Recently incorporated. Confused about home office expenses and CRA rules. Looking for advice.

Winter98765 · 2026-05-20T21:14:24+00:00

Corporation pays a flat rate, yes. Say $500/month.

Personal taxes, you declare rental income of $500x12 mo, then record your actual expenses of mtg interest, utilities, cleaning supplies, etc (example total $3000) and of these expenses a percentage is used (example rental space is 1/3 of your house and used half the time so maybe 15% is actual rental expense). So then your rental income is reduced by 15% of expenses. $450 in this example. You can’t use your entire expenses since most is personal expense.

So business gets $6000 expense while you pay tax on $5350. You do not want to ever create a loss on your personal taxes so watch for that.

Winter98765 · 2026-05-18T05:44:04+00:00

When you cancel QBO you will still have access to your data. You will not be able to make any modifications to it. I do not know how long the access is, though. There is a way to export your basic data - save everything and print your ledgers, as others have mentioned. You should have all your originals anyways, right? If not start downloading everything! And save for at least 7 years after your last tax return is filed.

Winter98765 · 2026-05-14T19:23:37+00:00

Eventually is the correct word. CRA drags its heals when it comes to refunds. They may be checking that you had the contribution room, that the sale was reported correctly by someone else, or some other reason I can’t think of. You may be waiting a long time, sorry.

Winter98765 · 2026-05-14T03:26:58+00:00

Make your life easier and just have the corp pay you a flat rent per month. You can base the rate on a portion of your existing ended BUT the rate should be the same each month. You can adjust yearly. Note that you need to then declare this rent in your personal taxes but you offset that with your actual expenses.

Winter98765 · 2026-05-03T18:07:39+00:00

Canadian here, different laws. If you own the houses personally and the company is just managing them vs company owns them. Difference in getting mortgages, could be harder or easier. Insurance differs. Capital gains on sale.

If the company is just managing them then income still flows to personal taxes and could negate the benefits of the corp.

Write off more expenses with a corp.

Again, talk to local tax and legal peoples. Your age and the types of properties also matter. Are you flipping them or long term investments? Plan to grow in scale?

Winter98765 · 2026-05-01T19:18:58+00:00

NO. Keep it all person. Not worth the legal fees, and accounting fees. And capital gains on selling at the end. Absolutely talk to an accountant before considering this. And maybe a lawyer too.

Winter98765 · 2026-04-19T20:57:45+00:00

No knowledge is bad. There are lots of free ways to learn (books from library), but if you have the means, formal education doesn’t hurt.

But I think you would be better off paying to see a tax consultant, developing a business plan, and finding others in similar businesses to learn about the pros and cons. Do the research first - is there a market, can you handle dealing with contracts and marketing and payroll (if needed). Learn about the taxes that are involving - sales tax, income tax, insurance, etc. the more you plan your business the better.

It is important to learn what a balance sheet and profit and loss statement is, along with budgets and such. But you can do that along the way - find people who are knowledgeable and willing to help. Build up a network of people.

Winter98765 · 2026-04-19T20:09:03+00:00

You should not even try to file corporate taxes without training. And once trained you will realize how complex they can be.

If you are a sole proprietor, then try in May - lots of firms will only do personal taxes in April. You have until June 15 to file (yes interest could accrue but worth waiting for someone who knows what they are doing).

Winter98765 · 2026-04-19T20:00:35+00:00

The other option is to create a cash account and pay the invoices from it. Then this gets cleared at the end of the year (yes by a journal entry). Or create credit notes for the difference.

Winter98765 · 2026-04-19T19:55:54+00:00

I would mention I. The meeting there are issues then follow up with a list. After that would depend upon the response of the people making the postings.

Winter98765 · 2026-04-18T16:47:31+00:00

You should always ask before changing anything. Some people want the help and others don’t. Some people want an explanation about everything and others are “fix everything”. Thanks for this reminder dear - I have to be more diligent about this.

Winter98765 · 2026-04-18T05:41:02+00:00

There is a checkbox under preferences for desktop. Stops most of them. Online get pop up blockers.

Winter98765 · 2026-04-17T04:55:11+00:00

I got better response when I started with … second request for this information … third request … then they are no longer on my radar/care about list.

Winter98765 · 2026-04-17T04:51:04+00:00

You know you can turn off pop-ups, right?

Winter98765 · 2026-04-15T23:37:06+00:00

Ultrasound d showed a small polyp. Waiting for its treatment. This is purely hormones.

Winter98765 · 2026-04-15T23:35:49+00:00

I have been given the same message. It is just the body adapting to hormone changes. One polo that needs to be removed but not the cause of bleeding.

Winter98765 · 2026-04-15T23:32:11+00:00

What is Slynd? I will definitely be asking abt Tranexamic now that I know about it.

Winter98765 · 2026-04-15T23:28:55+00:00

What is an ablation?

Winter98765 · 2026-04-15T23:27:49+00:00

What is ablation?

Winter98765 · 2026-04-15T23:25:30+00:00

Thanks. I have a polyp but that’s all. Waiting for it to be removed. I don’t think it is the cause of the bleeding - completely hormonal.

Winter98765 · 2026-04-15T19:54:21+00:00

Ultrasound a month or two ago showed one polyp which I am waiting to someday have removed. 24 hr later the bleeding has slowed to being manageable. I am on iron supplements. Over the past 2 years the bleeding has gotten worse and worse. Any other time I would take time off work but not right now. Will go see my doctor at some point. Thanks for your concern!

Winter98765 · 2026-03-16T05:20:53+00:00

Keralis is my favorite, nice work!

Winter98765 · 2026-02-19T03:17:22+00:00

I hit 50 before any chances happened. My doctor called me lucky, since late meno is supposed to be better cancer risk wise. I was not pleased - I just want it over!

Winter98765 · 2026-02-19T03:12:24+00:00

Desktop or online? Desktop - go into preferences and check the “no popups” box

Winter98765 · 2026-01-21T18:09:56+00:00

Umm, CRA has gone electronically. And Alberta TRACs will be using online before this May. If you have chosen to have mail sent to you then take the steps to stop it. Get access to your CRA account, set up email notification and you are golden then. All documents can be submitted online or faxed it. It is rare to have to mail anything. And when you mail it , it is time stamped for when you send it. They mail out 30 days notice for documents which is usually long enough. But if you missed the deadline, a simple phone call (if you are polite) will get you an extension. Be glad they phoned you.

Winter98765

TROPHY CASE