By Liz O'Dowd on September 4, 2012 
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The Home Buyers’ Plan (HBP) allows first time home buyers to withdraw funds from there registered retirement savings plan (RRSPs) to buy or build a qualifying home (a qualifying home is a housing unit located in Canada, it includes existing… {Read more}
By Liz O'Dowd on September 4, 2012 Leave a comment
Whether you are a student, a senior, an individual, or you’re filing for your family, the following information will help you get the most out of your income tax return. 1. Get the facts about filing electronically: Families, seniors, students…even… {Read more}
By Liz O'Dowd on September 4, 2012 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 Liz O'Dowd on September 4, 2012 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 Liz O'Dowd on August 30, 2012 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 Liz O'Dowd on August 30, 2012 Leave a comment
The Government believes that Canada’s entrepreneurs should be able to focus on growing their business and creating jobs. By making use of the CRA’s online initiatives, businesses can access important information and services when it’s convenient for them. With input… {Read more}
By Liz O'Dowd on August 30, 2012 Leave a comment
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 August 30, 2012 Leave a comment
[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}
By Liz O'Dowd on August 13, 2012 Leave a comment
The CRA’s online services make it faster and easier to handle your company’s tax matters. You, your employee, or your representative can file, pay, and access detailed information about your tax accounts–all online, all at your fingertips. To view all… {Read more}
By Liz O'Dowd on August 13, 2012 Leave a comment
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}