By Liz O'Dowd on May 11, 2012 
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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}
By Liz O'Dowd on March 6, 2012 Leave a comment
It’s crucial to know whether your workers are employees or independent contractors. Big dollars may be at stake in the form of Federal and provincial assessed penalties resulting from mis-classification. The validity of your company’s pension plan may also be… {Read more}
By Liz O'Dowd on March 6, 2012 Leave a comment
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as van, bus, pickup truck, station wagon, SUV or other truck). Many individuals use their automobile for work or business and incur… {Read more}
By Liz O'Dowd on March 6, 2012 Leave a comment
A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although… {Read more}
By admin on February 14, 2012 Leave a comment
The Canada Revenue Agency (CRA) will revoke the charitable registration of Escarpment Biosphere Foundation Inc., a Toronto area charity. The notice of revocation will be published in the Canada Gazette with an effective date of February 11, 2012. On January 3,… {Read more}