Income Tax

Director & Personal Liability

In a recent Tax Alert titled “Abuse of Source Deductions and GST/HST Amounts Held in Trust” CRA warned that businesses must hold source deductions and GST/HST amounts in trust for the government. Penalties and interest and possibly personal liability for the directors will be the result if this is not done.
Federal legislation allows CRA to […]

By |September 9th, 2018|Tax Tips|0 Comments

Withholding Information from Canada Revenue Agency

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 Canada Revenue Agency (CRA) you should consider this. The CRA auditor has access to the Internet. […]

By |May 3rd, 2018|Tax Tips|0 Comments

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{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39}. 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{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for taxable income […]

By |February 3rd, 2017|Tax Tips|0 Comments

2014 Tax System Indexation

On January 1, 2014, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 0.9{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39}. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2014.
For 2014 the federal tax bracket thresholds are:

22{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for taxable income above […]

By |February 6th, 2014|Tax Tips|0 Comments

Remitting GST/HST on Taxable Benefits

Did you know that GST/HST must be remitted on a taxable benefit unless the benefit is tax exempt or zero-rated, for example the benefit on low-interest loans? An example of a tax benefit that is not exempt includes the automobile standby charge and operating expense benefit. GST/HST must be remitted on shareholder benefits if they […]

By |January 3rd, 2014|Tax Tips|0 Comments

Stop International Tax Evasion Program

The 2013 Federal Budget introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be excluded.
Persons requesting rewards will […]

By |October 1st, 2013|Tax Tips|0 Comments

Do You Have to File a Tax Return?

A tax return must be filed if:

You have to pay income taxes;
You have not repaid all amounts withdrawn from your RRSP under the Home Buyers Plan or the Life Long Learning Plan;
You have to pay CCP because your pensionable income exceeds $3,500;
You received working income tax benefit advance payments;

Other reasons to […]

By |August 1st, 2013|Tax Tips|0 Comments

The Canadian Home Office – What Is It?

In general, every business starts out of someone’s home. Even if the business will eventually grow to a multi-million dollar business, it has to start somewhere. The home office is usually one or two rooms in the home that are used for record keeping, storage and meetings. The office typically has a desk, a few […]

By |April 21st, 2013|SmallBiz Builder|0 Comments

2013 Tax System Indexation

On January 1, 2013, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.0{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39}. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2013.

For 2013 the federal tax bracket thresholds are:

22{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for taxable income above […]

By |February 13th, 2013|Tax Tips|0 Comments

To Incorporate or Not to Incorporate? – That is the Question.

So you are thinking about incorporating your small business in Alberta.  Maybe you have just started the business or maybe it has been around for a while.  If you are like most others, someone that you trust, like Uncle Sid or your sister Jane, has told you that you need to incorporate.  So what do […]

By |March 25th, 2012|SmallBiz Builder|0 Comments