Small Business Tax changes for 2016: The November Federal Budget proposed that small businesses would pay less tax in the future but the actual tax reductions didn’t happen. Eligible small business income will still be taxed at the same Federal rate of 10.5%. Electric vehicle charging stations and energy storage properties now qualify for accelerated […]
“The best laid plans of CRA and Men” In general, many taxation and reporting rules that were designed to deal with specific situations or events are often worded so broadly or written so ambiguously that they end up including many other taxpayers and other unrelated events. Intentions are great when the intended result occurs, but […]
Annual Tax Free Savings Account contribution limit for 2016 was reduced to $5,500 from $10,000 in 2015. Please see Tax credits information for other important changes. Let’s see if they effect you and your family.
Raising a family can be expensive, but there are many benefits, credits, and deductions that can help your family with costs during the year. They could even lower the amount you owe at tax time! However it is important to file on time if you want your credits. Check out these potential savings: Canada child […]
CRA has amped up their reviewing and auditing of small business and self employed individuals that claim vehicle expenses on their tax returns. You must have a mileage log, no exceptions. There is no getting around it. I personally have had clients be refused their entire vehicle expenses including lease, insurance, maintenance, parking, 407 etc., […]
Change to First Time Donor’s Super Credit The First-time donor’s super credit (FDSC) supplements the value of the charitable donations tax credit (CDTC) by 25% on donations made after March 20, 2013, by a first-time donor. For the purpose of the FDSC, you will be considered a first-time donor if neither you nor your spouse or common-law partner (if you have one) have claimed […]
Old Rules: When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible […]
One of the biggest stories again this year is the number of scammers out there pretending to be Revenue Canada. Protect yourself against FRAUD! Beware of new phone SCAMS! To help you identify possible scams, use the following guidelines: The CRA: never requests prepaid credit cards never asks for information about your passport, health card, […]