By Liz O'Dowd on May 10, 2013 
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Jim Flaherty, Minister of Finance, on April 29, 2013 introduced the Economic Action Plan 2013 Act, No. 1. The Act proposes to legislate key elements of Economic Action Plan 2013, including tax relief for investments in new manufacturing machinery and… {Read more}
By Liz O'Dowd on May 10, 2013 Leave a comment
The Canada Revenue Agency (CRA) will revoke the registration of Trinity Global Support Foundation, a London-based charity. The notice of revocation will be published in the Canada Gazette with an effective date of May 4, 2013. On February 1, 2013,… {Read more}
By Liz O'Dowd on May 10, 2013 Leave a comment
You can choose a year-end after December 31, so that you can defer tax on your first fiscal year until the calendar year in which the first year-end occurs. However, you will still have to pay tax based on a… {Read more}
By Liz O'Dowd on May 10, 2013 Leave a comment
It’s easy to make a correction to your income tax and benefit return if you realize you made a mistake after filing. Changing your return You will need to wait to receive your notice of assessment from the Canada Revenue… {Read more}
By Liz O'Dowd on May 10, 2013 Leave a comment
The spring 2013 Auditor General’s (AG) report provides the results of a follow-up review to determine the Canada Revenue Agency’s (CRA) progress against action plan commitments made in response to a 2006 audit of its tax collection program. Overall, the… {Read more}
By Liz O'Dowd on May 2, 2013 Leave a comment
If you owe tax at filing time each year, you can take steps to reduce your net tax owing. You can do this by having tax — or more tax — deducted at source from certain types of income. Important… {Read more}
By Liz O'Dowd on May 2, 2013 Leave a comment
The Canada Revenue Agency (CRA) certifies commercial tax preparation software packages for use with the Corporation Internet Filing service. Corporation Internet Filing has been designed to accept a specific file format (“.cor” extension), and the CRA-certified software will include instructions… {Read more}
By Liz O'Dowd on May 2, 2013 Leave a comment
The following changes will be phased in gradually between 2011 and 2016. The first major change occurred in January 2011 for people retiring after age 65: Your monthly CPP retirement pension amount will increase by a larger percentage if you… {Read more}
By Liz O'Dowd on May 2, 2013 Leave a comment
When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable… {Read more}
By Liz O'Dowd on April 23, 2013 Leave a comment
Canadian residents who invest in shares which are traded on U.S. stock exchanges are not required to file a U.S. income tax return because of these investments, unless there is some other reason (e.g., U.S. citizen) for filing a U.S…. {Read more}