General
Important changes to tax-filing and payment deadlines
The CRA understands that individuals and businesses might be dealing with difficulties in filing their income and benefit returns, and in cash-flow problems in the coming months. Click here to see important changes and information, some of which affect tax-filing and payment deadlines, and the ways you can interact with… Read More about “Important changes to tax-filing and payment deadlines”
Child Care Deductions: What can I claim?
If you are a parent who has to pay for child care while you go to work or school, the payments you make for child care (subject to some restrictions listed below) can be a deduction from your gross income. You can claim the following childcare expenses incurred in the tax year:… Read More about “Child Care Deductions: What can I claim?”
RRSP Contribution Limit
An RRSP is a registered retirement savings plan with the government to which you or your spouse can contribute. The income earned from the funds contributed to your plan accumulates tax-free in your RRSP. You are able to contribute an amount to your RRSP account (up to your contribution limit)… Read More about “RRSP Contribution Limit”
2020 Automobile Deduction Limits and Rates
On December 19, 2019, the Department of Finance Canada announced the new automobile deduction limits and benefit rates for 2020. The majority of limits and rates that applied in 2019 are still in effect for 2020. One important change to note relates to the calculation of a reasonable vehicle allowance… Read More about “2020 Automobile Deduction Limits and Rates”
Personal Real Estate Corporations (PREC)
On November 19, 2019 the government introduced the Trust in Real Estate Services Act, 2019 in the Ontario legislature. If passed by the legislature, it would update the Real Estate and Business Brokers Act, 2002, the legislation that sets out rules that govern Ontario’s real estate salespersons, brokers and brokerages…. Read More about “Personal Real Estate Corporations (PREC)”
Life events that are important to share with your Accountant and CRA
A lot can happen in a year. Some changes in your life may have tax benefits or tax consequences. Below is a list of common life events that you should communicate to your Accountant and CRA: Marital Status Change Your marital status, and at what point during the year it… Read More about “Life events that are important to share with your Accountant and CRA”
Does my small business qualify for the Quick Method for HST?
The Quick Method is a simplified way of calculating net tax for HST purposes. When you use the Quick Method, you still charge the GST at the rate of 5% or the HST at the applicable rate on your taxable supplies of service and products. However, this method allows you… Read More about “Does my small business qualify for the Quick Method for HST?”
Pros and Cons to Incorporation
At some point, all small business owners need to consider whether or not to incorporate their business. In general, if you are earning more than you are spending personally, incorporating your business will most likely benefit you. However, in order to make the decision that is best suited for you… Read More about “Pros and Cons to Incorporation”
CRA’s request for additional information from you
Your personal income tax return has been filed and you have received your notice of assessment that does not indicate any issues with the information filed. Then, you received a letter from CRA requesting additional information. Receiving this letter is an indication that your return has been selected for review…. Read More about “CRA’s request for additional information from you”
HST on Disbursements
If you are in a business or profession where you charge disbursements or expenses to clients, are you confident that you are properly accounting for the HST on these charges to your customer? When charging for disbursements on your invoice to your client, you must first determine whether the disbursement… Read More about “HST on Disbursements”
