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Below is the list of some new or improved tax relief measures and services that you should be aware of when filing your 2013 income tax return. Let’s call it good news: First-time donor’s super credit – This new credit for first-time donors gives an extra 25% credit for cash donations when you claim your charitable […]
In a nutshell, crowdfunding is a process where startup businesses try to raise funds from the online community. In order to do that, they list their ideas on popular crowdfunding websites such as Indiegogo or Kickstarter. If the idea attracts the online crowd the latter can support it by pledging money. Before choosing any of […]
Benefits of Filing Your Tax Return Even if you do not have to file your tax return, remember: in most cases you will get money from the Government when you do. Below are some standard situations: – You worked part or full-time and your employer issued you a T4 Your employer regularly deducts income tax from your pay […]
There is no easy answer to this question, but we will try to keep it simple. First of all, this short article is for Canadian small business owners – and not for the folks who run big businesses. And we assume that you are either just starting your business or have been in business for […]
The Income Tax Act is very specific about the expenses that may be claimed by employees. They are specified in S. 8, generally deductible on Form T777 Statement of Employment Expenses and require the completion of Form T2200 Declaration of Conditions of Employment by the employer. So just take a close look at Form T777 to check which employment expenses you can deduct. […]
With the so-called “quick method of accounting”, business owners who registered for GST/HST can charge and collect the GST/HST on taxable goods and services they supply to their customers in the usual manner. But they calculate the net GST/HST to remit in a different way. According to the CRA, the remittance rates depend on the […]
In the middle of October, 2012 the CRA published the new list of services and tools offered to small businesses. Here are some improvements from their website: The CRA has added and improved a number of features, such as new result screens, to the Payroll Deductions Online Calculator to serve businesses better. The new RC366 form tackles […]
Changes to the Canada Pension Plan in 2012 came as a nasty surprise for some Canadians. The previous rule was that once you began receiving your CPP retirement pension, you were not longer required to contribute to the CPP. Now, that’s a different story. Starting January 1, 2012 all employees (and self-employed taxpayers) will be […]
As we approach the end of 2011, it’s a good time to review your financial picture and explore any year-end tax-saving opportunities. Bear in mind that after December 31 precious little could be done to reduce your taxes and save money. So here is a short list of year-end tax-planning ideas that can be implemented […]
Budget 2011 Below is the review of some of the important personal and business tax changes with a direct bearing on the finances of Canadians: Children’s Arts Tax Credit Parents can claim a 15% non-refundable credit of up to $500 on artistic, cultural, recreational, and developmental activities in which children under the age of 16 […]