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Once you have filled out your income taxes for the year, and you hit that bottom line where you happen to be one of the unfortunate ones that have to pay, how do you go about it? The CRA of course expects you to make the immediate payment by sending the money along with your…
Foreign Income Verification Statement Question on T1 General Tax Return, T2 Corporate Return and T3 Trust Returns When you complete your Personal Income tax return for Canada there is a question on the front of the return which asks “Did you own or hold foreign property at any time in 2012 with…
Whether your business is new or just starting up and no matter what the size, you need a core group of individuals to rely on to allow it to first become stable and then to grow. Even if you are the only one working for your business, there are resources that you will need to…
Your Tax Rights It may seem that when you are locking heads with the CRA that you really don’t have a friend in the world that can help you stand your ground with this sector of our Government. You actually do though, and in the case of Torontonians it’s your Toronto tax accountant, and…
When the average Canadian tax payer is attending to their tax matters and filing their Canada tax yearly returns they often refer to the standard guidelines and bulletins that are freely given away by the CRA. These are pretty basic and work well for direction as to how to fill out the tax forms. The problem is…
It is not uncommon for those that are self employed to think that they don’t earn enough income or that their business is not big enough to utilize the services of a Toronto chartered accountant. Most everyone has to pay taxes, and even what may appear to be the most simple tax return can…
There are very few if any individuals who enjoy having to sit down to write a cheque to CRA for their end of year tax return. It really is important to stop and think about what you are actually writing a cheque for. It is easy to fall into a trap of taking our…
The Canada Revenue Agency (CRA) makes every effort to put out bulletins and pamphlets for individuals and businesses to better understand the tax laws, and the public’s obligations to these laws. Like any rules and regulations the actual laws for taxation in Canada are complex and difficult to understand for the general public. This is…
