Improper input tax credit (ITC) documentation is one of the main reasons for GST/HST reassessments. Proper invoices to support ITCs are required by Canada Revenue Agency auditors. For example, the input tax credit may be disallowed if only the credit… {Read more}
Tag: CRA
Employer-Paid Disability Premiums
If you think that paying for your employee’s disability premiums is always a good thing, think again.
Homeowners – claim your credits!
Do you know that from January until the end of March 2010, the Canada Revenue Agency (CRA) is issuing weekly tax tips.
What is the first-time home buyers’ tax credit (HBTC)?
The HBTC is a non-refundable tax credit for certain homebuyers who acquire a qualifying home after January 27, 2009, that is – closing after this date.
Employment Insurance Benefits for Self-Employed People
Beginning in January 2011, self-employed Canadians will be able to access Employment Insurance (EI) special benefits.
2010 Automobile Deduction Limits and Expense Benefit Rates for Business
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for pur-chases after 2002.
2010 Tax System Indexation
On January 1, 2010, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 0.6%.
Canada Pension Plan Financially Sound
The Government of Canada announced that the Canada Pension Plan (CPP) is financially sound at least for the next 75 years at the currently legislated 9.9% contribution rate.
Employment Insurance (EI) for the self-employed
Do you know that starting January 2010, self-employed people can pay EI premiums on a voluntary basis, and qualify to receive certain EI benefits
Long-distance medical expense
If you or a family member has to travel to get medical treatment that is not available where you live, you may be able to claim transportation or travel costs for the patient as a medical expense.
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