By Peter Kupovics on November 11, 2013 
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Should You Incorporate Your Business? If you own a business you may have wondered:Historically the income tax system in Canada has benefited incorporated Canadian small businesses.Although the income and deduction calculations are almost identical to an unincorporated business, the… {Read more}
By Peter Kupovics on November 8, 2013 Leave a comment
CRA recently noted that where a proprietor purchased a Disability Income Policy, the premium is a non-deductible personal expense. But the receipt of the disability benefits is tax-free. If a corporation acquires a Policy for the employees, the premiums are… {Read more}
By Peter Kupovics on November 7, 2013 Leave a comment
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}
By Peter Kupovics on November 6, 2013 Leave a comment
The 2013 Federal Budget introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15% of federal tax collected if the reassessments are… {Read more}
By Peter Kupovics on November 5, 2013 Leave a comment
The 2013 Federal budget proposes to increase the LCGE to $800,000 of capital gains realized by an individual on qualified property. It is effective for the 2014 tax year. The LCGE will be indexed to inflation for the years following… {Read more}
By Peter Kupovics on November 4, 2013 Leave a comment
In a 2013 Technical Interpretation, CRA was questioned about door prizes received by all attendees at a company social function. CRA commented that their tax-free $500 gifts and awards policy would apply to all attendees including the employee, the employee’s… {Read more}
By Peter Kupovics on November 1, 2013 Leave a comment
Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages: Probate fees can be avoided because the funds transfer direct to the beneficiary. The funds are not exposed to the liabilities of… {Read more}
By Peter Kupovics on October 25, 2013 Leave a comment
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}
By Peter Kupovics on October 25, 2013 Leave a comment
Balancing the books isn’t always easy. Business owners understand the importance of keeping records up-to-date. Unfortunately, paperwork has a habit of piling up – quickly PADGETT BUSINESS SERVICES now offers a solution PADGETT CONNECT PADGETT CONNECT is an easy-to-use business… {Read more}
By Peter Kupovics on October 25, 2013 Leave a comment
Press release from Canada Revenue Agency – Ottawa, Ontario, September 23, 2013 The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA… {Read more}