In today’s job economy a lot of people are taking on commission type jobs. By doing so they often run up a certain amount of expenses in order to earn the money that the commission will be based on. If the individual in this situation is not fully aware of which type of expenses…
Every business that has employees knows that they have the tax responsibility of not only paying wages but making all of the other government required deductions. You are required to hold back the portion of taxes owed on each employee’s wages, plus their CPP and EI contributions. On your part you also have the employer’s…
Most of complain about the tax system as it pertains to us personally. Some feel that for the family where both adults are working that they are taxed unfairly. Others feel that there are just not enough tax breaks for the single person. Then the business sector feels that the taxes are too high…
A lot of people now are on the road and their office is typically their computer it’s either a Tablet, smartphone or maybe a laptop. If you are self employed or have a corporation you should be maintaining proper accounting records. However, most people don’t have the time or the patience to record things and…
Usually as tax payers we only expect to see any potential tax changes for the better when it comes around election time for our Government leaders. It comes as a surprise that Prime Minister Stephen Harper appears to be planning to go ahead with a significant tax change which relates to income splitting. Some…
As Canadian tax payers we like to know the money that we pay to the government is being used in our best interests. While many of us may not favor the tax department, they still are a very necessary entity to the running of our Country. It is your tax dollars that go to the infrastructures throughout…
It is really important for you to understand what position a Allowable Business Investment Loss (ABIL) can put you in with regards to your taxes. This is a capital loss that occurs from the disposition of the shares of a small business corporation or involves a debt of the company. In order for the…
In most cases once a person files their tax return, there is no way they want to change their minds about this and perform any corrections. A lot of people feel that if they do an amended tax return that they are instantly going to become a target of CRA scrutiny. The first thing to…
As with the usual pomp and media attention whenever our Canadian Government figures they are doing something good for the tax payer it is presented with much fanfare. The latest being the proposal of the doubling of the children’s fitness credit. So if up until now you simply haven’t been able to afford the costs…
So you are an artist who is employed in Ontario and when it comes tax time you really aren’t sure just how to go about your taxes, and even if you are doing them right are they being done right in your favor? First let’s see if you fit into this category. Did you compose…
