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Registered Disability Savings Plan (RDSP)

Michael Kee on October 18, 2016 in Tax

Registered Disability Savings Plans (RDSP) are offered by the Government of Canada for individuals who are receiving the Disability Tax Credit. These tax credits are available to people with ‘severe or prolonged’ mental or physical impairments that markedly impact an individual’s ability to perform basic activities.     The RDSP is a tool to help … Continued

New Reporting Requirements for Principal Residence Claims

Lisa Garland on October 11, 2016 in Income Tax Advice

Skyrocketing housing prices in the GTA and Vancouver have been all over the news with record-setting sales difficult to ignore.  Over the years, the government has tried a few different strategies to try and calm the market but to no avail. Last week the federal government tried again. Currently, when a person sells their principal … Continued

Help! I’m Being Audited by CRA

Mustafa Dossajee on September 8, 2016 in Tax

Receiving the ‘T1 Processing Review’ notice may make you feel like you are being audited but in reality, this is a common practice.

Think Twice Before Inter-Corporate Dividends!

Richard Weber on January 25, 2016 in Advice for Business Owners

Accountants and the tax community are slowly gaining increased clarity from Canada Revenue Agency (“CRA”) regarding very significant, complex, unfavorable tax changes proposed during the 2015 year which have widespread impact to private corporations that move funds, as dividends, within a corporate group, among other things. Historically, dividends have usually been received by Canadian corporations … Continued

Beware of Fraudsters Representing Themselves as the Canada Revenue Agency (CRA)

Lisa Garland on January 22, 2016 in Income Tax Advice

It is that time of year again when phone calls and emails that appear to come from CRA are common. They can look and sound convincing.  Scammers often send an email or call to lure victims to give up their personal and financial information. The crooks then use this information to commit identity theft or steal … Continued

Tax Alert

Lisa Garland on December 8, 2015 in Advice for Business Owners

The federal government introduced changes regarding the GST/HST “Closely related election” which impose a filing deadline of December 31, 2015. This election allows certain closely related corporations and partnerships that are registrants engaged exclusively in commercial activities and that are members of a qualifying group, to not charge GST/HST on taxable supplies made to group … Continued

Update on the Impact of HST on Insurance Premiums in Ontario

Richard Weber on November 23, 2015 in Harmonized Sales Tax (HST)

Pre-Harmonized Sales Tax (HST) rules Before the implementation of the HST, Ontario Retail Sales Tax (RST) applied at a rate of 8 percent to a broad range of goods and selected services. It also applied to premiums for certain types of insurance, including group insurance and contributions paid into funded plans. Automobile insurance premiums were … Continued

Update on Verification of Suppliers’ GST/HST Numbers for ITC Claims

Richard Weber on November 13, 2015 in Advice for Business Owners

Section 169(4) of the Excise Tax Act requires a purchaser to substantiate its input tax credit (ITC) claim by obtaining information from the supplier, including the name of the supplier and the GST/HST registration number assigned to it. This information is typically obtained from the invoice provided by the supplier. Beware: Invalid information such as … Continued

New Mobile App Offers On-the-Go Tax Management

SB Partners Admin on March 10, 2015 in General

A new mobile app launched by the Canada Revenue Agency (CRA) promises to provide easy and secure access for taxpayers to  access data and view personal information such as: Taxes, assessments and return status RRSPs and TFSAs Benefit and credit payment dates Tax directories and other resources Information from the app MyCRA will be available … Continued