By Liz O'Dowd on May 2, 2013 
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If you owe tax at filing time each year, you can take steps to reduce your net tax owing. You can do this by having tax — or more tax — deducted at source from certain types of income. Important… {Read more}
By Liz O'Dowd on May 2, 2013 Leave a comment
The Canada Revenue Agency (CRA) certifies commercial tax preparation software packages for use with the Corporation Internet Filing service. Corporation Internet Filing has been designed to accept a specific file format (“.cor” extension), and the CRA-certified software will include instructions… {Read more}
By Liz O'Dowd on May 2, 2013 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 2, 2013 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 April 23, 2013 Leave a comment
Canadian residents who invest in shares which are traded on U.S. stock exchanges are not required to file a U.S. income tax return because of these investments, unless there is some other reason (e.g., U.S. citizen) for filing a U.S…. {Read more}
By Liz O'Dowd on April 16, 2013 Leave a comment
Ottawa, Ontario, April 9, 2013… The Honourable Gail Shea, Minister of National Revenue, today highlighted important new initiatives introduced by the Harper Government in Economic Action Plan 2013 to strengthen the capacity of the Canada Revenue Agency (CRA) to crack… {Read more}
By Liz O'Dowd on April 16, 2013 Leave a comment
Occasionally, taxpayers may receive, either by telephone, mail, or email, a communication that claims to be from the Canada Revenue Agency (CRA) but is NOT. In all these cases, the communication requests personal information, such as a social insurance, credit… {Read more}
By Liz O'Dowd on April 16, 2013 Leave a comment
For purposes of income tax in Canada, a common law spouse is a person of the opposite or same sex to whom you are not legally married, with whom you live in a conjugal (marriage-like) relationship, and at least one… {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 16, 2013 Leave a comment
Did you know? Even if you have no income to report for 2012, you should still file your income tax and benefit return by April 30, 2013 to be eligible for some tax credits and benefits. Important facts Eligibility for… {Read more}