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Tax-Free Savings Account (TFSA)
What is a TFSA? A TFSA is savings account that individuals of age 18 or older can contribute to over their lifetime. Any contributions are not deductible for income tax purposes but the interest and dividends earned on those contributions are tax-free even when an amount is withdrawn. Setting up… Read More about “Tax-Free Savings Account (TFSA)”
The Canada Pension Plan Enhancement
Background As of January 1st 2019, Canadian workers will contribute more to the Canada Pension Plan (CPP). This new change affects all workers in Canada except Quebec and plans to increase the maximum retirement pension by about 50% by 2024. Who contributes to CPP? Any workers in Canada except Quebec… Read More about “The Canada Pension Plan Enhancement”
I’ve had a strange call/voicemail/email from the “CRA” – is this a scam?
There are many fraud types, including new ones invented daily. Taxpayers should be vigilant when they receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA) requesting personal information such as a social insurance number, credit card number,… Read More about “I’ve had a strange call/voicemail/email from the “CRA” – is this a scam?”
What’s involved in GST/HST Registrations?
The following link to the CRA website provides links to access GST/HST forms and guides. http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/menu-eng.html We can assist you with all of your GST/HST-related questions, including registration, calculating GST/HST payable or refundable, and filing requirements.
When are my personal income tax installments due – 2018.
Your personal income tax installments are due on the following dates: March 15 June 15 September 15 December 15
When are my corporate tax returns and final tax payments due?
Generally, the balance of tax payable is due 2 months after the end of the taxation year. However, the tax is due 3 months after the end of the taxation year under certain conditions. Please visit www.ccra-adrc.gc.ca/E/pub/tg/t4012/t4012-03-e.html#P84_4667 for more information.
Do I need to register for WSIB?
The following link provides information for employers on whether your business needs to register or not as well as the steps required to register including a downloadable registration form. http://www.wsib.on.ca/en/community/WSIB
Where can I get tax information for small businesses?
The following link to the CRA website provides information for businesses including business registration, corporate income tax, payroll and HST.http://www.cra-arc.gc.ca/tx/bsnss/menu-eng.html We’ve helped start many small business organizations at the onset and can help save you money in the long run.
What are CRA’s record-keeping requirements?
The Canada Revenue Agency (CRA) recently released revised guides and circulars regarding record-keeping, retention and destruction of records and electronic record keeping. (RC4409, IC 78-10RY and IC 05-1) Visit http://www.cra-arc.gc.ca/tx/bsnss/tpcs/kprc/menu-eng.html to read these documents.
The Importance of Personal Income Tax Instalments
Who Has to Pay Tax Instalments? If you are an individual and your tax liability is greater than $3,000 in the current year and either of the two preceding years, then you are required to make quarterly instalments for the year. The quarterly instalment dates are as follows: March 15,… Read More about “The Importance of Personal Income Tax Instalments”
