By Liz O'Dowd on December 21, 2012 
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The Canada Revenue Agency announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates are calculated quarterly in accordance with applicable… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
Did you know? If you earn income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by installments. This can happen if you earn rental, investment,… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
When a taxpayer has a spouse or common law partner and the combined donations are greater than $200, the donations for both spouses should usually be combined and claimed on one tax return. Check your tax return carefully in relation… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
The Ministry of Finance has stated that businesses are not required by the government to reprogram their cash registers, but they may choose to update their cash registers to automatically calculate rounding for cash transactions and to provide greater transparency… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
Effective February 4, 2013, circulation of the penny coin by the Royal Canadian Mint ceases. This affects only cash transactions. The cent will remain Canada’s smallest unit for pricing goods and services. Non-cash or electronic payments such as cheques, credit… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
Did you know…? As part of a Government of Canada initiative to continuously improve how it offers online services, the Canada Revenue Agency (CRA) is now offering a second login option. In addition to the CRA user ID and password,… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
The dividend tax credit is a non-refundable tax credit which applies when Canadian dividends are included in income. Foreign dividends do not qualify for the dividend tax credit. Both dividend tax credits are claimed on Line 425 on Schedule 1… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
The basic rules relating to tax-free savings account include the following: Contributions can be made by Canadian residents aged 18 or over Up to $5,000 per year can be contributed, with unused contribution room being carried forward. The $5,000 annual… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
Consider a Registered Education Savings Plan (RESP) for your children. Set up a Tax Free Savings Account (TFSA). Review your December income tax installment. Make a low interest loan to your spouse. Repay outstanding shareholder loans and pay interest on… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
You can use your 2012 capital losses to reduce your current year’s income taxes by applying such losses against your 2012 capital gains. You must however be careful of the superficial loss rules preventing you from claiming a capital loss… {Read more}