By Liz O'Dowd on February 5, 2013 
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A taxpayer who is entitled to the spousal tax credit for his/her spouse or common-law partner may include all of the spouse’s dividends from taxable Canadian corporations in his/her income. This option is only available if doing so will allow the… {Read more}
By Liz O'Dowd on February 5, 2013 Leave a comment
Did you know? If you were an employed trades person in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income. Important facts… {Read more}
By Liz O'Dowd on January 30, 2013 Leave a comment
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA… {Read more}
By Liz O'Dowd on January 30, 2013 Leave a comment
Did you know that GST/HST must be remitted on a taxable benefit unless the benefit is tax exempt or zero-rated, for example the benefit on low-interest loans? An example of a tax benefit that is not exempt includes the automobile… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
The Canada Revenue Agency (CRA) is aware that electronic sales suppression software (often referred to as “Zapper” software) is currently being marketed and sold to some Canadian businesses. Electronic sales suppression software is designed to work with point-of-sale systems and… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
The Canada Revenue Agency announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
Did you know? If you earn income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by installments. This can happen if you earn rental, investment,… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
When a taxpayer has a spouse or common law partner and the combined donations are greater than $200, the donations for both spouses should usually be combined and claimed on one tax return. Check your tax return carefully in relation… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
The Ministry of Finance has stated that businesses are not required by the government to reprogram their cash registers, but they may choose to update their cash registers to automatically calculate rounding for cash transactions and to provide greater transparency… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
Effective February 4, 2013, circulation of the penny coin by the Royal Canadian Mint ceases. This affects only cash transactions. The cent will remain Canada’s smallest unit for pricing goods and services. Non-cash or electronic payments such as cheques, credit… {Read more}