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}
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Economic Action Plan 2012 – Sustainable Social Programs
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}
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Economic Action Plan 2012 Supporting Jobs and Opportunities
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}
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Spousal RRSPs and RRIFs Contribution Rules
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}
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Remittance Voucher for Current Source Deductions
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}
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Old Age Security Pension Clawback
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}
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Business Investment Loss-Denied
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}
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Owner-Managed Business-Creditor Proofing
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}
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On-line Advertising Income
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}
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Income From Scholarships &Awards
For all provinces and territories except Quebec, starting with the 2006 taxation year, scholarship, bursary and fellowship income is fully exempt from tax when the income is received in connection with a program for which the student will get an… {Read more}