Beware of phishing emails – CRA does not email taxpayers!
CRA does not send emails to tax payers. If you get an email like the below, delete and disregard. For more information see: https://www.cra-arc.gc.ca/nwsrm/lrts/2013/l131210-eng.html
New Small Business Job Credit
Minister of Finance Joe Oliver announced more action by the Harper Government to create jobs, growth and long-term prosperity: the introduction of the new Small Business Job Credit which is expected to save small businesses more than $550 million over the next two years. The Small Business Job Credit will effectively lower small businesses’ Employment…
What you should know about Digital Currency
With digital currency, such as Bitcoins, gaining in popularity as a form of financial currency, it’s important to understand the implication it has on income tax. The CRA has released a Bulletin addressing some of these concerns; in essence, it reminds stakeholders that tax rules apply when digital currency is used. The full release is…
December year end?
Are you one of the majority of business owners who have chosen a December year end for their corporate tax year? As you are probably aware this is a hectic time of year for accounting firms! A December year end for most Canadian corporations means taxes are due at the end of March and filing…
How your tax dollar was spent in 2011-2012
Have you ever wondered exactly where your tax dollar’s go? A new slideshow from the CRA shows exactly what percentage of your taxes went where! During the 2011 – 2012 year the federal government had expenses totaling $271.4 Billion. A brief summary of federal spending for 2011–12. Canada Health Transfer (10 cents) Canada Revenue Agency (3 cents) Canada Social…
Personal Tax Claims
What do I need to keep for personal tax season? Many people each year file their personal taxes without considering the many deductions, credits, expenses and claims they can make simply because they didn’t know they could claim them! Our advice, keep a folder where you can file away anything that comes in through-out the…
Proposal to US Immigration changes, good news for Canadians
A proposal to US immigration and the JOLT Act in the USA could mean big changes for Canadians over 55 who prefer to trade the Canadian Winter for an American sun spot. Increase from 180 days to 240 days for Canadian visitors over 55. Under the proposed JOLT Act, Canadians age 55 or older who…
Personal Tax Freedom Day!
“Personal Tax Freedom Day” in Canada has been picking up popularity in recent years. The Fraser Institute has come up with a fantastic calculator to help you determine what day you stopped working for your tax money and started working for yourself based on your annual income. Click through and enjoy a bit of fun…
CPP Contribution Changes – Do they affect you?
Do you employ anyone over 60 years of age? You may need to make changes to your payroll! New CPP contribution changes mean that you could be assessed for penalties and interest charges in the event that you are not complying with the new legislation. Previous rules Before January 1, 2012, as an employer you…
Fraudulent CRA emails – Beware!
Spam and fraud have become a part of daily e-mail life it seems and fraudsters are finding new and improved ways of grabbing your attention. As trends change online, we find ourselves asking more and more “Is this Junk Mail?” When it comes to e-mails from the CRA you simply need to ask yourself “Have…