The Federal Government released their budget for 2019 on March 20, 2019 and after a couple years of changes to the tax system for businesses with the expansion of the Tax on Split Income (“TOSI”) rules, there are a some improvements for small businesses in a few select areas. Continue reading
Be aware of changes to the income tax rules that will affect your 2017 filing.
For those thinking about their 2017 income taxes, the following summarizes some of the changes from 2016. Continue reading
Good record keeping today can prevent CRA penalties tomorrow.
We live in a digital world where everything is captured electronically in real time. Paper financial statements have become relics from the past; unfortunately, the requirement to produce evidence for the Canada Revenue Agency (CRA) for HST or income tax has not. Continue reading
A “tax refund” is really just the CRA giving you back your own money.
“The government gave me money back” is a common phrase often heard after the April 30 or June 15 filing deadline. The truth is that the government is not being charitable; it is only refunding the tax that you or your employer had overpaid throughout the year. Continue reading
The Federal Government released their budget for 2018 on February 27, 2017 and as a result, we have some clarity on a number of outstanding questions from the announcements released in July 2017 and December 2017 regarding Tax on Split Income (“TOSI”) and on passive investments within corporations. Continue reading
The Federal Liberal government released their budget on March 22, 2017. The government will be spending an additional $523.9 million over 5 years on tax evasion and compliance improvements, with a hope of $2.5 billion in additional taxes recovered.
CPA Canada has highlighted a number of items in the 2017 Federal Budget. Continue reading
Be aware of the changes that affect your 2016 income tax filing and beyond.
As you gather your 2016 tax data together for your CPA, take a few moments to read about the following changes and assess the impact they may have on you and your family’s filing for 2016 and after. Continue reading
The new Liberal government has proposed a few minor changes to personal income taxes for 2016 and beyond.
The election of a new government in Ottawa is often accompanied by changes to the way income is taxed. The last federal election was no exception. The changes announced in the March 2016 budget that will impact many taxpayers are as follows: Continue reading
Complete, accurate and readable records will make a CRA audit less onerous.
Regardless of whether your business is a proprietorship, a partnership or an incorporated company, the Canada Revenue Agency (CRA) requires the business to maintain financial books and records. Here are a few of the CRA’s record-keeping requirements you should know. Continue reading
The Federal Liberal government made some significant promises during the election. The budget released on March 22, 2016 was their chance to put some of those promises into place.
CPA Canada has provided the following comments on this 2016 Federal Budget: