By Liz O'Dowd on May 15, 2012 
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A surprise measure was introduced in the 2012 federal budget legislation (Bill C-38), a mandatory e-file requirement, which will be effective for 2012 income returns filed after December 31, 2012. The proposal will impact tax preparers engaged to prepare more… {Read more}
By Liz O'Dowd on May 11, 2012 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 May 11, 2012 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 11, 2012 Leave a comment
If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will… {Read more}
By Liz O'Dowd on May 11, 2012 Leave a comment
If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities. If you are audited by the… {Read more}
By Liz O'Dowd on April 10, 2012 Leave a comment
If you are ready to file your income tax and benefit return but have misplaced your NETFILE access code, you can visit the Canada Revenue Agency’s (CRA) Web site, enter your information, and receive your access code instantly! When you… {Read more}
By Liz O'Dowd on April 10, 2012 Leave a comment
Even if you don’t owe taxes, you should file your 2011 income tax return by April 30, 2012 to be eligible for some tax credits and benefits. Important facts Eligibility for certain benefit payments such as the goods and services… {Read more}
By Liz O'Dowd on April 10, 2012 Leave a comment
The Economic Club of Canada in Ottawa spoke about how the Economic Action Plan 2012 will leverage sustained economic growth and job creation by expanding trade and opening new markets for Canadian businesses. The Government understands that Canada’s prosperity is… {Read more}
By Liz O'Dowd on March 23, 2012 Leave a comment
If you think that paying for your employee’s disability premiums is always a good thing, think again. As a non-taxable fringe benefit, payments they receive upon their disability will be, in most cases, FULLY taxable to them! Payments received due… {Read more}
By Liz O'Dowd on March 7, 2012 Leave a comment
The Canada Learning Bond (CLB) is part of the Canadian RESP program. Actually the CLB is a grant. The big difference between this grant and the regular RESP grants is that no contribution is required. Once you qualify, you apply,… {Read more}