.
How do I register for a GST/HST account?
You can register for a GST/HST account through the CRA's registration process. If you do not already have a business number, CRA can issue one as part of the GST/HST account registration process.
How do I find my GST/HST number?
Your GST/HST account information can generally be found through your CRA business account or registration documents. If you cannot locate the information, you can verify your account details through CRA or seek professional assistance.
What is an input tax credit?
An input tax credit, commonly called an ITC, allows a GST/HST registrant to recover eligible GST/HST paid or payable on purchases and expenses used in commercial activities. Proper records and documentation are required to support an ITC claim.
Who can claim GST/HST input tax credits?
A GST/HST registrant may be able to claim ITCs for eligible GST/HST paid or payable on purchases and expenses used in commercial activities. The expense must meet CRA requirements and be supported by appropriate documentation.
How often do I have to file a GST/HST return?
GST/HST reporting periods can be monthly, quarterly or annually depending on the business and its assigned reporting period. The applicable filing and payment deadlines depend on the reporting period and business circumstances.
How do I pay GST/HST to the CRA?
GST/HST amounts owing can be paid to the CRA using one of its available payment methods. Businesses should ensure that both the GST/HST return and required payment are completed by the applicable deadline.
What happens if I file my GST/HST return late?
Late GST/HST filing or payment can result in penalties and interest. The amount depends on the circumstances and the balance owing, so businesses should address missed GST/HST filings as soon as possible.
Do freelancers have to charge GST/HST?
A freelancer may have to register for GST/HST when the applicable registration requirements are met. A freelancer who remains a small supplier may generally choose to register voluntarily.
Do contractors have to charge GST/HST?
Contractors generally need to consider GST/HST registration based on their taxable supplies and small-supplier status. Being an independent contractor does not automatically exempt a business from GST/HST obligations.
Can I cancel my GST/HST account?
A GST/HST account may be cancelled when a business no longer has an obligation to remain registered or when its commercial activities stop, subject to CRA requirements. Voluntary registrants should also consider the applicable minimum registration period and other CRA rules.
What records should I keep for GST/HST?
GST/HST registrants should keep records supporting sales, GST/HST collected, purchases, expenses and input tax credit claims. Organized records make GST/HST filing easier and help support amounts reported to the CRA.
Payroll Services
When does a business need to register for a payroll account?
A business generally needs a CRA payroll program account when it becomes an employer or otherwise has payroll-related obligations. The account should be established before the applicable remittance and reporting obligations begin.
What payroll deductions does an employer make?
Common payroll deductions include income tax, Canada Pension Plan contributions and Employment Insurance premiums. Employers are responsible for calculating and remitting the required amounts under CRA payroll rules.
How often do employers remit payroll deductions?
Payroll remittance frequency depends on the employer's remitter type. Regular remitters generally remit monthly, while eligible employers may qualify for quarterly or accelerated remittance schedules.
When are regular payroll deductions due?
For a regular remitter, payroll deductions are generally due by the 15th day of the month following the month in which the deductions were made. Other remitter types have different deadlines.
What happens if payroll deductions are remitted late?
Late payroll remittances can result in penalties and interest. Employers should address missed remittances promptly and review their remitter requirements to prevent recurring issues.
What are CPP and EI deductions?
CPP contributions help fund the Canada Pension Plan, while EI premiums help fund Employment Insurance. Employers generally deduct the required employee amounts and make their required employer contributions.
What is a payroll remittance?
A payroll remittance is a payment an employer sends to the CRA for amounts withheld from employee pay and required employer contributions. Remittances must be made according to the employer's assigned remitter schedule.
What is a T4 slip?
A T4 slip reports employment income and certain deductions for an employee. Employers must provide and file T4 information according to the CRA's annual reporting requirements.
Can a small business outsource payroll?
Yes. A small business can outsource payroll to a professional provider to help manage payroll calculations, deductions, remittances and payroll records.
Why should a small business outsource payroll?
Outsourcing payroll can reduce administrative work and help a business manage payroll calculations, deductions, remittances and reporting requirements consistently.
Do business owners have to put themselves on payroll?
Not every business owner is treated the same way for payroll purposes. The correct treatment depends on the business structure and the owner's relationship with the business.
What payroll records should an employer keep?
Employers should maintain records supporting employee compensation, deductions, remittances and payroll reporting. Keeping these records organized helps support payroll filings and respond to CRA requests.
Can payroll errors be corrected?
Yes. Payroll errors can generally be corrected through the appropriate CRA procedures. The correction method depends on whether the error involves deductions, remittances, employee information or reporting.
What is a payroll account number?
A payroll account is a CRA program account used for an employer's payroll obligations. It is associated with the business's CRA business number.
What should a business do when it stops paying employees?
A business that stops having payroll obligations may need to complete final remittances and reporting and update its CRA payroll account status. The exact requirements depend on the circumstances.
Business Advisory & CFO Services
What does a business advisor do?
A business advisor helps owners make informed decisions about finances, operations, growth and business planning. Services can include financial analysis, budgeting, forecasting and strategic planning.
When should a small business hire a financial advisor?
A small business may benefit from financial advisory support when it is planning growth, facing cash-flow challenges, considering major investments or making important financial decisions.
What is a virtual CFO?
A virtual CFO provides CFO-level financial planning and analysis without requiring a business to employ a full-time chief financial officer. Services can include forecasting, budgeting, cash-flow management and strategic financial reporting.
What does a virtual CFO do for a small business?
A virtual CFO can help a small business understand financial performance, forecast cash flow, establish budgets and make financially informed decisions. The service can provide strategic financial support without the cost of a full-time CFO.
When does a business need a CFO?
A business may need CFO-level support when financial decisions become more complex, the company is growing quickly or management needs detailed forecasting and strategic financial analysis.
What is cash-flow forecasting?
Cash-flow forecasting estimates the money a business expects to receive and spend during a future period. It helps owners identify potential cash shortages and plan upcoming payments.
Why is cash-flow forecasting important?
Cash-flow forecasting helps a business determine whether it is likely to have enough cash to cover upcoming expenses, payroll, taxes and other financial obligations.
What is financial forecasting?
Financial forecasting uses historical information, current performance and business assumptions to estimate future revenue, expenses, cash flow and financial results.
What is business budgeting?
A business budget is a financial plan that estimates expected revenue and expenses for a specific period. It provides a framework for managing spending and comparing actual results with expectations.
How often should a business review its budget?
A business should review its budget regularly and update it when actual results differ significantly from expectations or when business conditions change.
What financial reports should a business owner review monthly?
Important monthly reports can include the income statement, balance sheet, cash-flow report, accounts receivable and accounts payable reports. The most useful reports depend on the business and its financial goals.
How can a business improve cash flow?
A business can improve cash flow by managing receivables, controlling unnecessary expenses, planning payments and forecasting future cash requirements. The appropriate strategy depends on the company's financial position.
What is financial advisory for a small business?
Financial advisory helps business owners understand financial information and make decisions about cash flow, investments, growth, budgeting and long-term financial planning.
How can an accountant help a growing business?
An accountant can help a growing business maintain accurate records, monitor financial performance, prepare tax filings and provide financial information that supports better business decisions.
When should a startup get financial advice?
A startup can benefit from financial advice early, particularly when establishing accounting systems, creating budgets, forecasting cash flow, selecting a business structure or planning for growth.
CRA, Compliance & 2026 Questions
What are the important tax deadlines for Canadian businesses in 2026?
Important 2026 deadlines depend on the type of taxpayer and filing involved. For corporations, a T2 return is generally due within six months of the end of the corporation's tax year, while the balance of corporate tax is generally due two months after year-end, with certain qualifying CCPCs eligible for a three-month balance-due period.
What changed with CRA Business Registration Online in 2026?
CRA updated access and registration processes for Business Registration Online in 2026. Businesses should use the current CRA registration process when applying for a business number or CRA program account rather than relying on outdated instructions.
What is CRA Business Registration Online?
Business Registration Online, or BRO, is a CRA online service used to register a business number and certain CRA program accounts.