One Loop Accounting

https://www2.gov.bc.ca/gov/content/taxes/tax-updates/budget-changes?fbclid=IwRlRTSAQCOApleHRuA2FlbQIxMABzcnRjBmFwcF9pZAwzNTA2ODU1MzE3MjgAAR4guY9H9J4BZPHLfFORfrExvGYsJTyxoIqScjqoXocsLEeUTKDfHDrQ1yva1A_aem_vMtfhQ_UZdrqpt9P50yWAg

B.C. Provincial budget tax changes Announcing recent and proposed tax changes from the 2025 B.C. Provincial Budget.

Happy New Year!!!

One Loop Accounting
Where Every One Counts!

Update for the Trucking Industry

The CRA has lifted its moratorium on penalties for unreported service fees starting with the 2025 tax year.
Trucking businesses must now report payments over $500 made to Canadian corporations on a T4A (box 048).

Deadline to file: March 2, 2026 (since Feb 28 falls on a Saturday).

Stay compliant and avoid penalties.

Here is the link:

CRA strengthens compliance in trucking sector by lifting the moratorium on T4A penalties - Canada.ca Trucking is vital to connecting Canada’s vast and expansive territory and bridging our united economies.

What Is a Compilation, and Who Can Do It?

A Compilation Engagement (formerly called “Notice to Reader”) is when a Chartered Professional Accountant (CPA) takes your financial data and prepares financial statements.

It’s ideal for:
✅ Small businesses that need financial statements for banks, investors, or tax filing
✅ Owners who want a clear snapshot of their company’s finances
✅ Year-end preparation before filing a corporate T2 return

Only a licensed CPA in public practice can prepare and sign a Compilation Engagement Report under Canadian standards (CSRS 4200).

A proper compilation adds credibility to your numbers — and ensures they meet CRA and lender expectations.

We make your year-end smooth and compliant at One Loop Accounting!