By Liz O'Dowd on November 7, 2012 
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Not only did the population of the world reach a record 7 billion people on October 31, 2011, but the Canadian Federal Debt also reached an all-time high. Based on economic forecasts, the Federal Debt (accumulated deficit) reached $568 billion… {Read more}
By Liz O'Dowd on November 7, 2012 Leave a comment
Those who have participated in aggressive gifting tax shelter donation arrangements in 2012, which provide donation receipts much greater than the actual donation amount, should not claim the donation on their initial tax return filed in 2013, because CRA will… {Read more}
By Liz O'Dowd on October 26, 2012 Leave a comment
In order to ensure Canada’s social programs are there for when future generations need them, the Canadian government is taking responsible action to prepare today for long-term demographic pressures. To this end, Economic Action Plan 2012 will: Gradually increase the… {Read more}
By Liz O'Dowd on October 26, 2012 Leave a comment
The Government is focused on boosting economic growth and job creation—innovation, investment, education and skills. Economic Action Plan 2012 will support jobs and growth by: Making major investments of over $1 billion to support science and technology. Providing $500 million… {Read more}
By Liz O'Dowd on October 26, 2012 Leave a comment
Spousal RRSPs Canadian tax laws allow you to put funds into either your own RRSP or a spousal RRSP. If neither spouse will have a pension from their employment when they retire, then both spouses should try to have the… {Read more}
By Liz O'Dowd on October 26, 2012 Leave a comment
Each December, the CRA provides accelerated remitters (except monthly accelerated remitters who receive Form PD7A) a booklet of PD7A-RB forms (either 27 or 54 forms) to use to remit deductions. These booklets are printed once a year. Form PD7A-RB has… {Read more}
By Liz O'Dowd on October 26, 2012 Leave a comment
High income seniors must pay back all or a portion of their OAS if their annual income exceeds a certain amount. If 2012 net income before adjustments is greater than $69,562 ($67,668 for 2011) then you will have to repay… {Read more}
By Liz O'Dowd on October 4, 2012 Leave a comment
In a Tax Court of Canada case, a mother had guaranteed the business loans for her son’s corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans. The mother claimed business investment losses for the amounts repaid…. {Read more}
By Liz O'Dowd on October 4, 2012 Leave a comment
Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider: 1) Transfer assets out of the company: Place capital assets in a separate holding corporation so that subsequent legal claims that arise in… {Read more}
By Liz O'Dowd on October 4, 2012 Leave a comment
If you have a website or a blog and you charge for advertising, links, or reviews, you must report the income on your Canadian income tax returns. Send invoices to your clients and customers. If your invoices exceed $30,000 in… {Read more}