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 […]
Category Archives: Featured Article
To Incorporate or Not?
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 […]
Claiming Employment Expenses
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. […]
Is the Quick Method Good For You?
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 […]
CRA Calls Small Businesses a “Priority”
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 CPP for 2012
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 […]
2011 Year-End Tax Planning Tips
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 […]
Tax changes in 2011
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 […]
CRA Targets eBay Power Sellers. Who Is Next?
It is no wonder the Canada Revenue Agency is looking around for some cash…our generous Government gave billions to big guys from auto and financial industry, and will try to mend its fiscal holes by squeezing Canadian taxpayers. The CRA is stepping up its efforts to track down eBay merchants who haven’t paid taxes on […]
Tax Tips on Child Care Expenses
You may claim child-care expenses to reduce your tax if you or your spouse pays to have someone look after your children so that you can: earn income from employment or self-employment; attend full-time or part-time, in an educational program offered by a secondary school, college, university, or other designated educational institution; or carry on […]