By Liz O'Dowd on October 26, 2012 
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Each December, the CRA provides accelerated remitters (except monthly accelerated remitters who receive Form PD7A) a booklet of PD7A-RB forms (either 27 or 54 forms) to use to remit deductions. These booklets are printed once a year. Form PD7A-RB has… {Read more}
By Liz O'Dowd on October 26, 2012 Leave a comment
High income seniors must pay back all or a portion of their OAS if their annual income exceeds a certain amount. If 2012 net income before adjustments is greater than $69,562 ($67,668 for 2011) then you will have to repay… {Read more}
By Liz O'Dowd on October 4, 2012 Leave a comment
In a Tax Court of Canada case, a mother had guaranteed the business loans for her son’s corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans. The mother claimed business investment losses for the amounts repaid…. {Read more}
By Liz O'Dowd on October 4, 2012 Leave a comment
Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider: 1) Transfer assets out of the company: Place capital assets in a separate holding corporation so that subsequent legal claims that arise in… {Read more}
By Liz O'Dowd on October 4, 2012 Leave a comment
If you have a website or a blog and you charge for advertising, links, or reviews, you must report the income on your Canadian income tax returns. Send invoices to your clients and customers. If your invoices exceed $30,000 in… {Read more}
By Liz O'Dowd on September 7, 2012 Leave a comment
For all provinces and territories except Quebec, starting with the 2006 taxation year, scholarship, bursary and fellowship income is fully exempt from tax when the income is received in connection with a program for which the student will get an… {Read more}
By Liz O'Dowd on September 7, 2012 Leave a comment
The employee’s province or territory of employment depends on whether or not your employee is required to report for work at your place of business. If your employee lives in one province, but reports to your place of business in… {Read more}
By Liz O'Dowd on September 7, 2012 Leave a comment
Your contribution room is determined at the beginning of each tax year. If you have $5,000 in contribution room, and make a $5,000 deposit to your TFSA, then you cannot make further contributions to your TFSA in the same tax… {Read more}
By Liz O'Dowd on September 4, 2012 Leave a comment
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 Peter Kupovics on January 9, 2012 Leave a comment
Canada Revenue Agency (CRA) expects employers