Small Business Tax Changes 2016

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 […]

7 Ways Your Family Can Save at Tax Time

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 […]

Tax Credits Information

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 […]

Declaration of the Sale of Personal Residence

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 […]

Tax Payment Plan

If you can’t pay the full amount of tax that you owe, you may be able to make a payment arrangement. If the Canada Revenue Agency determines that you cannot make a full payment, an agent can work with you to develop a plan to help you pay your tax. Even if you cannot pay […]

CRA Audit Letter Campaign

30,000 intent to audit letters going out. If you claim employment expenses or your business is in a loss or you have had losses on a rental property, you could be targeted. January 25, 2016 The CRA’s Annual Office Audit Letter Campaign The Canada Revenue Agency (CRA) will soon be conducting its seventh annual Office […]