First Richvale Corp. (FRC) advises Ontario residents that while the April 30 deadline for filing personal income tax returns remains firm, several Canada Revenue Agency (CRA) programs offer potential relief to individuals unable to meet the deadline due to extenuating circumstances. These measures may include the reduction of interest, waiver of penalties, and access to voluntary disclosure options…

With the majority of Ontario residents finalizing their 2024 tax filings this month, First Richvale Corp. (FRC) draws attention to the potential for post-filing reviews or audits initiated by the Canada Revenue Agency (CRA). FRC recommends that individuals and businesses take proactive steps in April to ensure documentation is complete and accessible in the event of a CRA follow-up.

Following the issuance of T4 and T4A slips earlier this year, First Richvale Corp. (FRC) recommends that Ontario business owners conduct an annual financial review in April. This period presents a timely opportunity to validate payroll records, confirm deductions, and prepare for upcoming corporate tax filings. Accurate reconciliation of T4 summaries ensures that payroll expenses, bonuses, and taxable benefits…

As the April 30 deadline for filing 2024 personal income tax returns approaches, First Richvale Corp. (FRC) advises Ontario residents to complete their T1 returns to avoid penalties, interest, and delayed benefits. The Canada Revenue Agency (CRA) imposes a five percent penalty on any unpaid tax at the filing deadline, with an additional one percent for each full month the return remains outstanding…

The individual tax filing cutoff of April 30 approaches, prompting First Richvale Corp. (FRC) to outline the advantages of electronic filing (e-filing) for Canadians seeking quicker assessments, reduced errors, and enhanced security. With encouragement from the Canada Revenue Agency (CRA) to opt for digital submissions, FRC presents insights on how e-filing can simplify the final stage of tax season…

As environmental responsibility continues to influence organizational decisions across Ontario, First Richvale Corp. (FRC) recommends that sustainability-driven enterprises explore available tax incentives, deductions, and compliance considerations specific to green initiatives. Heightened attention to energy-efficient equipment…

With peak tax season approaching, First Richvale Corp. (FRC) unveils an initiative designed to assist individuals and businesses lacking prior professional accounting support. The plan highlights prompt record reviews, specialized consultations, and best practices to strengthen financial health throughout the year. Many Ontario taxpayers face last-minute tax preparation challenges…

First Richvale Corp. (FRC) urges Ontario educators and healthcare practitioners to gather receipts, confirm T4 data, and maximize eligible credits before tax deadlines. With personal and self-employed return deadlines drawing closer, teachers, professors, nurses, doctors, and other practitioners are advised to assess eligible deductions, credits, and compliance obligations…

Many self-employed individuals in Ontario face confusion regarding the distinction between the tax filing deadline and the payment deadline. While self-employed individuals have until June 15 to file returns, any balance owed for the 2024 tax year must be paid by April 30…

As the March 3 deadline for Registered Retirement Savings Plan (RRSP) contributions nears, First Richvale Corp. (FRC) encourages Ontario residents to finalize their 2024 tax planning strategies. Contributing to an RRSP remains a primary way to reduce taxable income…

As 2025 begins, First Richvale Corp. (FRC) is drawing attention to the importance of early tax planning for Ontario corporations with a December 31 fiscal year-end. The Canada Revenue Agency (CRA) typically requires T2 returns to be filed within six…

First Richvale Corp. (FRC) reminds Ontario employers and contractors that T4 and T4A slips must be issued by the final day of February. With this deadline looming, FRC stresses the importance of accurate payroll reconciliation, proper worker…

As 2025 begins, First Richvale Corp. (FRC) encourages businesses, self-employed individuals, and taxpayers across Ontario to prioritize strong bookkeeping routines that lay the foundation for successful tax filings later in the year. January, traditionally less hectic than peak tax months, is an ideal time to evaluate existing record-keeping methods, introduce process improvements, and rectify any oversights lingering from the previous year.

Early in the new year, First Richvale Corp. (FRC) recommends that individuals, self-employed professionals, and businesses throughout Ontario begin organizing financial records to help reduce complications when tax deadlines arrive. By examining relevant documents—such as receipts, bank statements, and payroll summaries—in January, taxpayers can better handle due dates, track potential credits, and prevent costly mistakes…

Canada’s capital gains tax changes are in limbo after Parliament was prorogued, but the CRA is already collecting the higher rate introduced by the federal government.

Anyone facing a significant capital gain (including investors, small business owners, entrepreneurs, and even cottage owners) now faces uncertainty and potentially higher bills when they sell. Will these tax changes in Canada actually stick, or be rolled back in the next session of Parliament?

As 2024 comes to a close, we at First Richvale Corp. want to take this opportunity to express our sincere gratitude to our clients, partners, and community. Your trust and support over the past year have been the cornerstone of our success, and we are truly honored to be a part of your journey…