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…
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” 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…
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…
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…
Have you just received a tax slip you had forgotten about? Or forgotten to claim a donation receipt or other deduction? Making changes to your tax returns is simple with CRA’s online services. The CRA has a matching program which would catch these missing tax slips but this program can also result in large penalties if…
Canada has come a long way in the fight against counterfeiting. We have already seen the release of the polymer $20, $50 and $100 bills and come November, the new $5 and $10 plastic bills will be finding a home in your wallet. The technology used in these new bills is expected to have a…
Surrey, British Columbia, May 14, 2013… The Canada Revenue Agency (CRA) announced today that Sooke businessman N. Lawrence Moss, also known as Larry Moss, plead guilty and was sentenced in Victoria Provincial Court on May 8, 2013, to one count of failing to comply with a Compliance Order to file his 2003 to 2006 personal…
If you were an employed tradesperson in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income. Important facts An eligible tool is a tool (including associated equipment such as a toolbox) that: you bought to use in your job…
Is your child a budding artist or musician? If your child attends programs that contribute to his or her development, you may be eligible for a break at tax time. Important facts If your child participated in an eligible program of artistic, cultural, recreational, or developmental activity, you may be able to claim up to…