By Liz O'Dowd on May 15, 2012 
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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}
By Liz O'Dowd on May 15, 2012 Leave a comment
The Home Buyer’s Plan (HBP) allows you to borrow funds from your RRSP to buy or build a qualifying home, if: You or your spouse or common-law partner have not owned a home which you occupied as your principal residence… {Read more}
By Liz O'Dowd on May 15, 2012 Leave a comment
The co-operative education credit (CETC) is a refundable tax credit that is eligible to claim a percentage of expenses incurred by a corporation for qualifying work placement programs. The maximum credit amount for each qualifying work placement is $1000 for… {Read more}
By Liz O'Dowd on May 15, 2012 Leave a comment
A surprise measure was introduced in the 2012 federal budget legislation (Bill C-38), a mandatory e-file requirement, which will be effective for 2012 income returns filed after December 31, 2012. The proposal will impact tax preparers engaged to prepare more… {Read more}
By Liz O'Dowd on May 11, 2012 Leave a comment
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 May 11, 2012 Leave a comment
The following changes will be phased in gradually between 2011 and 2016. The first major change occurred in January 2011 for people retiring after age 65: Your monthly CPP retirement pension amount will increase by a larger percentage if you… {Read more}
By Liz O'Dowd on May 11, 2012 Leave a comment
If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will… {Read more}
By Liz O'Dowd on May 11, 2012 Leave a comment
If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities. If you are audited by the… {Read more}
By Liz O'Dowd on April 10, 2012 Leave a comment
If you are ready to file your income tax and benefit return but have misplaced your NETFILE access code, you can visit the Canada Revenue Agency’s (CRA) Web site, enter your information, and receive your access code instantly! When you… {Read more}
By Liz O'Dowd on April 10, 2012 Leave a comment
Even if you don’t owe taxes, you should file your 2011 income tax return by April 30, 2012 to be eligible for some tax credits and benefits. Important facts Eligibility for certain benefit payments such as the goods and services… {Read more}