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 […]
Category Archives: Tax News
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 […]
TFSA Account
Ottawa, October 16, 2009 The Honourable Jim Flaherty, Minister of Finance, today proposed amendments to the Income Tax Act to strengthen the rules applicable to Tax-Free Savings Accounts (TFSAs). The TFSA was introduced in Budget 2008. Since January 1, 2009, Canadian residents who are 18 years of age or older are eligible to contribute up […]
Your First Steps after Deciding to Run a Business
Prepare a formal business plan, including marketing and cash flow analysis plan and a formal budget. Identify your unique product/service and income-earning process, your distribution channels, payment methods, pricing policies and gross margins. Decide which business organization structure better suits your needs. In most cases a sole proprietorship would be the best option for a […]