Consider a Registered Education Savings Plan (RESP) for your children. Review your December income tax installment. Repay outstanding shareholder loans and pay interest on employee loans. Contribute to your spouse’s or common-law partner’s RRSP to the extent of your RRSP… {Read more}
Tag: income tax
$750,000 Capital Gains Deduction
You can make use of the lifetime $750,000 capital gains deduction…
Filing your GST/HST Online
The CRA now allows business owners to file their GST remittances online. Using your access code from your income tax returns, you can quickly submit your GST information over the internet. To find out more, visit the CRA website here.
Payroll Deductions – Quick Facts
EI – Employment Insurance
* 1.87% of your pay is deducted as EI premiums, up to a maximum of $729.30 per year (2007)
Do You Have to File a Tax Return?
A tax return must be filed if you have to pay income taxes. A tax return must also be filed if you have not repaid all amounts withdrawn from your RRSP under the Home Buyers’ Plan or the Lifelong Learning… {Read more}
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