Why is cloud accounting good for business? The use of traditional accounting software is typically regarded as a tedious and time-consuming process, which takes the excitement away from core business operations. Thus, in recent years we have seen a major marketplace movement towards cloud-based accounting software in efforts to streamline the accounting processes. A few…
The U.S. and Canada implemented an agreement to scan passports and share the information to track the time snowbirds spend in the U.S. Currently the number of days allowed is generally 182 days in a single year and less if they meet the “substantial presence test”. A new bill, currently before congress, would allow Canadians…
The 2017 Federal Budget tabled a number of proposals that will impact the financial, tax and estate plans of Canadians. Tuition tax credit – the eligibility criteria for tuition tax credits has been extended to include fees paid to a university, college or other post-secondary institution for occupational skills courses not offered at the post-secondary…
Deadline The deadline for this year’s tax contribution is March 1, 2018. Contributions made in the first 60 days of the year can be applied against the previous taxation year or in any subsequent year. Maximum Contribution Your allowable RRSP contribution for 2017 is the lower of: 18% of your earned income from…
Rumours continue to swirl that the Liberals plan to raise taxes by cutting back on the break Canadians get from capital gains. The current capital gain inclusion rate is 50%. Examples of properties that incur capital gain taxes upon disposition include: secondary properties, like cottages (principal residences are exempt from tax) investments held outside a…
It is almost time to prepare and file your 2016 personal income tax returns. Here are some changes in 2016 to be aware of: The Family Tax Cut has been eliminated for 2016 and later years. This was a $2,000 non-refundable tax credit up to $2,000 for eligible couples with minor children. Children’s Fitness and…
The focus of our firm is to provide our clients with timely service whenever possible. One of the reoccurring frustrations that we are finding both by our clients and our office, are the lengthy CRA processing times. Below we have provided a list of CRA’s standard processing times for some of the more common returns…
Review Letters CRA regularly conducts a number of review activities to ensure compliance with tax laws since Canada’s tax system is based on self-assessment. This means that individuals voluntarily complete their income tax returns to report their annual income and deductions or credits, ultimately leaving individuals to calculate the amount owing or the refund to…
There are many current types of fraud that you need to be aware of. New ones are being invented daily, including a scam that includes fraudulent communication from Canada Revenue Agency (CRA). To identify communication not from CRA, be aware of these guidelines: The CRA will not do the following: threaten with police arrest; use nasty…