SBLR

Your year-end tax bill can be shaped by decisions you’re making months before anything gets filed.

For incorporated business owners, September is a useful time to review expected income, available deductions, the timing of expenses, upcoming tax instalments, and how you’re paying yourself through salary, dividends, or bonuses.

The earlier you understand your expected tax position, the more time you have to make decisions before year-end limits your options.

Questions about year-end tax planning? Contact our team: https://www.sblr.ca/contact

Tax relief can show up in different ways depending on your income, goals, and stage of life.

For some, that means paying less tax. For others, it may mean receiving more through a benefit, accessing a larger exemption, or getting more flexibility from existing savings.

Here are 5 changes worth knowing about and how they can help Canadians keep more of what they have. 👉

A rejected voluntary disclosure can leave you with more exposure than before you applied.

By the time the CRA makes a decision, it may already have detailed information about the issue you were trying to correct, including unreported income, missing returns, GST/HST problems, payroll remittances, or other compliance concerns.

The best first step is to start with the reason for the rejection. The CRA may have decided that the disclosure wasn't voluntary, was incomplete, involved information it already knew about, or didn't meet another requirement of the program.

Depending on your circumstances, next steps can include:

1️⃣ Asking the CRA to complete a second administrative review of the decision.

2️⃣ Responding to any reassessment that follows and, where available, filing an objection to that assessment.

3️⃣ Requesting taxpayer relief for penalties or interest when the facts support it.

4️⃣ Considering judicial review through the Federal Court if the issue involves how the CRA exercised its discretion.

A rejected VDP application itself generally cannot be challenged through the normal objection process. That makes it important to distinguish between the refusal and any later reassessment or CRA action.

Ignoring the rejection can leave the original tax issue unresolved while the CRA already has the information submitted through the disclosure.

If your voluntary disclosure was rejected, our team can help review the CRA's reasoning and what your next steps should be: https://www.sblr.ca/contact

Financial statements tell you what happened. They don’t always tell you what to do next.

Maybe margins are tightening, and you’re not sure why. Cash flow looks fine today, but a large expense is coming up. You’re considering a new hire, an equipment purchase, or a change in pricing and want to understand what the numbers support.

Business advisory uses that financial information to look ahead, test assumptions, and work through the decisions in front of you.

That might mean reviewing cash flow forecasts, profitability, KPIs, budgets, or the financial impact of a planned hire or investment.

That kind of review can be useful well before there’s a major problem to solve.

If you’re looking for more support around the financial decisions in your business, contact our team: https://www.sblr.ca/contact

Changing a trustee can set off tax consequences well beyond the trust itself.

Depending on the structure, the change can affect corporate control, association rules, tax-deferred distributions, and even the trust’s residency.

Thinking of making the change soon? Here's what you should look out for:

1️⃣ A trustee change can create a deemed disposition of trust property in some situations.
2️⃣ It can trigger an acquisition of control for a corporation owned by the trust.
3️⃣ It can cause corporations to become associated for tax purposes.
4️⃣ A new trustee’s past contributions to the trust can affect tax-deferred distributions.
5️⃣ Changing who manages and controls the trust can change its tax residency.

Trustee changes can have wider tax implications than expected. Contact our team to review your situation prior to making any change: https://www.sblr.ca/contact

Thinking about selling your business someday? Some of the decisions that affect the outcome happen years before a buyer enters the picture.

Your corporate structure, financial records, profitability, and tax position can all affect what the business is worth and how much of the eventual sale proceeds you keep.

Planning early gives you more time to strengthen the business, address potential issues, and make tax and ownership decisions while you still have options.

If an exit is part of the plan, it’s worth reviewing those pieces early: https://www.sblr.ca/contact

If Q4 started tomorrow, would your numbers support the decisions you’re planning to make?

September is when we recommend reviewing year-to-date performance, cash flow, upcoming tax payments, and whether your budget still reflects what’s actually happening in the business.

It’s also a good time to revisit owner compensation, planned purchases, and the priorities that still make sense before year-end.

A Q4 review now gives you time to act on what you find instead of dealing with surprises in December.

Unsure what deserves attention before Q4? Our team can help: https://www.sblr.ca/contact

What began as a vision 10 years ago has grown into a thriving firm built on trust, relationships, and a commitment to helping clients succeed.

Over the past decade, we've celebrated milestones, navigated challenges, embraced change, and continued evolving alongside the business owners we serve.

This anniversary is an opportunity to reflect on how far we've come and, more importantly, to recognize those who made it possible: our partners, our team members, and our clients who have trusted us to be part of their success.

Thank you for being part of our story. Here's to the first 10 years and the exciting journey ahead! 💙