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All too often we have a tendency to listen to others when it comes to tax matters. It can become a topic of conversation amongst social gatherings for example, and the tax regulations can actually become misconstrued which can lead an individual to making big mistakes with their tax filings. A good example is how…
A lot of business owners like to provide extra incentives and/or help in various ways for their employees. Often what they don’t realize is that this could be considered as “fringe benefits”, and as such is taxable. This is frustrating for both the employer and employee, but nevertheless it could be the law. Some prime…
Perhaps you have attempted in the past to do your own taxes and just gave up, because even with the guidelines you just couldn’t decipher each and every line. Or maybe you assumed that the tax guide you used to get with your tax return package was the absolute law and every word was…
As a new or small business owner naturally if your Company is doing well you want to reap the benefits of some of the profits. Your first inclination just may be to draw a salary from the business funds when it is able to support this or you have need of it. You…
Now that for most of us the tax season is behind us, but for some this will not be the case. You may receive an assessment of your taxes and the first thing you want to do instead of just filing this away is to read it carefully. It will either agree with what you…
Most tax payers just accept the fact that the CRA is the government body that is responsible for the Canadian tax system and don’t give it any more thought than that. Newcomers to Canada, or those who were students and now have entered the working world begin their first experience with this governmental department. To…
Most of us know as Canadians that when spring arrives that tax time also arrives. For a month or so we scramble around getting all of our documents in order and finding the right kind of help to get our tax forms completed and sent in on time. It is now that we show…
As soon as we hear the title CRA we automatically assume it is the Canada Revenue Agency and it demands a certain amount of respect. We don’t really think that anyone would be brazen enough to present themselves as this government organization when they are not, yet it does happen. A good example of…
