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 …
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.
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 …
If you are using the 2013 version of QuickBooks desktop software, it will continue to work after May 31, 2016, but support for add-on services and updates will no longer be available. The QB policy is to support the current QuickBooks desktop software, plus two versions back. For the full support policy, please visit our …
Online accounting technology is allowing many businesses and professionals to manage company data with increased efficiency! You can connect your bank statements and credit card statements to download directly into the software which promotes accuracy as well as convenience…..imagine… no more chasing down statements! Talk to me about the online technology that may enhance …
The most efficient way to keep your business expenses separate from your personal purchases is to allocate a credit card to be used only for business related costs. This could also decrease your data management and bookkeeping fees as it is much easier to reconcile expenses against revenues.
Start getting your mail from the Canada Revenue Agency (CRA) online. It’s the fast, easy, and secure way to manage your correspondence! When you register for online mail, you’ll receive some correspondence such as your notice of assessment and benefit notices online, and we’ll stop sending you paper copies in the mail. To access your online mail, you …
Get your tax and benefit correspondence online—instead of in the mail! Read More »
Did you know? The Canada Revenue Agency (CRA) offers taxpayers a second chance to correct earlier mistakes and put their tax affairs in order through the Voluntary Disclosures Program (VDP). If you have ever made a mistake on your taxes, or left out details about income you reported on your tax return the CRA is offering …