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}
Category: News
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}
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}
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}
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}
Be an Informed Donor!!
Charities play a very important role in Canadian society. As a donor, it is important to be informed and make wise decisions about your donations. Unfortunately, there are people who pretend to raise money for charity but keep the donations… {Read more}
Draft Legislation to Strengthen Tax Fairness for Canadians
The Department of Finance released two sets of draft legislative proposals to strengthen and create greater fairness in Canada’s tax system. The first set of proposals would implement measures announced on July 20, 2011 relating to the taxation of specified… {Read more}
Minister Shea Meets with Local Businesses
Minister of National Revenue, today met with members of the local business community to discuss a number of initiatives the Canada Revenue Agency (CRA) has introduced to reduce the burden placed on small businesses. “I am pleased to announce that… {Read more}
Child Care Expenses
Allowable child care expenses are those paid for the care of an eligible child, to enable the parent to earn employment income, carry on a business, attend an eligible program at a designated educational institution for at least 3 consecutive… {Read more}
Minister of Finance Launches Consultations on Increasing Venture Capital in Canada
In Economic Action Plan 2012, the Harper Government announced that it would make available $400 million to help increase private sector investments in early-stage risk capital and to support the creation of large-scale venture capital funds led by the private sector…. {Read more}