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Unveiling the Fascinating Accountant World: From Ancient Records to Celebrity Roots Ever wondered about the intriguing stories behind the accountant world? From ancient records etched in clay to unexpected celebrity connections, the realm of accounting is filled with surprising tales. Join us as we uncover fun facts that shed light on the fascinating history and […]
A Business Owner’s Guide to Refunds and Savings on HST Canada Dealing with the complexities of the Harmonized Sales Tax (HST) in Canada is a crucial aspect of managing your business finances effectively. From voluntary registration considerations to claiming refunds and optimizing your tax strategy, here’s a comprehensive guide for business owners looking to make […]
Fun Facts on Taxation Roots: Income Tax in Britain (1799–1860) To fund the war against Napoleon, Britain introduced income tax in 1799. It was a temporary measure that was supposed to last until the end of the war but was later reintroduced and became a permanent fixture. According to moneyweek.com in the 1790s, during Britain’s […]
As you probably know, CPP contributions have been steadily rising since 2019. On the other hand, according to the Government, anyone contributing to the CPP enhancement after January 1, 2019 will receive an increased amount of CPP retirement pension, post-retirement benefit, disability pension, and survivor’s pension when they retire. Year 2024 will bring USA new Government […]
The federal government is ending four child tax credits this year: arts, fitness, education and textbooks. Tuition will continue to be a tax credit. So make sure you get Form T2202A from your or your kid’s college or university (or Form TL11 in case you studied overseas). Also, for 2017 and subsequent taxation years, the budget […]
Arguably the most important change for the upcoming tax season is the introduction of the Family Tax Cut Credit. This non-refundable tax credit of up to $2,000 is now available to eligible couples with children under the age of 18. The detailed information about this credit can be found in our article “New 2014 Family Tax […]
The Government has recently introduced the Family Tax Cut, a new non-refundable tax credit of up to $2,000 for eligible couples with minor children. This new tax credit will be effective for the 2014 and subsequent tax years. This credit is calculated AS IF a spouse with higher income transfers up to $50,000 of his/her […]
Summer is a perfect time for hunting…in case we are talking about the CRA. Well, they call this act a “processing review program”. In their own words, they select files that have been identified through a risk-scoring process for more in-depth review of specific elements like tax credits or tax deductions. As you know, most […]
In 2013, the CRA announced the launch of a strengthened Foreign Income Verification Statement (Form T1135), one of the Economic Action Plan 2013 measures to better target international tax evasion and aggressive tax avoidance. Starting with the 2013 taxation year, Canadian taxpayers who hold specified foreign property with a cost amount of over $100,000 in […]
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 […]
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