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Stop International Tax Evasion Program One of the items proposed in yesterdays budget by The Honourable Jim Flaherty, Minister of Finance, is to launch the Stop International Tax Evasion Program under which it will pay rewards of up to 15% of the federal tax collected to individuals with knowledge of major international tax non-compliance…
This is a follow up post to my original posting about tax free savings accounts to explain how the tax free savings account limit for 2013 works. Tax Free Savings Account Limit 2013 Although the annual tax free savings account limit for 2013 is $5,500 if you have never contributed to a tax free savings…
Do You Need to File a CPT30 Election Form On January 1, 2012 new rule changes came into place that will affect individuals and business owners who are 60 years of age and less then 70 years of age. Under the old rules once you began to receive Canada Pension Plan (CPP) retirement pension, which…
I often have clients come in with copies of cheques for tuition fees paid and lots of book receipts. In order to claim tuition over $100 and a credit for amounts paid for books on your tax return from Universities, colleges or a certified institution you must obtain a T2202A form from your school. What…
Charitable Donations Only Canadian registered charities or other qualified donees may issue official donation receipts that qualify for charitable tax credits. Canada Revenue Agency has a list of Canadian Charities called the Charities listing on their website where you can confirm if a charity is registered under the Income Tax Act and therefore eligible…
Canada Revenue Agency – New Business Landing page New Canada Revenue Agency (CRA) landing page for businesses makes it faster and easier to handle your company’s tax matters. Either yourself or your representative can file, pay, and access detailed information about your tax accounts online. The new web page can be accessed at http://www.cra-arc.gc.ca/businessonline…
[raw] [two_third][toggle open=”false” title=”Why incorporate?”] There are many reasons to incorporate please see my link Should I Incorporate my Small Business. [/toggle][toggle open=”false” title=”Can you refer me to a lawyer?”] Yes I will gladly refer you to a corporate lawyer or tax lawyer should you require their services. [/toggle][toggle open=”false” title=”How much does it cost…
Year End Tax Planning Its a good time now to ensure that you have actually paid the following types of expenses before December 31, 2012 in order to claim a tax deduction on your return. They include: Fees paid to manage your investments. Safety deposit box fees. Interest on money borrowed for investment…
