Salaries Paid to Family Members

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 and having the expense being disallowed. On the other side, there is the benefit of Read More

By |May 8th, 2017|SmallBiz Builder, Tax Tips|

Claiming Automobile Expenses

One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and incur personal expenses in doing so. It is important to note that only expenses of Read More

By |April 5th, 2017|Small Business Tips, Tax Tips|

Principle Residence Exemption

Did you sell your house in 2016? File a tax return and claim the principal residence exemption for the capital gains. Commencing with sales in the 2016 tax year, you must report basic information, such as the date of acquisition, the proceeds of disposition (the sale), and the address, on your income tax and benefit Read More

By |February 27th, 2017|Tax Tips|

2017 Automobile Deduction Limits and Expense Benefit Rates for Business

The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.

The limit on deductible leasing costs remains at $800 per Read More

By |February 3rd, 2017|Small Business Tips, SmallBiz Builder, Tax Tips|

2017 Tax System Indexation

On January 1, 2017, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.4%. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2017. For 2017 the federal tax bracket thresholds are:

15% for taxable income Read More

By |February 3rd, 2017|Tax Tips|

Five Reasons to Hire a Tax Professional

 

Although there are still a few hardy souls that fill in their tax forms by hand and mail them in, the vast majority of self-preparers use one of the software or online based tax programs to calculate and e-file their income taxes each year. This is much easier than the old way of doing taxes, Read More

By |May 26th, 2015|Small Business Tips, SmallBiz Builder, Tax Tips|

CPP Changes January 2012-2016

These changes affect you if you are:

an employee who contributes to the Canada Pension Plan (CPP), whether you’re just starting your career or you are planning to retire soon;
a self-employed person who contributes to the CPP;
between the ages of 60 and 70 and you work while receiving your CPP retirement pension (or Read More

By |May 6th, 2015|Tax Tips|

Personal Tax Returns Processed by CRA

Canadians file more than 26 million individual income tax and benefit returns each year, and all are electronically analyzed. Based on this analysis, CRA selects certain returns for review because they are high-risk. Other returns are selected based on a random sample used to measure non-compliance for all taxpayers. CRA has four main review programs:

1. Read More

By |March 26th, 2015|Tax Tips|

2015 Automobile Deduction Limits for Business

The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000(plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.

The limit on deductible leasing costs remains at $800 per month(plus Read More

By |February 6th, 2015|Small Business Tips, SmallBiz Builder, Tax Tips|

Interest rates for the third calendar quarter

The CRA interest rates for the 3rd quarter are unchanged from the 2nd quarter 2014.

The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from July 1, 2014 Read More

By |June 13th, 2014|Tax Tips|