In a recent Technical Interpretation, CRA noted that an employer-provided meal allowance will not be taxable where the following conditions are met: It must be a reasonable amount; The allowance is received to cover expenses while travelling away from the… {Read more}
Category: Tax Alerts
Director & Personal Liability
In a recent Tax Alert titled “Abuse of Source Deductions and GST/HST Amounts Held in Trust” CRA warned that businesses must hold source deductions and GST/HST amounts in trust for the government. Penalties and interest and possibly personal liability for… {Read more}
E-File Penalty for Corporation income tax returns
Corporations with annual gross revenue of more than $1 million will be required to Internet file their corporation income tax returns for tax years ending after 2009. Corporations that are exempt from mandatory Internet filing are: insurance corporations non-resident corporations… {Read more}
Donation Tax Credit Rates for 2012
[ws_table id=”8″] The rate for the tax credit first $200 of donations is the lowest personal tax rate, except for Quebec. The rate for the tax credit for donations in excess of $200 is the highest personal tax rate, except… {Read more}
Pooled Registered Pension Plan Regulations
The Pooled Registered Pension Plans Act (“the Act”), implements the federal portion of the framework for the establishment and administration of PRPPs. PRPPs will be professionally administered defined contribution pension plans targeted to employees and self-employed persons who do not… {Read more}
The Canada Revenue Agency reminds Canadians to beware of phishing schemes
The Canada Revenue Agency (CRA) warns all Canadians to beware of telephone calls, mail, or email that claim to be from the CRA but are not. These are phishing scams that could result in identity thefts. Email scams may also… {Read more}
Common Deductions And Tax Credits For Students
The most common deductions that apply to students are moving expenses and child care expenses. Moving Expenses You can deduct moving expenses if you move to attend courses as a full-time student or if you moved to start a new… {Read more}
Do You Have To File A Tax Return?
A tax return must be filed if you have to pay income taxes. A tax return must also be filed if you have not repaid all amounts withdrawn from your RRSP under the Home Buyers’ Plan or the Lifelong Learning… {Read more}
Ontario Trillium Benefit
The Government of Ontario announced the Ontario Trillium Benefit (OTB) in its March 2011 budget. The OTB combines three existing credits into one payment. Starting in July 2012, the Ontario energy and property tax credit, the Northern Ontario energy credit,… {Read more}
Say “YES” to direct deposit.
Instead of being sent a cheque, enjoy the convenience of direct deposit. Asking for direct deposit means you will receive your money on time, directly in your account at a Canadian financial institution. Join the thousands of taxpayers and businesses… {Read more}