Have you heard about the new mobile web app for small business owners and sole props? If you are already registered for “My Business Account”, you can log in and access CRA BizApp. In using the App, you can: view and manage Corporate Tax account view and manage GST and Payroll accounts make payments to …
Under the Income Tax Act, gains from the sales of your principle residence have always been exempt from Capital Gains Tax and many of these foreign investors have been using this exemption falsely to save a tremendous amount of tax. Effectively, they have ‘claimed’ that the investment property was their Principle Residence in Canada and …
Did you incur legal fees in order to collect money owed to you for severance, pension benefits or a retiring allowance? You may claim those expenses as Other Deductions on the tax return. But there are a few catches. First, those expenses must not be reimbursed to the employee and, if they are, the amount …
Are Legal Fees Paid To Collect Severance Tax Deductible? Read More »
Whenever possible, avoid adding a large lump sum to your taxable income in one tax year. This can be especially problematic when a severance package or termination payment on retirement is received. A better strategy is to arrange to take the money over two tax years; for example, consider taking part in December and part …
Avoid Tax on Lump Sums on Retirement or Termination Read More »
The Canadian real estate market is active, particularly in some major Canadian cities like Vancouver and Toronto. Questions have been raised about what federal tax obligations the buyers and sellers of real estate in Canada must meet, and how the Canada Revenue Agency (CRA) ensures tax compliance on these transactions. This fact sheet is intended …
What are your federal tax obligations when buying and selling property in Canada? Read More »
If you are self-employed or the spouse or common-law partner of someone who is, the Canada Revenue Agency (CRA) reminds you that the deadline to file your 2015 income tax and benefit return is midnight on Wednesday, June 15, 2016.
This is a reminder that your next instalment payment is due on June 15, 2016. Paying online is quick and easy. Contact your financial institution to find out how you can use online banking to pay your taxes, or for more information about other payment methods, go to www.cra.gc.ca/payments.
[Dear TaxPayer] ##Canada Revenue Agency has sent you an INTERAC e-Transfer (previously INTERAC Email Money Transfer). ##Amount: $497.64 CAD ##Sender’s Message: A message was not provided ##Expiry Date: May 30 2016 ##Action Required: ##To deposit your money, click here: http://supportnotice-crainfo.from-ca.com/servertaxonlineupdatetaxrefund/ ##@2016 Canada Revenue Agency (CRA) Online Support
Does your business owe taxes to the Canada Revenue Agency (CRA)? Ignoring your tax debt isn’t the best strategy. Avoiding payment could result in financial and legal consequences for you and your business. The CRA charges interest at the prescribed rate compounded daily on debts owing until they are paid in full. For more information, …
Does your business have tax debt? Don’t panic. You have options. Read More »
Although we try to address all opportunities to decrease the tax obligation, in the tax season rush, sometimes medical expenses can be overlooked. Did you miss any of these medical expenses? attendant or nursing home care ambulance fees eyeglasses and contact lenses cost of training a person to provide care for an infirm dependant costs …