By Liz O'Dowd on May 2, 2013 
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When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable… {Read more}
By Liz O'Dowd on April 16, 2013 Leave a comment
The question of whether a person is in a business relationship (self-employed independent contractor) or in an employee-employer relationship is not one that is always easy to answer. There have been many court cases on this subject. The courts generally… {Read more}
By Liz O'Dowd on April 8, 2013 Leave a comment
Several Provinces have increased or will increase their minimum wage rates in 2013. The list below details the wage rate changes taking effect in 2013. Jurisdiction Rate New/ Current Previous Rate Effective Date Alberta $9.75 $9.40 Sept. 1, 2012 Manitoba… {Read more}
By Liz O'Dowd on April 1, 2013 Leave a comment
If you use a safety deposit box for safekeeping of your investments, you can claim the cost as a “carrying charge” on line 221 of your tax return, if the cost has been incurred in order to earn income from… {Read more}
By Liz O'Dowd on March 25, 2013 Leave a comment
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and… {Read more}
By Liz O'Dowd on March 20, 2013 Leave a comment
Did you know? The Canada Revenue Agency (CRA) is here to help you during tax season. Here is a list of tips you should know about your taxes, including many ways to help you save money at tax time. For… {Read more}
By Liz O'Dowd on March 20, 2013 Leave a comment
If you are filing your tax return electronically, you don’t need to send the Canada Revenue Agency (CRA) your information slips or other supporting documents. However, it is important that you keep all your documents for six years in case… {Read more}
By Liz O'Dowd on March 1, 2013 Leave a comment
The type of income tax returns you have to file will depend on whether your business is incorporated. If you have an incorporated business, you must complete a corporate (T2) tax return for the business, and you must also complete… {Read more}
By Liz O'Dowd on February 5, 2013 Leave a comment
When foreign amounts, including income, expenses, and foreign taxes paid, are reported on your Canadian personal income tax return, they must be reported in Canadian dollars. The foreign exchange rate used to convert the foreign currency transaction into Canadian dollars… {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}